Under-Construction
5135 SE MORRISON St, Portland, OR 97215
For Sale
$1,249,900
MultiFamily, Portland, OR
Property Size2,904 SF
Lot Size0.07 Acres
Price / SF$430.41
Days on Market96
Property Features for 5135 SE MORRISON St
General Information
Property type
Property subtype
Property condition
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Subdivision
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Legal Description
Utilities
Heating system
Cooling system
Building Details
Year built
Floors in Building
Number of units
Roof type
Buildings
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License OR #199910100
(503) 709-4632
Added: Aug 11
Changed: Nov 13
Last Checked: Nov 14 at 12:06AM
MLS# 472671851
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.
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Investment Insights
Based on property information with market context.
This under-construction triplex contains three separately addressed residences totaling 2,904 square feet on a 0.07-acre site. Each home extends across two levels with two bedrooms, two full bathrooms, one half bathroom, a private entrance, and a covered porch. Main-level living and dining areas connect to island kitchens, while the upper floors provide the bedroom suites. One corner residence measures 952 square feet; the other two each measure 976 square feet. Heat pump systems provide heating and cooling, and the roof is composition.
The property is located at 5135 SE MORRISON St in Portland’s 97215 ZIP Code, within Multnomah County. Glencoe Elementary is directly adjacent, with Mt. Tabor Park, New Seasons Market, and commercial amenities along Hawthorne, Belmont, and Division nearby. The property is zoned R2.5 and has a 2026 year built designation.
The property is located at 5135 SE MORRISON St in Portland’s 97215 ZIP Code, within Multnomah County. Glencoe Elementary is directly adjacent, with Mt. Tabor Park, New Seasons Market, and commercial amenities along Hawthorne, Belmont, and Division nearby. The property is zoned R2.5 and has a 2026 year built designation.
Key Highlights
- Three residences total 2,904 sq ft on a 0.07‑acre site
- Each residence has 2 bedrooms, 2 full bathrooms, and 1 half bathroom
- Two residences measure 976 sq ft; corner residence measures 952 sq ft
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,469
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$809,380
$809.4K
Cap Rate 7%
$578,129
$578.1K
Cap Rate 9%
$449,656
$449.7K
Market Conditions
NOI Build-Up for 2,904 SF
Gross rent
$61.0K $21.00/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$57.8K $19.91/SF
− OpEx
−$17.3K −$5.97/SF
NOI
$40.5K $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 Rate 5%
$809,380
Cap Rate 7%
$578,129
Cap Rate 9%
$449,656
Alternative Uses
Best Use
Multifamily LT 5
$578.1K
$505.9K – $674.5K
NOI $40,469 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$532.7K
$466.1K – $621.5K
NOI $37,287 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$815.5K
$713.6K – $951.4K
NOI $57,086 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,324
Businesses Nearby
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Business Placement
Demographics for 97215, OR
18,221
Population
7,855
Households
2.3
Avg Household Size
40
Median Age
64%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,922
Density / Sq Mi
$114,361
Median Household Income
$62,704
Median Earnings
$1,587
Median Rent
$658,500
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Portland, OR
Properties on Market for Triplexes in Portland
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Three individually addressed residences offer two-level layouts, private entries, covered porches, and contemporary interiors.
Where is this triplex located?
The property is located at 5135 SE MORRISON St Portland, OR.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: Three residences total 2,904 sq ft on a 0.07‑acre site; Each residence has 2 bedrooms, 2 full bathrooms, and 1 half bathroom; Two residences measure 976 sq ft; corner residence measures 952 sq ft
