Townhome-Style
New
For Sale
$949,900
4934 NE 32ND PL, Portland, OR 97211
Three residential units offer private outdoor space, separate utilities, and rear parking accessed from the alley.
Property Size3,348 SF
Days on Market6
Property Features for 4934 NE 32ND PL
General Information
Standard status
Active
Size
3,348 SF
Total Parking Spaces
3
Property subtype
MULTI_FAMILY
Zoning
RM1
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/1.1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,064
Amenities
private backyard
in-unit washer/dryer
Building Details
Building Size
3,348 SF
Year Built
1994
Listing Agency:
Windermere Realty Trust
(503) 888-5191
Listed By:
Jeff Capen · License #200308199
(503) 888-5191
Source:
Currangrouprealtors
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 9:55AM
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 Windermere Realty Trust
Investment Insights
Based on property information with market context.
Built in 1994, this three-unit residential property is arranged in a townhome-style format. Each unit includes two bedrooms, 1.1 bathrooms, laminate and slate flooring in the main living areas, carpeted bedrooms, and a private backyard reached from the living room. Kitchens are equipped with stainless steel appliances, electric ranges, built-in dishwashers, and built-in microwaves. Stackable washers and dryers are provided in every unit, while water, sewer, and electric service are separately metered.
The RM1-zoned property includes rear parking for three cars with alley access. It is located in Portland’s Concordia/Alberta Arts neighborhood, within walking distance of coffee shops, cafes, retail, public transportation, New Seasons, parks, and the Alberta Arts district. A newer north-side fence and exterior paint are also included.
The RM1-zoned property includes rear parking for three cars with alley access. It is located in Portland’s Concordia/Alberta Arts neighborhood, within walking distance of coffee shops, cafes, retail, public transportation, New Seasons, parks, and the Alberta Arts district. A newer north-side fence and exterior paint are also included.
Key Highlights
- Triplex with three townhome‑style units, each offering 2 bedrooms and 1.1 bathrooms
- RM1 zoning and 1994 construction
- Private backyard connected to each unit’s living room
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
$46,656
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
4.91%
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%
$933,120
$933.1K
Cap Rate 7%
$666,514
$666.5K
Cap Rate 9%
$518,400
$518.4K
Market Conditions
NOI Build-Up for 3,348 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
$70.3K $21.00/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$66.7K $19.91/SF
− OpEx
−$20.0K −$5.97/SF
NOI
$46.7K $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%
$933,120
Cap Rate 7%
$666,514
Cap Rate 9%
$518,400
Alternative Uses
Best Use
Multifamily LT 5
$666.5K
$583.2K – $777.6K
NOI $46,656 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$614.1K
$537.4K – $716.5K
NOI $42,988 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$940.2K
$822.7K – $1.10M
NOI $65,814 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
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?
Triplex - Three residential units offer private outdoor space, separate utilities, and rear parking accessed from the alley.
Where is this triplex located?
The property is located at 4934 NE 32ND PL Portland, OR.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: Triplex with three townhome‑style units, each offering 2 bedrooms and 1.1 bathrooms; RM1 zoning and 1994 construction; Private backyard connected to each unit’s living room
