Four-Unit Residential
New
For Sale
$1,300,000
9144 SE ALDER ST, Portland, OR 97216
Three recently built residences sit alongside a separate single-level home, creating a four-unit residential configuration.
Property Size4,915 SF
Price / SF$264.50
Days on Market6
Property Features for 9144 SE ALDER ST
General Information
Standard status
Active
Size
4,915 SF
Property subtype
MULTI_FAMILY
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,907
Building Details
Building Size
4,915 SF
Year Built
2026
Listing Agency:
Harcourts Real Estate Network Group
Listed By:
Bryce Rosenbaum · License #201224328
(503) 367-8266
Source:
Eleeterealestate
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 26 at 12:25PM
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 Harcourts Real Estate Network Group
Investment Insights
Based on property information with market context.
The property comprises four residences totaling approximately 4,915 square feet. Three newly constructed, three-story units each contain approximately 1,401 square feet, with three bedrooms and open-plan living, dining, and kitchen areas. A separate single-level home adds 712 square feet. The construction year is 2026.
Situated in Portland’s Montavilla neighborhood, the property is near local restaurants, shops, parks, and transit. The Home Energy Score is 6.
Situated in Portland’s Montavilla neighborhood, the property is near local restaurants, shops, parks, and transit. The Home Energy Score is 6.
Key Highlights
- Four residences with approximately 4,915 square feet combined
- Three new three‑story units, each approximately 1,401 square feet
- Each new residence has three bedrooms and open‑plan living, dining, and kitchen areas
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
$68,493
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
5.27%
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%
$1,369,860
$1.4M
Cap Rate 7%
$978,471
$978.5K
Cap Rate 9%
$761,033
$761.0K
Market Conditions
NOI Build-Up for 4,915 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
$103.2K $21.00/SF
− Vacancy
−$5.4K −$1.09/SF
EGI
$97.8K $19.91/SF
− OpEx
−$29.4K −$5.97/SF
NOI
$68.5K $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%
$1,369,860
Cap Rate 7%
$978,471
Cap Rate 9%
$761,033
Alternative Uses
Best Use
Multifamily LT 5
$978.5K
$856.2K – $1.14M
NOI $68,493 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$901.5K
$788.9K – $1.05M
NOI $63,108 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,618 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,175
Businesses Nearby
Explore this area
Business Placement
Demographics for 97216, OR
17,488
Population
7,235
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
6,995
Density / Sq Mi
$71,951
Median Household Income
$42,537
Median Earnings
$1,390
Median Rent
$439,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Three recently built residences sit alongside a separate single-level home, creating a four-unit residential configuration.
Where is this quadplex located?
The property is located at 9144 SE ALDER ST Portland, OR.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Four residences with approximately 4,915 square feet combined; Three new three‑story units, each approximately 1,401 square feet; Each new residence has three bedrooms and open‑plan living, dining, and kitchen areas
