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1822 SE Ash St - Buckman Triplex 3 Unit Apartment Building Offered at $865,000 at a 5.29% Cap Rate Portland, OR 97214
Investment Highlights
- New Siding - 2020, New Roof - 2024, New Fencing - 2026
- Spacious Units with Private Patios
- Walk Score - 94 / Bike Score - 93
- All 2BD/1BA Townhome units with W/D Hookups
- Off-Street Parking
- Close to Public Transit & Shops & Restaurants
Executive Summary
Ideally situated in the highly sought-after Buckman neighborhood, between E Burnside St and SE Stark St, this tri-plex combines strong rental income with an ideal rental location. All three units are 2 bedroom / 1 bathroom townhomes with spacious living rooms, washer / dryer hookups & dining areas off the kitchen leading to private patios. The property has been very well managed and maintained, including new siding in 2020 & a new roof in 2024. Additionally, the units have been nicely updated as needed upon turnover with new appliances, flooring and doors. Each unit enjoys one off-street parking spot. With reliable renters & a proven income record, this is an opportunity to own a stable, low-maintenance investment in one of Portland’s most desirable close-in locations. At a 5.29% cap rate & 13.12 GRM, this property provides steady cash flow from day one. With current market rents & low turnover, investors can expect consistent returns & long-term value growth.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$65,940
|
$26.42
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$1,978
|
$0.79
|
| Effective Gross Income |
$63,962
|
$25.63
|
| Taxes |
$7,674
|
$3.07
|
| Operating Expenses |
$10,505
|
$4.21
|
| Total Expenses |
$18,179
|
$7.28
|
| Net Operating Income |
$45,783
|
$18.34
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $65,940 |
| Annual Per SF | $26.42 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $1,978 |
| Annual Per SF | $0.79 |
| Effective Gross Income | |
|---|---|
| Annual | $63,962 |
| Annual Per SF | $25.63 |
| Taxes | |
|---|---|
| Annual | $7,674 |
| Annual Per SF | $3.07 |
| Operating Expenses | |
|---|---|
| Annual | $10,505 |
| Annual Per SF | $4.21 |
| Total Expenses | |
|---|---|
| Annual | $18,179 |
| Annual Per SF | $7.28 |
| Net Operating Income | |
|---|---|
| Annual | $45,783 |
| Annual Per SF | $18.34 |
Property Facts
| Price | $865,000 | Apartment Style | Townhome |
| Price Per Unit | $288,333 | Building Size | 2,496 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| Cap Rate | 5.29% | No. Stories | 2 |
| Gross Rent Multiplier | 13.12 | Year Built | 1976 |
| No. Units | 3 | Parking Ratio | 1.2/1,000 SF |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Zoning | R2.5 - R2.5 zone is a residential zone that allows a mix of housing types - detached houses, rowhouses, duplexes, triplexes, 4plexes, cottage clusters & ADUs | ||
| Price | $865,000 |
| Price Per Unit | $288,333 |
| Sale Type | Investment |
| Cap Rate | 5.29% |
| Gross Rent Multiplier | 13.12 |
| No. Units | 3 |
| Property Type | Multifamily |
| Apartment Style | Townhome |
| Building Size | 2,496 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1976 |
| Parking Ratio | 1.2/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R2.5 - R2.5 zone is a residential zone that allows a mix of housing types - detached houses, rowhouses, duplexes, triplexes, 4plexes, cottage clusters & ADUs |
Amenities
Unit Amenities
- Dishwasher
- Storage Space
- Washer/Dryer Hookup
- Kitchen
- Tub/Shower
- Carpet
- Dining Room
- Patio
- Vinyl Flooring
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $1,870 | 832 |
| 2+1 | 1 | $1,825 | 832 |
| 2+1 | 1 | $1,800 | 832 |
1 1
Walk Score®
Walker's Paradise (94)
Bike Score®
Biker's Paradise (93)
Property Taxes
| Parcel Number | R297180 | Total Assessment | $284,790 |
| Land Assessment | $0 | Annual Taxes | $7,674 ($3.07/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
Property Taxes
Parcel Number
R297180
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$284,790
Annual Taxes
$7,674 ($3.07/SF)
Tax Year
2025
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1822 SE Ash St - Buckman Triplex
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