Four-Unit Quadplex
New
For Sale
$1,300,000
9144 SE ALDER St, Portland, OR 97216
MultiFamily, Portland, OR
Property Size4,915 SF
Lot Size0.14 Acres
Price / SF$264.50
Days on Market1
Property Features for 9144 SE ALDER St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
RM1
Bedrooms
11
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 6, Bathroom 7, Bathroom 4, Bedroom 5, Bathroom 6, Bedroom 4, Bedroom 9, Bedroom 8, Bathroom 1, Bathroom 5, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 3, Bedroom 10, Bedroom 7, Bedroom 11, Bedroom 2
Subdivision
MONTAVILLA
Elementary school
Harrison Park
Middle school
Harrison Park
High school
Leodis McDaniel
Directions
I-205 to West on Washington Street, South on 92nd Ave.
Standard status
Active
APN
R104539
Size
4,915 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
ALTAMEAD, BLOCK 15, LOT 10 EXC PT IN ST
Tax Annual Amount
3907
Legal Description
ALTAMEAD, BLOCK 15, LOT 10 EXC PT IN ST
Utilities
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Heat Pump
Building Details
Year built
2026
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Harcourts Real Estate Network Group
(503) 344-4554
Listed By:
Bryce Rosenbaum · License #201224328
(503) 367-8266
Added: Sep 22
Last Checked: Sep 22 at 6:06PM
MLS# 729100864
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 four-unit residential property combines three newly constructed, three-story residences with an existing single-level home. Each new residence contains approximately 1,401 square feet with three bedrooms and open-concept living, dining, and kitchen areas. The separate existing home measures 712 square feet, bringing the combined property size to approximately 4,915 square feet. Construction is underway, with a 2026 year built designation.
Set on 0.14 acres at 9144 SE ALDER St in Portland’s Montavilla area, the property is near restaurants, shops, parks, and transit. The homes feature heat pump heating and cooling, with forced-air heating also identified. The property is zoned RM1 and has composition roofing.
Set on 0.14 acres at 9144 SE ALDER St in Portland’s Montavilla area, the property is near restaurants, shops, parks, and transit. The homes feature heat pump heating and cooling, with forced-air heating also identified. The property is zoned RM1 and has composition roofing.
Key Highlights
- Four total units, including three new three‑story residences and one existing single‑level home
- Approximately 4,915 square feet of combined property size on 0.14 acres
- Each new residence is approximately 1,401 square feet with three bedrooms
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 new residences join a standalone home in a four-unit configuration near Montavilla shops, restaurants, parks, and transit.
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 total units, including three new three‑story residences and one existing single‑level home; Approximately 4,915 square feet of combined property size on 0.14 acres; Each new residence is approximately 1,401 square feet with three bedrooms
