Triplex with Unfinished
New
For Sale
$765,000
906 NE 24th AVE, Portland, OR 97232
Three residences comprise a studio, a one-bedroom home and a three-bedroom home.
Property Size2,300 SF
Price / SF$332.61
Days on Market3
Property Features for 906 NE 24th AVE
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x studio, 1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Building Details
Year Built
1917
Listing Agency:
I5 Real Estate
Listed By:
The Amanda Hoff Group
(360) 521-3789
Source:
Theamandahoffgroup
Added: Oct 4
Last Checked: Oct 5 at 5:46PM
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 I5 Real Estate
Investment Insights
Based on property information with market context.
Built in 1917, this triplex contains 2,300 square feet across a studio, a one-bedroom/one-bath unit and a three-bedroom/one-bath unit. An unfinished basement provides storage space. The property occupies a corner lot at 906 NE 24th Ave in Portland’s Kerns neighborhood.
The property is just off Sandy Boulevard, near neighborhood shops, restaurants and transit. I-84 and I-5 provide connections through the metro area.
The property is just off Sandy Boulevard, near neighborhood shops, restaurants and transit. I-84 and I-5 provide connections through the metro area.
Key Highlights
- Three‑unit mix: studio, one‑bedroom/one‑bath, and three‑bedroom/one‑bath
- 2,300 square feet across the triplex
- Built in 1917
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,052
Cap Rate
4.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$641,040
$641.0K
Cap Rate 7%
$457,886
$457.9K
Cap Rate 9%
$356,133
$356.1K
Market Conditions
NOI Build-Up for 2,300 SF
Gross rent
$48.3K $21.00/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$45.8K $19.91/SF
− OpEx
−$13.7K −$5.97/SF
NOI
$32.1K $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 Rate 5%
$641,040
Cap Rate 7%
$457,886
Cap Rate 9%
$356,133
Alternative Uses
Best Use
Multifamily LT 5
$457.9K
$400.7K – $534.2K
NOI $32,052 @ 7.0% cap · market cap 4.19%
Second Best
Apartment 5plus
$421.9K
$369.2K – $492.2K
NOI $29,532 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$645.9K
$565.2K – $753.6K
NOI $45,213 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,850
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences comprise a studio, a one-bedroom home and a three-bedroom home.
Where is this triplex located?
The property is located at 906 NE 24th AVE Portland, OR.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: Three‑unit mix: studio, one‑bedroom/one‑bath, and three‑bedroom/one‑bath; 2,300 square feet across the triplex; Built in 1917
