R2-Zoned
For Sale
$950,000
3907 Se Salmon St, Portland, OR 97214
Three-unit residential property with rental income potential and access to Portland neighborhood amenities, transit, shopping, and dining.
Property Size2,420 SF
Price / SF$392.56
Days on Market21
Property Features for 3907 Se Salmon St
General Information
Standard status
Active
Size
2,420 SF
Property subtype
Multi-Family
Zoning
R2
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
1978
Listing Agency:
Engel & Volkers Portland Rose City
Listed By:
Samuel Real
(310) 777-7510
Source:
Livingoregoncoast
Added: Aug 18
Changed: Sep 7
Last Checked: Sep 7 at 9:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Engel & Volkers Portland Rose City
Investment Insights
Based on property information with market context.
This 1978 residential income property contains three units within 2,420 square feet, offering a compact multifamily configuration for an owner seeking multiple rental spaces under one roof. The property is zoned R2 and sits on a large lot, with the source information also identifying potential for future multifamily development, including condominium or apartment construction.
Located at 3907 SE Salmon St in Portland’s Southeast Portland area, the property provides access to neighborhood shopping, dining, parks, public transportation, and major commuter routes. Its three-unit layout supports an established rental configuration while the R2 zoning and site size add flexibility for evaluating longer-term redevelopment possibilities.
Located at 3907 SE Salmon St in Portland’s Southeast Portland area, the property provides access to neighborhood shopping, dining, parks, public transportation, and major commuter routes. Its three-unit layout supports an established rental configuration while the R2 zoning and site size add flexibility for evaluating longer-term redevelopment possibilities.
Key Highlights
- Three‑unit residential income property
- 2,420 square feet of building area
- Built in 1978
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,724
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.55%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$674,480
$674.5K
Cap Rate 7%
$481,771
$481.8K
Cap Rate 9%
$374,711
$374.7K
Market Conditions
NOI Build-Up for 2,420 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$50.8K $21.00/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$48.2K $19.91/SF
− OpEx
−$14.5K −$5.97/SF
NOI
$33.7K $13.94/SF
Area
Portland, OR
Vacancy
5.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$674,480
Cap Rate 7%
$481,771
Cap Rate 9%
$374,711
Alternative Uses
Best Use
Multifamily LT 5
$481.8K
$421.6K – $562.1K
NOI $33,724 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$443.9K
$388.4K – $517.9K
NOI $31,073 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$679.6K
$594.7K – $792.9K
NOI $47,572 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,879
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with rental income potential and access to Portland neighborhood amenities, transit, shopping, and dining.
Where is this triplex located?
The property is located at 3907 Se Salmon St Portland, OR.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Three‑unit residential income property; 2,420 square feet of building area; Built in 1978
