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215 NE 30th Ave 3 Unit Apartment Building Offered at $1,295,000 at a 6.01% Cap Rate Portland, OR 97232
Investment Highlights
- 6% cap rate on a renovated plex in the heart of Portland's best neighborhood!
- TURNKEY CONFIDENCE A recent complete renovation means little-to-no "deferred maintenance" or immediate capital expenditures for a new owner.
- 1908 VINTAGE SOUL Retains the high ceilings, large windows, and "Old Por tland" architectural curb appeal that highquality tenants seek out.
- PERFECT FOR INVESTOR OR OWNER/OCCUPIED!
- MODERN INTERIORS Updated with gourmet islands, quartz countertops, stainless steel appliances, and in-unit laundry—features that command premium rent.
- MULTI-GENERATIONAL LAYOUT Ideal for a "house-hack" (owner-occupied unit) or as a high-performing addition to a long-term hold portfolio.
Executive Summary
The Kerns 3-plex is a turnkey renovated vintage apartment located in one of Portland’s best neighborhoods.
Originally built in 1908 and fully renovated in the last five years, the subject 3-plex features a 2-bed/2-bath unit on the main level (1,260 SF), a 3-bed/2-bath unit on the upper level (1,087 SF), and a 2-bed/1-bath unit on the lower level (1,020 SF).
Following a meticulous renovation, each unit boasts condo-quality finishes and comprehensive upgrades, including all-new mechanical systems, modern flooring, and designer kitchens and bathrooms. The kitchens are anchored by custom cabinetry, sleek quartz countertops, and premium stainless-steel appliances, while the bathrooms feature sophisticated custom tile showers.
This property offers a rare opportunity to hold a piece of Portland’s architectural heritage without the headache of historic maintenance. This 1908 triplex has been meticulously renovated, offering the perfect "turn-key" investment: the timeless character of a century-old build paired with the reliability of a modern renovation. Because it is fully updated, you bypass the common pitfalls of older properties, allowing for immediate occupancy or high-end rentals. In a market where vintage charm is the gold standard, but modern efficiency is the requirement, this property stands out as a high-performing asset that is move-in ready from day one. It offers an exceptional unit mix designed for maximum rental flexibility and appeal. It includes a spacious 2-bedroom/2- bathroom unit on the main level (1,260 SF), a 3-bedroom/2-bathroom unit on the upper level (1,087 SF), and a 2-bedroom/1-bathroom unit on the lower level (1,020 SF).
Originally built in 1908 and fully renovated in the last five years, the subject 3-plex features a 2-bed/2-bath unit on the main level (1,260 SF), a 3-bed/2-bath unit on the upper level (1,087 SF), and a 2-bed/1-bath unit on the lower level (1,020 SF).
Following a meticulous renovation, each unit boasts condo-quality finishes and comprehensive upgrades, including all-new mechanical systems, modern flooring, and designer kitchens and bathrooms. The kitchens are anchored by custom cabinetry, sleek quartz countertops, and premium stainless-steel appliances, while the bathrooms feature sophisticated custom tile showers.
This property offers a rare opportunity to hold a piece of Portland’s architectural heritage without the headache of historic maintenance. This 1908 triplex has been meticulously renovated, offering the perfect "turn-key" investment: the timeless character of a century-old build paired with the reliability of a modern renovation. Because it is fully updated, you bypass the common pitfalls of older properties, allowing for immediate occupancy or high-end rentals. In a market where vintage charm is the gold standard, but modern efficiency is the requirement, this property stands out as a high-performing asset that is move-in ready from day one. It offers an exceptional unit mix designed for maximum rental flexibility and appeal. It includes a spacious 2-bedroom/2- bathroom unit on the main level (1,260 SF), a 3-bedroom/2-bathroom unit on the upper level (1,087 SF), and a 2-bedroom/1-bathroom unit on the lower level (1,020 SF).
Property Facts
| Price | $1,295,000 | Apartment Style | Garden |
| Price Per Unit | $431,667 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 3,998 SF |
| Cap Rate | 6.01% | Average Occupancy | 100% |
| Gross Rent Multiplier | 14.29 | No. Stories | 4 |
| No. Units | 3 | Year Built | 1908 |
| Property Type | Multifamily | ||
| Zoning | R5 | ||
| Price | $1,295,000 |
| Price Per Unit | $431,667 |
| Sale Type | Investment |
| Cap Rate | 6.01% |
| Gross Rent Multiplier | 14.29 |
| No. Units | 3 |
| Property Type | Multifamily |
| Apartment Style | Garden |
| Lot Size | 0.12 AC |
| Building Size | 3,998 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1908 |
| Zoning | R5 |
Amenities
Unit Amenities
- Dishwasher
- Washer/Dryer
- Kitchen
- Refrigerator
- Oven
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $2,300 | 1,020 |
| 2+2 | 1 | $2,650 | 1,260 |
| 3+2 | 1 | $2,950 | 1,087 |
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Walk Score®
Walker's Paradise (96)
Bike Score®
Biker's Paradise (97)
Property Taxes
| Parcel Number | R177657 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $247,950 |
Property Taxes
Parcel Number
R177657
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$247,950
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215 NE 30th Ave
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