Leased Triplex With Updated
New
For Sale
$545,000
6223 SE 93RD Ave, Portland, OR 97266
MULTI_FAMILY - Portland, OR
Property Size2,340 SF
Lot Size0.17 Acres
Price / SF$232.91
Days on Market2
Property Features for 6223 SE 93RD Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CM2
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 3, Bedroom 6
Subdivision
LENTS
Elementary school
Kelly
Middle school
Lane
High school
Franklin
Directions
Foster Rd
Standard status
Active
APN
R288302
Size
2,340 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
TOWN OF LENT, BLOCK 4 TL 11000
Tax Annual Amount
6596
Legal Description
TOWN OF LENT, BLOCK 4 TL 11000
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s)
Amenities
yard space
deck/patios
front yard
Building Details
Year built
1978
Floors in Building
1
Number of units
3
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Nicole Richards · License #930200328
(503) 886-9156
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 7:06PM
MLS# 773564708
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 1978 triplex contains 2,340 square feet across three separately leased apartments. Each unit has 2 bedrooms, 1 bath, a spacious living room, newer LVP flooring, and fresh interior paint. The property has been maintained with limited deferred maintenance, while baseboard heating, window-unit cooling, and a composition roof serve the building. Residents also have access to yard areas, decks or patios, and parking in the driveway and along the street.
All three units are occupied on month-to-month terms, with tenants expressing a desire to remain. The property sits on 0.17 acres at 6223 SE 93RD Ave in Portland’s 97266 ZIP code and carries CM2 zoning. The stated cap rate is 7.03%.
All three units are occupied on month-to-month terms, with tenants expressing a desire to remain. The property sits on 0.17 acres at 6223 SE 93RD Ave in Portland’s 97266 ZIP code and carries CM2 zoning. The stated cap rate is 7.03%.
Key Highlights
- Three‑unit property with all units leased on month‑to‑month terms
- Each apartment includes 2 bedrooms and 1 bath
- 2,340 square feet on a 0.17‑acre 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
$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 - Three occupied apartments feature refreshed finishes, private outdoor areas, and driveway and street parking in Portland.
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 with all units leased on month‑to‑month terms; Each apartment includes 2 bedrooms and 1 bath; 2,340 square feet on a 0.17‑acre lot
