Single-Story Three-Unit Apartment
For Sale
$450,000
621 NE 75TH AVE, Portland, OR 97213
Three two-bedroom, one-bath residences offer a consistent multifamily configuration in Portland’s Montavilla neighborhood.
Property Size2,590 SF
Days on Market8
Property Features for 621 NE 75TH AVE
General Information
Standard status
Active
Size
2,590 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$7,772
Building Details
Building Size
2,590 SF
Year Built
1966
Listing Agency:
ELEETE Real Estate
(503) 468-4018
Listed By:
Lee Davies · License #851200114
(503) 468-4018
Source:
Eleeterealestate
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 21 at 11:55AM
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 ELEETE Real Estate
Investment Insights
Based on property information with market context.
Built in 1966, this single-story triplex contains three two-bedroom, one-bath residences with efficient layouts and 2,590 square feet of total living area. The property occupies a 6,800-square-foot lot and has been professionally managed for many years. Current occupancy is 100%, with long-term tenancy and scheduled rent increases effective August 1, 2026.
The property is located in Portland’s Montavilla neighborhood, with access to I-84 and major transit routes. Nearby cafes, shops, and parks provide neighborhood amenities for residents. The straightforward unit mix and established management history create a simple operating profile for multifamily ownership.
The property is located in Portland’s Montavilla neighborhood, with access to I-84 and major transit routes. Nearby cafes, shops, and parks provide neighborhood amenities for residents. The straightforward unit mix and established management history create a simple operating profile for multifamily ownership.
Key Highlights
- Three 2‑bedroom, 1‑bath units totaling 2,590 square feet
- Single‑story triplex built in 1966
- Situated on a 6,800‑square‑foot lot
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
$36,093
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
8.02%
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%
$721,860
$721.9K
Cap Rate 7%
$515,614
$515.6K
Cap Rate 9%
$401,033
$401.0K
Market Conditions
NOI Build-Up for 2,590 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
$54.4K $21.00/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$51.6K $19.91/SF
− OpEx
−$15.5K −$5.97/SF
NOI
$36.1K $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%
$721,860
Cap Rate 7%
$515,614
Cap Rate 9%
$401,033
Alternative Uses
Best Use
Multifamily LT 5
$515.6K
$451.2K – $601.6K
NOI $36,093 @ 7.0% cap · market cap 8.02%
Second Best
Apartment 5plus
$475.1K
$415.7K – $554.3K
NOI $33,256 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$727.3K
$636.4K – $848.6K
NOI $50,914 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom, one-bath residences offer a consistent multifamily configuration in Portland’s Montavilla neighborhood.
Where is this triplex located?
The property is located at 621 NE 75TH AVE Portland, OR.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bath units totaling 2,590 square feet; Single‑story triplex built in 1966; Situated on a 6,800‑square‑foot lot
