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215 NE 30th Ave 3 Unit Apartment Building Offered at $1,150,000 at a 6.77% Cap Rate Portland, OR 97232
Investment Highlights
- 6.77% 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
PRICE REDUCED BY NEARLY $200K!
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). Current rents are below market providing additional upside for an investor. The property would make an ideal opportunity for investors seeking yield, or an owner-occupant looking to live in one unit while rental income pays the mortgage.
Following a meticulous renovation of every unit, 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).
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). Current rents are below market providing additional upside for an investor. The property would make an ideal opportunity for investors seeking yield, or an owner-occupant looking to live in one unit while rental income pays the mortgage.
Following a meticulous renovation of every unit, 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 | $1,150,000 | Apartment Style | Garden |
| Price Per Unit | $383,333 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 3,998 SF |
| Cap Rate | 6.77% | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1908 |
| Zoning | R5 | ||
| Price | $1,150,000 |
| Price Per Unit | $383,333 |
| Sale Type | Investment |
| Cap Rate | 6.77% |
| 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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Exceptionally walkable
90/100
Fairly drivable
50/100
Some public transit
50/100
Very bikeable
80/100
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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