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1902 NE 38th Ave 3 Unit Apartment Building $1,075,000 ($358,333/Unit) 4.76% Cap Rate Portland, OR 97212
Executive Summary
Rare triplex opportunity in the desirable Hollywood/Grant Park neighborhood. Built in 1927 and approximately 4,309 sq ft, the property features two spacious side-by-side upper units and a large lower unit (lower unit may be dividable into two), delivering flexible income potential. Thoughtful floorplates, a common laundry room and assigned off-street parking complement the building’s historic charm and strong curb appeal. Superb walkability to Grant Park, the Beverly Cleary Sculpture Garden and the Hollywood District’s restaurants, shops and transit; close to area medical centers. Excellent value for an investor
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$72,444
|
$16.91
|
| Other Income |
$2,220
|
$0.52
|
| Vacancy Loss |
$2,239
|
$0.52
|
| Effective Gross Income |
$72,425
|
$16.91
|
| Taxes |
$8,987
|
$2.10
|
| Operating Expenses |
$12,242
|
$2.86
|
| Total Expenses |
$21,229
|
$4.96
|
| Net Operating Income |
$51,196
|
$11.95
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $72,444 |
| Annual Per SF | $16.91 |
| Other Income | |
|---|---|
| Annual | $2,220 |
| Annual Per SF | $0.52 |
| Vacancy Loss | |
|---|---|
| Annual | $2,239 |
| Annual Per SF | $0.52 |
| Effective Gross Income | |
|---|---|
| Annual | $72,425 |
| Annual Per SF | $16.91 |
| Taxes | |
|---|---|
| Annual | $8,987 |
| Annual Per SF | $2.10 |
| Operating Expenses | |
|---|---|
| Annual | $12,242 |
| Annual Per SF | $2.86 |
| Total Expenses | |
|---|---|
| Annual | $21,229 |
| Annual Per SF | $4.96 |
| Net Operating Income | |
|---|---|
| Annual | $51,196 |
| Annual Per SF | $11.95 |
Property Facts Under Contract
| Price | $1,075,000 | Apartment Style | Garden |
| Price Per Unit | $358,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 4.76% | Building Size | 4,284 SF |
| Gross Rent Multiplier | 14.4 | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1927/1986 |
| Property Subtype | Apartment | Parking Ratio | 1.4/1,000 SF |
| Zoning | RM1 - Residential Multi-Dwelling 1 (RM1) | ||
| Price | $1,075,000 |
| Price Per Unit | $358,333 |
| Sale Type | Investment |
| Cap Rate | 4.76% |
| Gross Rent Multiplier | 14.4 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 4,284 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1927/1986 |
| Parking Ratio | 1.4/1,000 SF |
| Zoning | RM1 - Residential Multi-Dwelling 1 (RM1) |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Fireplace
- Washer/Dryer Hookup
- Heating
- Bay Window
- Ceiling Fans
- Tile Floors
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Sunroom
- Built-In Bookshelves
- Handrails
- Linen Closet
- Mud Room
- Patio
- Porch
- Smoke Free
- Vinyl Flooring
- Window Coverings
Site Amenities
- Courtyard
- Fenced Lot
- Laundry Facilities
- Gas Range
- Smoke Free
- Trash Pickup - Curbside
- Vintage Building
- Storage Space
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $1,971 | 1,234 - 1,434 |
| 3+2 | 1 | $2,095 | 1,729 |
1 1
Walk Score®
Walker's Paradise (94)
Bike Score®
Biker's Paradise (99)
Property Taxes
| Parcel Number | R262702 | Total Assessment | $345,950 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | $8,987 ($2.10/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
R262702
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$345,950 (2025)
Annual Taxes
$8,987 ($2.10/SF)
Tax Year
2024
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1902 NE 38th Ave
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