New Construction
New
For Sale
$1,459,900
7488 SE 51st AVE, Portland, OR 97206
Four separately managed residences feature two-story layouts, private fenced outdoor areas, and contemporary heating and cooling systems.
Property Size4,271 SF
Price / SF$341.82
Days on Market6
Property Features for 7488 SE 51st AVE
General Information
Standard status
Active
Size
4,271 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
1 x 3BR/2.5BA - 1,188 sf, 1 x 3BR/2.5BA - 1,237 sf, 2 x 2BR/2.5BA - 923 sf
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Amenities
private outdoor spaces
Building Details
Building Size
4,271 SF
Year Built
2026
Stories
2
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 709-4632
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Eleeterealestate
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 12:07PM
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 2026, this four-residence quadplex contains 4,271 total square feet across two-story homes. The configuration includes two three-bedroom end residences measuring 1,188 and 1,237 square feet, plus two 923-square-foot two-bedroom interior residences. Each home has 2 1/2 bathrooms, open living, dining, and kitchen areas, an island with an eat bar, dedicated laundry, and a main-level half bath. Sliders open to private fenced outdoor areas, and mini-split systems provide heating and cooling. Individual utility infrastructure supports separate residence operations without shared interior common areas. Fiber cement lap siding and composition roofing complete the exterior improvements.
The property is located at 7488 SE 51st AVE in Portland, near Brentwood Park, Brentwood Community Garden, Mt. Scott Community Center, and New Seasons Market. Woodstock Boulevard and the Foster corridor provide access to nearby restaurants, cafes, shops, and local businesses.
The property is located at 7488 SE 51st AVE in Portland, near Brentwood Park, Brentwood Community Garden, Mt. Scott Community Center, and New Seasons Market. Woodstock Boulevard and the Foster corridor provide access to nearby restaurants, cafes, shops, and local businesses.
Key Highlights
- Four‑unit quadplex with 4,271 total square feet
- Unit mix includes two 3‑bedroom homes and two 2‑bedroom homes
- Three‑bedroom residences measure 1,188 and 1,237 square feet; two‑bedroom homes are 923 square feet each
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
$62,721
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
4.30%
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%
$1,254,420
$1.3M
Cap Rate 7%
$896,014
$896.0K
Cap Rate 9%
$696,900
$696.9K
Market Conditions
NOI Build-Up for 4,271 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
$94.8K $22.20/SF
− Vacancy
−$5.2K −$1.22/SF
EGI
$89.6K $20.98/SF
− OpEx
−$26.9K −$6.29/SF
NOI
$62.7K $14.69/SF
Area
ZIP 97206
Vacancy
5.50%
Lease Rate
$22.20 /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%
$1,254,420
Cap Rate 7%
$896,014
Cap Rate 9%
$696,900
Alternative Uses
Best Use
Multifamily LT 5
$896.0K
$784.0K – $1.05M
NOI $62,721 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$803.4K
$703.0K – $937.3K
NOI $56,236 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,958 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
341
Businesses Nearby
Explore this area
Business Placement
Demographics for 97206, OR
51,072
Population
22,348
Households
2.3
Avg Household Size
38
Median Age
49%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
7,857
Density / Sq Mi
$94,233
Median Household Income
$54,254
Median Earnings
$1,693
Median Rent
$480,500
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 separately managed residences feature two-story layouts, private fenced outdoor areas, and contemporary heating and cooling systems.
Where is this quadplex located?
The property is located at 7488 SE 51st AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,459,900.
What are key features of this property?
This property features: Four‑unit quadplex with 4,271 total square feet; Unit mix includes two 3‑bedroom homes and two 2‑bedroom homes; Three‑bedroom residences measure 1,188 and 1,237 square feet; two‑bedroom homes are 923 square feet each
