Four-Unit Multifamily Cottage
For Sale
$1,813,900
6439 SE 88th AVE, Portland, OR 97266
Newly built detached residences offer consistent layouts, private living spaces, and shared landscaped grounds in Southeast Portland.
Property Size5,224 SF
Days on Market236
Property Features for 6439 SE 88th AVE
General Information
Standard status
Active
Size
5,224 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
4 x 3BR/2.5BA
Multifamily Units
4
Amenities
in-unit laundry
mini-split HVAC
landscaped common area
Building Details
Building Size
5,224 SF
Year Built
2025
Buildings
4
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 709-4632
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Eleeterealestate
Added: Dec 19, 2025
Changed: Aug 12
Last Checked: Aug 12 at 5:07AM
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.
Completed in 2025, this multifamily property comprises four detached residences arranged around shared landscaped grounds. Each home includes three bedrooms, two and one-half bathrooms, a dedicated laundry area, and mini-split heating and cooling. The consistent unit configuration supports streamlined leasing and management across the community.
The two front residences measure approximately 1,423 square feet each and include one-car garages with driveway parking. The two rear residences measure approximately 1,189 square feet each and rely on street parking; both feature kitchen islands with eat bars. The property is located at 6439 SE 88th AVE in Portland, Oregon, near Parklane Park and a range of restaurants and coffee shops in Southeast Portland.
The two front residences measure approximately 1,423 square feet each and include one-car garages with driveway parking. The two rear residences measure approximately 1,189 square feet each and rely on street parking; both feature kitchen islands with eat bars. The property is located at 6439 SE 88th AVE in Portland, Oregon, near Parklane Park and a range of restaurants and coffee shops in Southeast Portland.
Key Highlights
- Four detached residences completed in 2025
- All units feature 3 bedrooms and 2.5 bathrooms
- Front homes are approximately 1,423 sqft each with one‑car garages and driveway parking
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
$67,076
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
3.70%
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%
$1,341,520
$1.3M
Cap Rate 7%
$958,229
$958.2K
Cap Rate 9%
$745,289
$745.3K
Market Conditions
NOI Build-Up for 5,224 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
$128.5K $24.60/SF
− Vacancy
−$6.6K −$1.25/SF
EGI
$122.0K $23.35/SF
− OpEx
−$54.9K −$10.51/SF
NOI
$67.1K $12.84/SF
Area
Portland, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,341,520
Cap Rate 7%
$958,229
Cap Rate 9%
$745,289
Alternative Uses
Best Use
Apartment 5plus
$958.2K
$838.5K – $1.12M
NOI $67,076 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,692 @ 7.0% cap · market cap 5.66%
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
907
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?
Multifamily property - Newly built detached residences offer consistent layouts, private living spaces, and shared landscaped grounds in Southeast Portland.
Where is this multifamily property located?
The property is located at 6439 SE 88th AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,813,900.
What are key features of this property?
This property features: Four detached residences completed in 2025; All units feature 3 bedrooms and 2.5 bathrooms; Front homes are approximately 1,423 sqft each with one‑car garages and driveway parking
