Under-Construction Quadplex with Private
New
For Sale
$1,429,900
7488 SE 51st Ave, Portland, OR 97206
MULTI_FAMILY - Portland, OR
Property Size4,271 SF
Lot Size0.11 Acres
Price / SF$334.79
Days on Market2
Property Features for 7488 SE 51st Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
8
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 8, Bathroom 2, Bathroom 7, Bathroom 1, Bedroom 5, Bedroom 3, Bathroom 9, Bathroom 5, Bedroom 7, Bathroom 3, Bedroom 6, Bedroom 8, Bedroom 2, Bathroom 4, Bedroom 4, Bathroom 6, Bedroom 1
Subdivision
BRENTWOOD - DARLINGTON
Elementary school
Lewis
Middle school
Sellwood
High school
Cleveland
Directions
I-205 to Exit 16, west on SE Johnson Creek Blvd, right on SE Flavel Dr, right on SE 51st Ave.
Standard status
Active
APN
New Construction
Size
4,271 SF
Lot size
0.11 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Amenities
private fenced outdoor spaces
in-unit laundry
mini splits
Building Details
Year built
2026
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 7 at 7:06AM
MLS# 376451571
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 under-construction quadplex will comprise 4,271 square feet across four two-story residences on a 0.11-acre site. The unit mix includes two three-bedroom end homes measuring 1,188 and 1,237 square feet, plus two two-bedroom interior homes at 923 square feet each. Plans include open living, dining, and kitchen areas, tall ceilings, private fenced outdoor spaces, dedicated laundry, and mini-split heating and cooling. Each residence has its own utility infrastructure, with no shared interior common areas.
Located at 7488 SE 51st Ave in Portland, the property is near Brentwood Park, Brentwood Community Garden, Mt. Scott Community Center, and New Seasons Market. Restaurants, cafés, shops, and local businesses along Woodstock Boulevard and the Foster corridor are also nearby. Composition roofing and fiber cement lap siding are specified for the residences, with completion identified for 2026.
Located at 7488 SE 51st Ave in Portland, the property is near Brentwood Park, Brentwood Community Garden, Mt. Scott Community Center, and New Seasons Market. Restaurants, cafés, shops, and local businesses along Woodstock Boulevard and the Foster corridor are also nearby. Composition roofing and fiber cement lap siding are specified for the residences, with completion identified for 2026.
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
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
4.39%
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 4.39%
Second Best
Apartment 5plus
$803.4K
$703.0K – $937.3K
NOI $56,236 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,958 @ 7.0% cap · market cap 5.87%
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
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 two-story residences feature private fenced outdoor areas, individual utilities, and open living spaces with kitchen islands.
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 $1,429,900.
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
