Single-Level Triplex with
New
For Sale
$660,000
6332 NE 45TH Ave, Portland, OR 97218
MultiFamily, Portland, OR
Property Size2,352 SF
Lot Size0.17 Acres
Price / SF$280.61
Days on Market2
Property Features for 6332 NE 45TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM1
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 6, Bedroom 1
Subdivision
CULLY
Elementary school
Rigler
Middle school
Beaumont
High school
Leodis McDaniel
Directions
NE 45th between Holman and Lombard
Standard status
Active
APN
R284214
Size
2,352 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
TERESI TR, N 1/2 OF LOT 4, S 5' OF LOT 5
Tax Annual Amount
6423
Legal Description
TERESI TR, N 1/2 OF LOT 4, S 5' OF LOT 5
Utilities
Heating system
Baseboard
Amenities
washer/dryer hookups
private back patio
Building Details
Year built
1976
Number of units
3
Roof type
Composition
Listing Agency:
Living Room Realty
(503) 719-5588
Listed By:
Erika George
(503) 349-5449
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 1:06PM
MLS# 228970624
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 2,352-square-foot triplex contains three single-level units, each configured with two bedrooms and one bathroom. One unit is vacant, while all three offer washer/dryer hookups and private back patios. The property also includes four off-street parking spaces, baseboard heating, and a composition roof. Built in 1976, the building sits on 0.17 acres and is zoned RM1.
Located at 6332 NE 45TH Ave in Portland’s Cully area, the property is near Fernhill Park, New Seasons Market, and the Kennedy School. The location also provides access to the airport and surrounding neighborhoods. Current operations reflect a 4.43% cap rate.
Located at 6332 NE 45TH Ave in Portland’s Cully area, the property is near Fernhill Park, New Seasons Market, and the Kennedy School. The location also provides access to the airport and surrounding neighborhoods. Current operations reflect a 4.43% cap rate.
Key Highlights
- Three‑unit triplex with 2,352 square feet of building area
- Each unit offers 2 bedrooms and 1 bathroom in a single‑level layout
- One unit is currently vacant
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include private patios and washer/dryer hookups.
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‑unit triplex with 2,352 square feet of building area; Each unit offers 2 bedrooms and 1 bathroom in a single‑level layout; One unit is currently vacant
