Leased 3-Unit
For Sale
$545,000
6223 SE 93RD AVE, Portland, OR 97266
All residences are occupied and feature refreshed interiors, outdoor space, and driveway and street parking.
Property Size2,340 SF
Days on Market9
Property Features for 6223 SE 93RD AVE
General Information
Standard status
Active
Size
2,340 SF
Property subtype
MULTI_FAMILY
Occupancy
100%
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Cap Rate
7.03%
Taxes and HOA fees
Annual Taxes
$6,596
Building Details
Building Size
2,340 SF
Year Built
1978
Tenancy
Multi
Listing Agency:
eXp Realty, LLC
(503) 886-9156
Listed By:
Nicole Richards · License #930200328
(503) 886-9156
Source:
Eleeterealestate
Added: Aug 12
Changed: Aug 19
Last Checked: Aug 19 at 3:09PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Located at 6223 SE 93RD AVE in Portland, this 1978 triplex contains three leased residences. Each unit includes 2 bedrooms, 1 bath, a generously sized living room, newer LVP flooring, and fresh interior paint. The property also provides yard areas, deck or patio space, and parking in the driveway and along the street.
All three units are occupied under month-to-month tenancies, and the property reports a 7.03% cap rate. A completed home inspection is available. The transaction is limited to seller-carry financing, with four seller-financing structures available; cash and conventional loan offers will not be considered. Showings are scheduled after an accepted offer.
All three units are occupied under month-to-month tenancies, and the property reports a 7.03% cap rate. A completed home inspection is available. The transaction is limited to seller-carry financing, with four seller-financing structures available; cash and conventional loan offers will not be considered. Showings are scheduled after an accepted offer.
Key Highlights
- Three‑unit property at 6223 SE 93RD AVE, Portland, OR 97266
- All three units are leased on month‑to‑month terms
- Each unit has 2 bedrooms, 1 bath, and a spacious living room
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
$32,609
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
5.98%
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%
$652,180
$652.2K
Cap Rate 7%
$465,843
$465.8K
Cap Rate 9%
$362,322
$362.3K
Market Conditions
NOI Build-Up for 2,340 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
$49.1K $21.00/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$46.6K $19.91/SF
− OpEx
−$14.0K −$5.97/SF
NOI
$32.6K $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%
$652,180
Cap Rate 7%
$465,843
Cap Rate 9%
$362,322
Alternative Uses
Best Use
Multifamily LT 5
$465.8K
$407.6K – $543.5K
NOI $32,609 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$429.2K
$375.6K – $500.8K
NOI $30,046 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$657.1K
$575.0K – $766.7K
NOI $45,999 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
693
Businesses Nearby
Explore this area
Business Placement
Demographics for 97266, OR
36,095
Population
13,863
Households
2.6
Avg Household Size
37
Median Age
29%
College-Educated
85%
High-School Grad
6.1 sq mi
ZIP Area
5,917
Density / Sq Mi
$71,791
Median Household Income
$39,856
Median Earnings
$1,532
Median Rent
$420,800
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?
Triplex - All residences are occupied and feature refreshed interiors, outdoor space, and driveway and street parking.
Where is this triplex located?
The property is located at 6223 SE 93RD AVE Portland, OR.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Three‑unit property at 6223 SE 93RD AVE, Portland, OR 97266; All three units are leased on month‑to‑month terms; Each unit has 2 bedrooms, 1 bath, and a spacious living room
