Corner-Lot
New
For Sale
$765,000
906 NE 24TH Ave, Portland, OR 97232
MultiFamily, Portland, OR
Property Size2,300 SF
Lot Size0.12 Acres
Price / SF$332.61
Days on Market3
Property Features for 906 NE 24TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
EXD
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 3, Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1
Elementary school
Buckman
Middle school
Hosford
High school
Cleveland
Directions
X - NE Pacific Street
Subdivision
_142
Standard status
Active
APN
R278471
Size
2,300 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
SULLIVANS ADD, BLOCK 43, W 1/2 OF LOT 3&4
Tax Annual Amount
4920
Legal Description
SULLIVANS ADD, BLOCK 43, W 1/2 OF LOT 3&4
Utilities
Heating system
Forced Air
Building Details
Year built
1917
Number of units
3
Roof type
Composition
Listing Agency:
Change Realty, LLC
(503) 310-6775
Listed By:
Bill Gaffney · License #200305133
(503) 622-8202
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 4 at 6:06PM
MLS# 320125259
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 2,300-square-foot triplex, built in 1917, contains three apartments: a studio, a one-bedroom, one-bath unit, and a three-bedroom, one-bath unit. An unfinished basement provides additional storage space. The property occupies a 0.12-acre corner lot and has forced-air heating and a composition roof. Zoning is EXD.
The property is near Sandy Boulevard, with neighborhood shops, restaurants, and transit nearby. I-84 and I-5 provide regional road connections.
The property is near Sandy Boulevard, with neighborhood shops, restaurants, and transit nearby. I-84 and I-5 provide regional road connections.
Key Highlights
- Three‑unit mix: studio, one‑bedroom/one‑bath, and three‑bedroom/one‑bath apartments
- 2,300 square feet of building area
- 0.12‑acre corner lot
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
$32,052
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
4.19%
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%
$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
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
$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 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%
$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
Yes
Paved road 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments offer a studio, a one-bedroom layout, and a three-bedroom residence.
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 apartments; 2,300 square feet of building area; 0.12‑acre corner lot
