Updated Triplex on Corner
For Sale
$715,000
5105 5109 SE TIBBETTS ST, Portland, OR 97206
Three-unit property with two driveways, refreshed finishes, and tenants in place who are willing to remain.
Property Size3,420 SF
Days on Market141
Property Features for 5105 5109 SE TIBBETTS ST
General Information
Standard status
Active
Size
3,420 SF
Property subtype
MULTI_FAMILY
Financials
Cap Rate
6.2%
Gross Income
$61,000
Additional Details
Road Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,949
Building Details
Building Size
3,420 SF
Year Built
1956
Tenancy
Multi
Listing Agency:
Urban Nest Realty
(503) 490-0344
Listed By:
Michael Kafoury
(503) 490-0344
Source:
Eleeterealestate
Added: Mar 24
Changed: Aug 8
Last Checked: Aug 11 at 12:36PM
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 Urban Nest Realty
Investment Insights
Based on property information with market context.
This triplex, built in 1956, includes updated flooring, appliances, and bathroom and kitchen finishes. The property sits on an oversized corner lot with two driveways, providing a practical site configuration for a three-unit residential income property. Tenants are currently in place and have indicated they are willing to stay.
Located on SE Tibbetts Street in Portland, the property is on a quiet street near SE Division. The offering includes an assumable FHA loan at 3.25% interest, subject to buyer qualification and application. The property is reported at a 6.2% cap rate and has a history of established tenancy.
Located on SE Tibbetts Street in Portland, the property is on a quiet street near SE Division. The offering includes an assumable FHA loan at 3.25% interest, subject to buyer qualification and application. The property is reported at a 6.2% cap rate and has a history of established tenancy.
Key Highlights
- Triplex built in 1956
- Oversized corner lot with 2 driveways
- Updated floors, appliances, and bathroom and kitchen finishes
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
$50,224
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
7.02%
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%
$1,004,480
$1.0M
Cap Rate 7%
$717,486
$717.5K
Cap Rate 9%
$558,044
$558.0K
Market Conditions
NOI Build-Up for 3,420 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
$75.9K $22.20/SF
− Vacancy
−$4.2K −$1.22/SF
EGI
$71.7K $20.98/SF
− OpEx
−$21.5K −$6.29/SF
NOI
$50.2K $14.69/SF
Area
ZIP 97206
Vacancy
5.50%
Lease Rate
$22.20 /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%
$1,004,480
Cap Rate 7%
$717,486
Cap Rate 9%
$558,044
Alternative Uses
Best Use
Multifamily LT 5
$717.5K
$627.8K – $837.1K
NOI $50,224 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$643.3K
$562.9K – $750.5K
NOI $45,031 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$960.4K
$840.4K – $1.12M
NOI $67,229 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,131
Businesses Nearby
Explore this area
Business Placement
Demographics for 97206, OR
51,072
Population
22,348
Households
2.3
Avg Household Size
38
Median Age
49%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
7,857
Density / Sq Mi
$94,233
Median Household Income
$54,254
Median Earnings
$1,693
Median Rent
$480,500
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 property with two driveways, refreshed finishes, and tenants in place who are willing to remain.
Where is this triplex located?
The property is located at 5105 5109 SE TIBBETTS ST Portland, OR.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: Triplex built in 1956; Oversized corner lot with 2 driveways; Updated floors, appliances, and bathroom and kitchen finishes
