Park-Front 4-Plex
For Sale
Contact for pricing
6216 N KERBY AVE, Portland, OR 97217
Four new construction units face Peninsula Park, featuring efficient mini-split heating and cooling and modern finishes.
Property Size3,936 SF
Price / SF$419.18
Days on Market55
Property Features for 6216 N KERBY AVE
General Information
Standard status
Active
Size
3,936 SF
Class
A
Property subtype
Multifamily
Zoning
R5
Investment Type
Value Add
Additional Details
Multifamily Units
4
Building Details
Year Built
2026
Buildings
1
Stories
2
Units
4
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
Source:
Crexi
Added: Jun 19
Changed: Aug 10
Last Checked: Aug 11 at 6:11AM
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.
A new North Portland 4-plex offers a park-front setting across from Peninsula Park, with two 3-bedroom, 2.5-bath units in front and two 2-bedroom, 2.5-bath units in the rear. Each home is built around a great-room style main level with tall ceilings, solid-surface counters, stainless steel appliances, extensive custom cabinetry, and a convenient half bath. Efficient mini splits provide year-round heating and cooling, and upstairs, vaulted ceilings add volume and natural light. Laundry is located between the bedrooms, and the front homes include notably large front yards, while the rear homes have fenced yard spaces and off-street parking.
The property is positioned directly across from Peninsula Park, described as a 16-acre community park with year-round recreation and amenities. The park is presented as a Piedmont gem with open green space, paved paths, and features including a community center and a historically designated bandstand, along with playground and sports areas, picnic lawns, and an outdoor pool.
This configuration can suit investors or owner-occupants looking for a newer multifamily asset with a mix of unit sizes, including larger front-yard 3-bedroom layouts. The modern interior package, plus fenced yards and off-street parking for the rear units, supports everyday livability across all four homes.
The property is positioned directly across from Peninsula Park, described as a 16-acre community park with year-round recreation and amenities. The park is presented as a Piedmont gem with open green space, paved paths, and features including a community center and a historically designated bandstand, along with playground and sports areas, picnic lawns, and an outdoor pool.
This configuration can suit investors or owner-occupants looking for a newer multifamily asset with a mix of unit sizes, including larger front-yard 3-bedroom layouts. The modern interior package, plus fenced yards and off-street parking for the rear units, supports everyday livability across all four homes.
Key Highlights
- New North Portland 4‑plex built in 2026, directly across from 16‑acre Peninsula Park
- Unit mix: two 3BD/2.5BA front homes and two 2BD/2.5BA rear homes
- Main level features include great room layouts, tall ceilings, solid‑surface counters, stainless steel appliances, and extensive custom cabinetry
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
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,343
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
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 - Four new construction units face Peninsula Park, featuring efficient mini-split heating and cooling and modern finishes.
Where is this quadplex located?
The property is located at 6216 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 16‑acre Peninsula Park; Unit mix: two 3BD/2.5BA front homes and two 2BD/2.5BA rear homes; Main level features include great room layouts, tall ceilings, solid‑surface counters, stainless steel appliances, and extensive custom cabinetry
