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Sullivan's Gulch Four-Plex 2165 NE Multnomah St 4 Unit Apartment Building $1,075,000 ($268,750/Unit) 5.26% Cap Rate Portland, OR 97232
Investment Highlights
- Extra Large Layouts
- Washer / Dryer in each unit
- Highly Desirable Neighborhood
- Private Decks & Patios
- Off Street Parking
- Stable Rent History
Executive Summary
Originally a tri-plex, this property was thoughtfully converted into a four-plex in 2023 with a $109,000 capital investment—adding an additional income-generating unit and enhancing the building’s long-term value. The new unit is fully permitted & is 100% code-compliant. It includes a sprinkler system, enhancing both safety and peace of mind.
Ideally situated in the highly sought-after Sullivan’s Gulch neighborhood, just south of NE Broadway’s coffee shops, restaurants, boutiques, and light rail, this four-unit property combines strong rental income with an unbeatable location. With reliable renters & a proven income record, this is a rare opportunity to own a stable, low-maintenance investment in one of Portland’s most desirable close-in locations.
At a 5.26% cap rate & 11.26 GRM, this property provides steady cash flow from day one. With current market rents & historically low turnover, investors can expect consistent returns & long-term value growth.
Ideally situated in the highly sought-after Sullivan’s Gulch neighborhood, just south of NE Broadway’s coffee shops, restaurants, boutiques, and light rail, this four-unit property combines strong rental income with an unbeatable location. With reliable renters & a proven income record, this is a rare opportunity to own a stable, low-maintenance investment in one of Portland’s most desirable close-in locations.
At a 5.26% cap rate & 11.26 GRM, this property provides steady cash flow from day one. With current market rents & historically low turnover, investors can expect consistent returns & long-term value growth.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,075,000 | Apartment Style | Low-Rise |
| Price Per Unit | $268,750 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.26% | Building Size | 4,552 SF |
| Gross Rent Multiplier | 11.62 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1975/2023 |
| Property Subtype | Apartment | Parking Ratio | 0.44/1,000 SF |
| Zoning | R2.5 - Residential zone that allows a mix of housing types. Allows SFR, duplexes, triplexes, fourplexes, cottage clusters, and ADUs. | ||
| Price | $1,075,000 |
| Price Per Unit | $268,750 |
| Sale Type | Investment |
| Cap Rate | 5.26% |
| Gross Rent Multiplier | 11.62 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.11 AC |
| Building Size | 4,552 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1975/2023 |
| Parking Ratio | 0.44/1,000 SF |
| Zoning | R2.5 - Residential zone that allows a mix of housing types. Allows SFR, duplexes, triplexes, fourplexes, cottage clusters, and ADUs. |
Amenities
- Smoke Detector
Unit Amenities
- Dishwasher
- Fireplace
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Sprinkler System
- Stainless Steel Appliances
- Range
- Tub/Shower
- Carpet
- Yard
- Deck
- Dining Room
- Patio
- Window Coverings
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2.5 | 1 | $2,550 | 1,489 |
| 2+1.5 | 2 | $1,968 | 1,148 - 1,315 |
| Studios | 1 | $1,225 | 600 |
1 1
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (83)
Property Taxes
| Parcel Number | R181857 | Total Assessment | $651,860 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
R181857
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$651,860 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Sullivan's Gulch Four-Plex | 2165 NE Multnomah St
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