Triplex with Separate Garage
For Sale
$749,900
900 NE 91ST AVE, Portland, OR 97220
Three addresses on one tax lot with a 2005-built duplex and a separate 1924 detached home, including in-unit appliances.
Property Size4,096 SF
Price / SF$183.08
Days on Market171
Property Features for 900 NE 91ST AVE
General Information
Standard status
Active
Size
4,096 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
RM1
Occupancy
67%
Net Operating Income
$52,190
Financials
Cap Rate
6.74%
Business Included
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,318
Amenities
Garage
CrawlSpace
Electricity,Gas
UnitTypeType1,UnitTypeType2,UnitTypeType3
Gas
3
2
Dishwasher,Fireplace,Range,WasherDryer
Dishwasher,Range,Refrigerator,WasherDryer
Fireplace,HardwoodFloors,Refrigerator,WasherDryer
7
1
1920
2045
Level
PublicWater
3.0
0.17
Driveway,Garage
Paved
ConcretePerimeter
4096.0
CementSiding,WoodSiding
Building Details
Building Size
4,096 SF
Year Built
2005
Stories
2
Listing Agency:
Keller Williams PDX Central
(503) 516-1881
Listed By:
Mark Irwin
(503) 516-1881
Source:
Premierepropertygroup
Added: Feb 19
Changed: Aug 9
Last Checked: Aug 9 at 8:19PM
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 PDX Central
Investment Insights
Based on property information with market context.
This triplex consists of three addresses (#900, #904, and #908) on one tax lot. The duplex portion (#904 and #908) was built in 2005 and includes two units with 3 bedrooms and 2.5 bathrooms each, plus a single-car garage and private backyard/patio spaces. The detached home out front (#900) was built in 1924 and includes hardwood floors, a jack and jill bathroom, and a large unfinished basement. Kitchen appliances and washer/dryer units are included for each residence.
Located in the Montavilla neighborhood of Portland, the property includes a recently vacant unit at #900. The duplex can be shown with appropriate scheduling, and access should not extend past the back side of the single-family unit to avoid disturbing tenants in the duplex.
For investors or owner-occupants, the layout offers options to live in one unit while renting the others. With the existing unit configurations and included appliances, the property may appeal to buyers seeking an income-producing residential structure with both newer and older housing stock represented across the three addresses. The home energy score is listed as 3 (HES report available through the provided reference).
Located in the Montavilla neighborhood of Portland, the property includes a recently vacant unit at #900. The duplex can be shown with appropriate scheduling, and access should not extend past the back side of the single-family unit to avoid disturbing tenants in the duplex.
For investors or owner-occupants, the layout offers options to live in one unit while renting the others. With the existing unit configurations and included appliances, the property may appeal to buyers seeking an income-producing residential structure with both newer and older housing stock represented across the three addresses. The home energy score is listed as 3 (HES report available through the provided reference).
Key Highlights
- Tri‑plex with 3 addresses (#900, #904, #908) on 1 tax lot
- 2005‑built duplex (#904/#908) with 3 beds and 2.5 baths per unit plus single‑car garages
- Separate 1924 detached home (#900) with hardwood floors, jack‑and‑jill bathroom, and an unfinished basement
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
$57,080
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
7.61%
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%
$1,141,600
$1.1M
Cap Rate 7%
$815,429
$815.4K
Cap Rate 9%
$634,222
$634.2K
Market Conditions
NOI Build-Up for 4,096 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
$86.0K $21.00/SF
− Vacancy
−$4.5K −$1.09/SF
EGI
$81.5K $19.91/SF
− OpEx
−$24.5K −$5.97/SF
NOI
$57.1K $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%
$1,141,600
Cap Rate 7%
$815,429
Cap Rate 9%
$634,222
Alternative Uses
Best Use
Multifamily LT 5
$815.4K
$713.5K – $951.3K
NOI $57,080 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$751.3K
$657.4K – $876.6K
NOI $52,593 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,518 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
66.7%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
Explore this area
Business Placement
Demographics for 97220, OR
29,357
Population
12,177
Households
2.4
Avg Household Size
39
Median Age
35%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
3,914
Density / Sq Mi
$68,976
Median Household Income
$41,696
Median Earnings
$1,412
Median Rent
$427,700
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?
Triplex - Three addresses on one tax lot with a 2005-built duplex and a separate 1924 detached home, including in-unit appliances.
Where is this triplex located?
The property is located at 900 NE 91ST AVE Portland, OR.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Tri‑plex with 3 addresses (#900, #904, #908) on 1 tax lot; 2005‑built duplex (#904/#908) with 3 beds and 2.5 baths per unit plus single‑car garages; Separate 1924 detached home (#900) with hardwood floors, jack‑and‑jill bathroom, and an unfinished basement
