Park-Front 4-Plex
For Sale
$1,649,900
6214 N Kerby AVE, Portland, OR 97217
Newly built four-unit property with two 3-bedroom front homes and two 2-bedroom rear homes across from Peninsula Park.
Property Size3,936 SF
Days on Market92
Property Features for 6214 N Kerby AVE
General Information
Standard status
Active
Size
3,936 SF
Property subtype
MULTI_FAMILY
Additional Details
Fenced Yard
Yes
Multifamily Units
4
Building Details
Building Size
3,936 SF
Year Built
2026
Listing Agency:
Keller Williams Realty Portland Premiere
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Eleeterealestate
Added: Jun 19
Changed: Sep 17
Last Checked: Sep 17 at 12:29AM
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 new North Portland 4-plex is positioned directly across from Peninsula Park and offers four residential units with a modern, efficient layout. The property includes two spacious 3-bedroom, 2.5-bath front homes and two 2-bedroom, 2.5-bath rear homes. Each unit features a great room-style main level with tall ceilings, solid-surface counters, stainless steel appliances, extensive custom cabinetry, and integrated elements such as mini splits for year-round heating and cooling. A convenient half bath is also included on the main level, with upstairs vaulted ceilings adding additional openness and natural light. Laundry is located between the bedrooms in each unit.
The front homes include exceptionally large front yards, while the rear homes offer fenced yard spaces and off-street parking. The setting is park-adjacent, with Peninsula Park amenities and open green space directly across the street.
The four units are described as newly constructed, providing a cohesive configuration within one multi-family building.
The front homes include exceptionally large front yards, while the rear homes offer fenced yard spaces and off-street parking. The setting is park-adjacent, with Peninsula Park amenities and open green space directly across the street.
The four units are described as newly constructed, providing a cohesive configuration within one multi-family building.
Key Highlights
- New North Portland 4‑plex built in 2026, directly across from Peninsula Park (16 acres)
- Unit mix: two 3‑bedroom, 2.5‑bath front homes plus two 2‑bedroom, 2.5‑bath rear homes
- Main‑level great room design in each home with tall ceilings, solid surface counters, and stainless steel appliances
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
$54,851
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
3.32%
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%
$1,097,020
$1.1M
Cap Rate 7%
$783,586
$783.6K
Cap Rate 9%
$609,456
$609.5K
Market Conditions
NOI Build-Up for 3,936 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
$82.7K $21.00/SF
− Vacancy
−$4.3K −$1.09/SF
EGI
$78.4K $19.91/SF
− OpEx
−$23.5K −$5.97/SF
NOI
$54.9K $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%
$1,097,020
Cap Rate 7%
$783,586
Cap Rate 9%
$609,456
Alternative Uses
Best Use
Multifamily LT 5
$783.6K
$685.6K – $914.2K
NOI $54,851 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$722.0K
$631.7K – $842.3K
NOI $50,538 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$1.11M
$967.2K – $1.29M
NOI $77,373 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,173
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
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?
Quadplex - Newly built four-unit property with two 3-bedroom front homes and two 2-bedroom rear homes across from Peninsula Park.
Where is this quadplex located?
The property is located at 6214 N Kerby AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,649,900.
What are key features of this property?
This property features: New North Portland 4‑plex built in 2026, directly across from Peninsula Park (16 acres); Unit mix: two 3‑bedroom, 2.5‑bath front homes plus two 2‑bedroom, 2.5‑bath rear homes; Main‑level great room design in each home with tall ceilings, solid surface counters, and stainless steel appliances
