Well-Maintained Fourplex For
For Sale
$839,999
5405 SE LAFAYETTE ST, Portland, OR 97206
Fourplex with four two-bedroom, one-bath units, including one vacant unit ready for immediate occupancy or updated leasing.
Property Size3,300 SF
Price / SF$254.55
Days on Market364
Property Features for 5405 SE LAFAYETTE ST
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Multi-Family
Zoning
RM2
Occupancy
75%
Net Operating Income
$30,728
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,646
Amenities
CrawlSpace
Electricity,Tank
UnitTypeType1,UnitTypeType2,UnitTypeType3,UnitTypeType4
Electricity
2
Dishwasher,HardwoodFloors,Range,Refrigerator
1
1225
1450
1350
Level,PublicRoad,Seasonal
PublicWater
2x50x100
0.12
Assigned,OffStreet
Paved
ConcretePerimeter,Slab
3300.0
Brick,TongueandGroove,WoodSiding
Building Details
Building Size
3,300 SF
Year Built
1970
Stories
2
Tenancy
Multi
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 752-4351
Listed By:
Austin Irwin
(503) 752-4351
Source:
Premierepropertygroup
Added: Aug 26, 2025
Changed: Aug 24
Last Checked: Aug 24 at 3:34AM
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 Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
This well-maintained fourplex offers four residential units, each with a practical layout featuring two bedrooms and one bathroom. The property is configured as a self-contained income building with four separate apartments, and it is being offered for sale with current rental occupancy in place.
Located at 5405 SE Lafayette St in Portland’s SE area, the property is positioned for convenient day-to-day access typical of a central Portland setting. According to the provided information, three of the four units are currently rented, while one unit is vacant.
For a buyer or owner-operator, the current setup provides flexibility. You may move into the vacant unit and lease the remaining three, or keep the vacant unit available while setting rents that fit your strategy. The consistent unit mix across all four apartments can also simplify management and leasing, since each unit shares the same two-bedroom, one-bath configuration.
Located at 5405 SE Lafayette St in Portland’s SE area, the property is positioned for convenient day-to-day access typical of a central Portland setting. According to the provided information, three of the four units are currently rented, while one unit is vacant.
For a buyer or owner-operator, the current setup provides flexibility. You may move into the vacant unit and lease the remaining three, or keep the vacant unit available while setting rents that fit your strategy. The consistent unit mix across all four apartments can also simplify management and leasing, since each unit shares the same two-bedroom, one-bath configuration.
Key Highlights
- Fourplex in SE Portland built in 1970 with four 2‑bedroom, 1‑bath units and a total building area of 3,300 SF
- Three units are currently rented and one unit is vacant
- Unit interiors include dishwasher, hardwood floors, range, and refrigerator in each 2‑bedroom unit type
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
$48,461
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
5.77%
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%
$969,220
$969.2K
Cap Rate 7%
$692,300
$692.3K
Cap Rate 9%
$538,456
$538.5K
Market Conditions
NOI Build-Up for 3,300 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
$73.3K $22.20/SF
− Vacancy
−$4.0K −$1.22/SF
EGI
$69.2K $20.98/SF
− OpEx
−$20.8K −$6.29/SF
NOI
$48.5K $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%
$969,220
Cap Rate 7%
$692,300
Cap Rate 9%
$538,456
Alternative Uses
Best Use
Multifamily LT 5
$692.3K
$605.8K – $807.7K
NOI $48,461 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$620.7K
$543.1K – $724.2K
NOI $43,451 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$926.7K
$810.9K – $1.08M
NOI $64,871 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
936
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex with four two-bedroom, one-bath units, including one vacant unit ready for immediate occupancy or updated leasing.
Where is this quadplex located?
The property is located at 5405 SE LAFAYETTE ST Portland, OR.
What is the asking price?
The asking price for this property is $839,999.
What are key features of this property?
This property features: Fourplex in SE Portland built in 1970 with four 2‑bedroom, 1‑bath units and a total building area of 3,300 SF; Three units are currently rented and one unit is vacant; Unit interiors include dishwasher, hardwood floors, range, and refrigerator in each 2‑bedroom unit type
