Quadplex with Basement
For Sale
$799,500
606 NE 72ND Ave, Portland, OR 97213
MultiFamily, Portland, OR
Property Size3,014 SF
Lot Size0.14 Acres
Price / SF$265.26
Days on Market419
Property Features for 606 NE 72ND Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2.5
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 5, Bedroom 6, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 1, Bathroom 6
Elementary school
Vestal
Middle school
Roseway Heights
High school
Leodis McDaniel
Directions
From NE Glisan, go north on 72nd
Subdivision
_143
Standard status
Active
APN
R119352
Size
3,014 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
BRAINARD, BLOCK 2, LOT 12&13, N 1/2 OF LOT 14
Tax Annual Amount
7211
Legal Description
BRAINARD, BLOCK 2, LOT 12&13, N 1/2 OF LOT 14
Utilities
Heating system
Radiant, Baseboard, Forced Air
Building Details
Year built
1959
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Jeff Stephens · License #201237728
(503) 869-7303
Added: Jul 17, 2025
Changed: Sep 7
Last Checked: Sep 8 at 7:06AM
MLS# 206315961
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 4-unit residential property in Portland’s Montavilla neighborhood contains 3,014 square feet on a 0.14-acre lot. Built in 1959, the property is fully occupied and includes off-street parking. Each of the three main-floor units has an interior stairway leading to a private basement area with a bonus room and utility room featuring W/D hookups.
Interior features include hardwood flooring beneath carpeted areas on the main level, while approximately 75% of the windows have been replaced with double-pane vinyl units. Heating is provided by radiant, baseboard, and forced-air systems. The property is zoned R2.5 and located at 606 NE 72nd Ave in Portland, Oregon.
Interior features include hardwood flooring beneath carpeted areas on the main level, while approximately 75% of the windows have been replaced with double-pane vinyl units. Heating is provided by radiant, baseboard, and forced-air systems. The property is zoned R2.5 and located at 606 NE 72nd Ave in Portland, Oregon.
Key Highlights
- 4‑unit property with 3,014 square feet of building area
- 0.14‑acre lot with ample off‑street parking
- Fully occupied residential property
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
$42,002
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
5.25%
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%
$840,040
$840.0K
Cap Rate 7%
$600,029
$600.0K
Cap Rate 9%
$466,689
$466.7K
Market Conditions
NOI Build-Up for 3,014 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
$63.3K $21.00/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$60.0K $19.91/SF
− OpEx
−$18.0K −$5.97/SF
NOI
$42.0K $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%
$840,040
Cap Rate 7%
$600,029
Cap Rate 9%
$466,689
Alternative Uses
Best Use
Multifamily LT 5
$600.0K
$525.0K – $700.0K
NOI $42,002 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$552.9K
$483.8K – $645.0K
NOI $38,700 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$846.4K
$740.6K – $987.5K
NOI $59,248 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,179
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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 - Fully occupied residential income property with off-street parking and R2.5 zoning.
Where is this quadplex located?
The property is located at 606 NE 72ND Ave Portland, OR.
What is the asking price?
The asking price for this property is $799,500.
What are key features of this property?
This property features: 4‑unit property with 3,014 square feet of building area; 0.14‑acre lot with ample off‑street parking; Fully occupied residential property
