Four-Plex Townhomes with Private Outdoor
For Sale
$1,295,000
4690 N CONGRESS Ave, Portland, OR 97217
MULTI_FAMILY - Portland, OR
Property Size2,700 SF
Price / SF$479.63
Days on Market101
Property Features for 4690 N CONGRESS Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bedroom 1
Subdivision
Albina
View
City
Elementary school
Boise-Eliot
Middle school
Harriet Tubman
High school
Jefferson
Directions
N Congress and N Blandena
Standard status
Active
APN
R732299
Size
2,700 SF
Taxes and HOA fees
Tax Description
BLANDENA BLOCK CONDOMINIUMS, GENERAL COMMON ELEMENTS
Tax Annual Amount
8000
Legal Description
BLANDENA BLOCK CONDOMINIUMS, GENERAL COMMON ELEMENTS
Amenities
private decks/yards
Building Details
Year built
2025
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Portland, LLC
(503) 719-6056
Listed By:
Jordan Tietz · License #201222867
(503) 910-0889
Added: May 14
Changed: Aug 13
Last Checked: Aug 22 at 1:06PM
MLS# 496250183
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Four-plex townhome property with under-construction construction status at 4690 N CONGRESS Ave, Portland, OR 97217. All four units are two-bedroom, one-bath townhomes built in 2025, designed for a privacy-focused layout. The corner lot provides private decks or yards for each unit.
Interiors are appointed with LVP flooring, tall ceilings, and plentiful windows. Kitchens are described as including high-end appliances, modern cabinets, and tasteful tile. The bathroom is described as elegant and well designed.
Zoned R2.5. The roof is listed as composition. The property is described with a Home Energy Score of 10. The address is positioned a short distance from Albina, Mississippi, and Williams.
Interiors are appointed with LVP flooring, tall ceilings, and plentiful windows. Kitchens are described as including high-end appliances, modern cabinets, and tasteful tile. The bathroom is described as elegant and well designed.
Zoned R2.5. The roof is listed as composition. The property is described with a Home Energy Score of 10. The address is positioned a short distance from Albina, Mississippi, and Williams.
Key Highlights
- All four units are two‑bedroom, one‑bath townhomes built in 2025
- Corner lot with private decks or yards for each unit
- Under construction four‑plex with LVP flooring, tall ceilings, and plentiful windows
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
$37,626
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
2.91%
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%
$752,520
$752.5K
Cap Rate 7%
$537,514
$537.5K
Cap Rate 9%
$418,067
$418.1K
Market Conditions
NOI Build-Up for 2,700 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
$56.7K $21.00/SF
− Vacancy
−$2.9K −$1.09/SF
EGI
$53.8K $19.91/SF
− OpEx
−$16.1K −$5.97/SF
NOI
$37.6K $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%
$752,520
Cap Rate 7%
$537,514
Cap Rate 9%
$418,067
Alternative Uses
Best Use
Multifamily LT 5
$537.5K
$470.3K – $627.1K
NOI $37,626 @ 7.0% cap · market cap 2.91%
Second Best
Apartment 5plus
$495.3K
$433.4K – $577.8K
NOI $34,668 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$758.2K
$663.5K – $884.6K
NOI $53,076 @ 7.0% cap · market cap 4.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,583
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - New four-plex townhomes on a corner lot, with each unit featuring private decks or yards.
Where is this quadplex located?
The property is located at 4690 N CONGRESS Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: All four units are two‑bedroom, one‑bath townhomes built in 2025; Corner lot with private decks or yards for each unit; Under construction four‑plex with LVP flooring, tall ceilings, and plentiful windows
