Triplex with Private
For Sale
$749,900
900 NE 91ST Ave, Portland, OR 97220
MultiFamily, Portland, OR
Property Size4,772 SF
Lot Size0.17 Acres
Price / SF$157.15
Days on Market210
Property Features for 900 NE 91ST Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM1
Bedrooms
8
Bathrooms
15
Full bathrooms
15
Rooms
Bedroom 4, Bedroom 3, Bathroom 4, Bathroom 11, Bathroom 13, Bedroom 2, Bathroom 6, Bedroom 6, Bedroom 8, Bathroom 9, Bathroom 12, Bathroom 5, Bedroom 7, Bathroom 2, Bathroom 15, Bathroom 7, Bedroom 1, Bedroom 5, Bathroom 8, Bathroom 10, Bathroom 1, Bathroom 3, Bathroom 14
Subdivision
Montavilla
Elementary school
Vestal
Middle school
Harrison Park
High school
Leodis McDaniel
Directions
NE 84th Ave to NE Hassalo Street to NE 91st Ave
Standard status
Active
APN
R319476
Size
4,772 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
SECTION 33 1N 2E, TL 500 0.17 ACRES
Tax Annual Amount
11318
Legal Description
SECTION 33 1N 2E, TL 500 0.17 ACRES
Utilities
Heating system
Forced Air
Building Details
Year built
2005
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Keller Williams PDX Central · Keller Williams Realty
(503) 548-4848
Listed By:
David Girard · License #201221204
(971) 361-6347
Added: Feb 19
Changed: Sep 14
Last Checked: Sep 17 at 6:06PM
MLS# 285142697
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 triplex at 900 NE 91ST Ave includes three addresses on a single tax lot and totals 4,772 square feet on 0.17 acres. The two-unit portion, completed in 2005, provides three bedrooms, two-and-a-half baths, a one-car garage, and a patio area for each residence. The separate front home dates to 1924 and includes hardwood flooring, a jack-and-Jill bath, and a sizable unfinished basement.
Kitchen appliances and a washer and dryer are included in each unit. The property has forced-air heating, a composition roof, and RM1 zoning. The listing reports a 6.74% cap rate. Located in Portland’s Montavilla neighborhood, the property is identified by three addresses—900, 904, and 908—within one tax lot.
Kitchen appliances and a washer and dryer are included in each unit. The property has forced-air heating, a composition roof, and RM1 zoning. The listing reports a 6.74% cap rate. Located in Portland’s Montavilla neighborhood, the property is identified by three addresses—900, 904, and 908—within one tax lot.
Key Highlights
- Three residences across 3 addresses on 1 tax lot
- 4,772 square feet on 0.17 acres
- 6.74% cap rate with RM1 zoning
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
$66,501
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
8.87%
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%
$1,330,020
$1.3M
Cap Rate 7%
$950,014
$950.0K
Cap Rate 9%
$738,900
$738.9K
Market Conditions
NOI Build-Up for 4,772 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
$100.2K $21.00/SF
− Vacancy
−$5.2K −$1.09/SF
EGI
$95.0K $19.91/SF
− OpEx
−$28.5K −$5.97/SF
NOI
$66.5K $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%
$1,330,020
Cap Rate 7%
$950,014
Cap Rate 9%
$738,900
Alternative Uses
Best Use
Multifamily LT 5
$950.0K
$831.3K – $1.11M
NOI $66,501 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$875.3K
$765.9K – $1.02M
NOI $61,272 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,807 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,149
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residences share one tax lot, with RM1 zoning and individual outdoor areas serving the newer duplex units.
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: Three residences across 3 addresses on 1 tax lot; 4,772 square feet on 0.17 acres; 6.74% cap rate with RM1 zoning
