Triplex with Private
For Sale
$660,000
6332 Ne 45th Ave, Portland, OR 97218
Single-level layout includes laundry hookups and off-street parking.
Property Size2,352 SF
Price / SF$280.61
Days on Market15
Property Features for 6332 Ne 45th Ave
General Information
Standard status
Active
Size
2,352 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Cap Rate
4.43%
Amenities
washer/dryer hookups
private back patio
Building Details
Year Built
1976
Listing Agency:
Living Room Realty
Listed By:
Erika George
(503) 719-5588
Source:
Southwestwahomefinder
Added: Aug 24
Changed: Sep 2
Last Checked: Sep 7 at 10:01AM
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 Living Room Realty
Investment Insights
Based on property information with market context.
Built in 1976, this triplex contains three single-level residences, each configured with 2 bedrooms and 1 bathroom. Every unit includes washer/dryer hookups and a private back patio, while the property provides four off-street parking spaces. One unit is vacant, creating an owner-occupancy option alongside rental income from the remaining units. Current operations reflect a 4.43% cap rate.
The property is located at 6332 NE 45TH AVE in Portland’s Cully area, near Fernhill Park, New Seasons Market, and the Kennedy School. The setting also provides access to the airport and surrounding neighborhoods.
The property is located at 6332 NE 45TH AVE in Portland’s Cully area, near Fernhill Park, New Seasons Market, and the Kennedy School. The setting also provides access to the airport and surrounding neighborhoods.
Key Highlights
- Three 2‑bedroom/1‑bath units in a single‑level triplex
- One unit currently vacant for potential owner occupancy
- Private back patio provided for each unit
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
$32,777
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
4.97%
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%
$655,540
$655.5K
Cap Rate 7%
$468,243
$468.2K
Cap Rate 9%
$364,189
$364.2K
Market Conditions
NOI Build-Up for 2,352 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
$49.4K $21.00/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$46.8K $19.91/SF
− OpEx
−$14.0K −$5.97/SF
NOI
$32.8K $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%
$655,540
Cap Rate 7%
$468,243
Cap Rate 9%
$364,189
Alternative Uses
Best Use
Multifamily LT 5
$468.2K
$409.7K – $546.3K
NOI $32,777 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$431.4K
$377.5K – $503.3K
NOI $30,200 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$660.5K
$577.9K – $770.6K
NOI $46,235 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Explore this area
Business Placement
Demographics for 97218, OR
14,748
Population
6,440
Households
2.3
Avg Household Size
38
Median Age
51%
College-Educated
91%
High-School Grad
6.7 sq mi
ZIP Area
2,201
Density / Sq Mi
$81,367
Median Household Income
$45,830
Median Earnings
$1,440
Median Rent
$493,300
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 - Single-level layout includes laundry hookups and off-street parking.
Where is this triplex located?
The property is located at 6332 Ne 45th Ave Portland, OR.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Three 2‑bedroom/1‑bath units in a single‑level triplex; One unit currently vacant for potential owner occupancy; Private back patio provided for each unit
