Fourplex with Shared
For Sale
$695,000
942 Southeast 16th Avenue, Portland, OR 97214
Four residential units include two studios and two one-bedroom apartments.
Property Size3,406 SF
Lot Size0.11 Acres
Price / SF$204.05
Days on Market200
Property Features for 942 Southeast 16th Avenue
General Information
Standard status
Active
Size
3,406 SF
Net Rentable
2,454 SF
Lot size
0.11 Acres
Property subtype
Multi Family
Zoning
R5
Units
Unit Mix
2 x studio, 2 x 1BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,762
Amenities
shared laundry
2
Partial Basement, Unfinished
Composition
Wood Siding
Building Details
Year Built
1904
Buildings
1
Listing Agency:
Keller Williams Sunset Corridor
(971) 235-9561
Listed By:
Benjamin Ficker · License #200412166
(971) 235-9561
Source:
Compass
Added: Feb 12
Changed: Aug 30
Last Checked: Aug 30 at 10:11PM
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 Keller Williams Sunset Corridor
Investment Insights
Based on property information with market context.
This four-unit residential property contains approximately 2,454 rentable square feet on a 4,600-square-foot lot. The layout includes two studio apartments and two one-bedroom units, with shared laundry located in the partial, unfinished basement. The building dates to 1904 and features wood siding and a composition roof. Parking is available on the street, and the property is zoned R5.
942 Southeast 16th Avenue is positioned on a residential street in Portland’s Buckman neighborhood, near the Hawthorne, Belmont, and Division corridors. Downtown Portland is also nearby, while the surrounding area provides access to dining, retail, and entertainment. Walkability and bike infrastructure are established features of the neighborhood, and the property includes a partial utility bill-back system.
942 Southeast 16th Avenue is positioned on a residential street in Portland’s Buckman neighborhood, near the Hawthorne, Belmont, and Division corridors. Downtown Portland is also nearby, while the surrounding area provides access to dining, retail, and entertainment. Walkability and bike infrastructure are established features of the neighborhood, and the property includes a partial utility bill-back system.
Key Highlights
- Four residential units: two studios and two one‑bedroom apartments
- Approximately 2,454 rentable SF on a 4,600 SF lot
- Built in 1904 with wood siding and a composition roof
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
$47,465
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
6.83%
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%
$949,300
$949.3K
Cap Rate 7%
$678,071
$678.1K
Cap Rate 9%
$527,389
$527.4K
Market Conditions
NOI Build-Up for 3,406 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
$71.5K $21.00/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$67.8K $19.91/SF
− OpEx
−$20.3K −$5.97/SF
NOI
$47.5K $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%
$949,300
Cap Rate 7%
$678,071
Cap Rate 9%
$527,389
Alternative Uses
Best Use
Multifamily LT 5
$678.1K
$593.3K – $791.1K
NOI $47,465 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$624.8K
$546.7K – $728.9K
NOI $43,733 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$956.5K
$836.9K – $1.12M
NOI $66,954 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,984
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include two studios and two one-bedroom apartments.
Where is this quadplex located?
The property is located at 942 Southeast 16th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Four residential units: two studios and two one‑bedroom apartments; Approximately 2,454 rentable SF on a 4,600 SF lot; Built in 1904 with wood siding and a composition roof
