Under-Construction
For Sale
$1,249,900
5135 SE MORRISON St, Portland, OR 97215
MultiFamily, Portland, OR
Property Size2,904 SF
Lot Size0.07 Acres
Price / SF$430.41
Days on Market48
Property Features for 5135 SE MORRISON St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1
Subdivision
MT TABOR
Elementary school
Glencoe
Middle school
Mt Tabor
High school
Franklin
Directions
From SE Division St, north on SE 50th Ave, east on SE Morrison St to property at SE 51st Ave.
Standard status
Active
APN
R233579
Size
2,904 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
PARADISE SPR FARM, LOT 16 TL 1100
Legal Description
PARADISE SPR FARM, LOT 16 TL 1100
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
2026
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Aug 11
Changed: Sep 27
Last Checked: Sep 27 at 1:06PM
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.
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 = 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
$40,469
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
3.24%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,324
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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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
