Four-Unit Garden-Style
For Sale
$610,000
7015 NE Glisan St, Portland, OR 97213
Four residential units offer in-unit laundry, full appliances, and paved off-street parking on a corner lot.
Property Size3,416 SF
Days on Market9
Property Features for 7015 NE Glisan St
General Information
Standard status
Active
Size
3,416 SF
Total Parking Spaces
6
Property subtype
Multi Family Home
Zoning
CM-2
Taxes and HOA fees
Annual Taxes
$5,591
Building Details
Building Size
3,416 SF
Year Built
1953
Stories
1
Units
4
Listing Agency:
ELEETE Real Estate
(503) 468-4018
Listed By:
Lee Davies · License #851200114
(503) 468-4018
Source:
Allprofessionalsre
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 21 at 2:09PM
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 ELEETE Real Estate
Investment Insights
Based on property information with market context.
This multifamily property consists of two garden-style duplex buildings containing four two-bedroom units. Each residence is approximately 854 square feet and includes in-unit laundry along with a full appliance package. The buildings date to 1953 and are situated on a 0.23-acre corner parcel with six paved off-street parking spaces.
The property is fully occupied by long-term tenants and operates under CM-2 commercial/mixed-use zoning. Its address is 7015 NE Glisan Street in Portland, Oregon, within a walkable Southeast Portland setting near transit, retail, and employment centers. The existing four-unit configuration provides an established residential income property, while the zoning supports consideration of additional multifamily or mixed-use uses where permitted.
The property is fully occupied by long-term tenants and operates under CM-2 commercial/mixed-use zoning. Its address is 7015 NE Glisan Street in Portland, Oregon, within a walkable Southeast Portland setting near transit, retail, and employment centers. The existing four-unit configuration provides an established residential income property, while the zoning supports consideration of additional multifamily or mixed-use uses where permitted.
Key Highlights
- Four 2‑bedroom units across two garden‑style duplex buildings
- Each unit is approximately 854 square feet with in‑unit laundry and full appliances
- 100% occupied with long‑term tenants
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
$47,604
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
7.80%
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%
$952,080
$952.1K
Cap Rate 7%
$680,057
$680.1K
Cap Rate 9%
$528,933
$528.9K
Market Conditions
NOI Build-Up for 3,416 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
$71.7K $21.00/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$68.0K $19.91/SF
− OpEx
−$20.4K −$5.97/SF
NOI
$47.6K $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%
$952,080
Cap Rate 7%
$680,057
Cap Rate 9%
$528,933
Alternative Uses
Best Use
Multifamily LT 5
$680.1K
$595.1K – $793.4K
NOI $47,604 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$626.6K
$548.3K – $731.0K
NOI $43,861 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$959.3K
$839.4K – $1.12M
NOI $67,151 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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?
Quadplex - Four residential units offer in-unit laundry, full appliances, and paved off-street parking on a corner lot.
Where is this quadplex located?
The property is located at 7015 NE Glisan St Portland, OR.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Four 2‑bedroom units across two garden‑style duplex buildings; Each unit is approximately 854 square feet with in‑unit laundry and full appliances; 100% occupied with long‑term tenants
