Four-Unit Apartment
New
For Sale
$850,000
601 NE RANDALL Ave, Portland, OR 97232
MultiFamily, Portland, OR
Property Size4,060 SF
Lot Size0.07 Acres
Price / SF$209.36
Days on Market4
Property Features for 601 NE RANDALL Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 1
Elementary school
Buckman
Middle school
Hosford
High school
Cleveland
Directions
NE Buxton
Subdivision
_142
Standard status
Active
APN
R208187
Size
4,060 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
LOGANS ADD, BLOCK 5, SLY 58' OF LOT 8
Tax Annual Amount
9516
Legal Description
LOGANS ADD, BLOCK 5, SLY 58' OF LOT 8
Utilities
Heating system
Forced Air
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
RealtyNET, LLC
(503) 300-6330
Listed By:
Greg Messick · License #200202047
(503) 660-4889
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 4 at 6:06PM
MLS# 571886346
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 four-unit apartment property contains 4,060 square feet on a 0.07-acre lot. Built in 1910, the building has forced-air heating and a composition roof, with residential zoning.
Bus routes run along NE Sandy Boulevard, NE Glisan Street, and East Burnside Street. The Hollywood/NE 42nd Avenue and Lloyd Center MAX stations are minutes away, and I-84 and I-5 provide regional road connections.
Bus routes run along NE Sandy Boulevard, NE Glisan Street, and East Burnside Street. The Hollywood/NE 42nd Avenue and Lloyd Center MAX stations are minutes away, and I-84 and I-5 provide regional road connections.
Key Highlights
- Four‑unit apartment property with 4,060 square feet of building area
- 0.07‑acre lot
- Built in 1910
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
$56,579
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
6.66%
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%
$1,131,580
$1.1M
Cap Rate 7%
$808,271
$808.3K
Cap Rate 9%
$628,656
$628.7K
Market Conditions
NOI Build-Up for 4,060 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
$85.3K $21.00/SF
− Vacancy
−$4.4K −$1.09/SF
EGI
$80.8K $19.91/SF
− OpEx
−$24.2K −$5.97/SF
NOI
$56.6K $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%
$1,131,580
Cap Rate 7%
$808,271
Cap Rate 9%
$628,656
Alternative Uses
Best Use
Multifamily LT 5
$808.3K
$707.2K – $943.0K
NOI $56,579 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$744.7K
$651.6K – $868.8K
NOI $52,130 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$1.14M
$997.6K – $1.33M
NOI $79,810 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,623
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - A compact residential property with access to local bus service and MAX stations.
Where is this quadplex located?
The property is located at 601 NE RANDALL Ave Portland, OR.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Four‑unit apartment property with 4,060 square feet of building area; 0.07‑acre lot; Built in 1910
