2422 NE Glisan St 4 Unit Apartment Building $1,395,000 ($348,750/Unit) 5.51% Cap Rate Portland, OR 97232

The Glisan 4-plex is a turnkey renovated vintage apartment located in one of Portland’s most prestigious and high-demand neighborhoods. Originally built in 1913 and recently fully renovated, the subject 4-plex features a versatile unit mix consisting of a 2-bed/2 bath (±1,100 SF) unit on the main level, a studio (±400 SF) on the back of the main level, a 3-bed/2 bath (±1,087 SF) unit on the second floor, and a 2-bed/1 bath (±1,030 SF) unit on the lower level. A fifth “bonus” suite has an extra ±350 SF studio with a kitchenette and bath and is accessible by the main level 2-bed unit to make it a 3-bed/2 bath unit.
All of the units have been meticulously remodeled, nearly down to the studs, and now feature condo-quality finishes, including upgraded systems, new flooring, and designer kitchens and bathrooms. Kitchens boast modern cabinetry, stainless steel appliances, and quartz counters, while bathrooms feature custom tile work. Additional work included fire sprinklers throughout, upgraded electrical, a seismically retrofitted foundation, and installing a new upsized water meter.
This asset represents a rare intersection of Portland’s storied architectural past and its high-performance future. By acquiring this meticulously reimagined fourplex, investors secure a piece of the city’s heritage without the typical burden of historic maintenance. It is the definitive "turnkey" play: a century-old soul fortified by a comprehensive modern renovation. This top-to-bottom refresh allows owners to bypass the structural pitfalls of vintage inventory, moving straight to immediate occupancy and premium rental yields.
Positioned at the vibrant neighborhood intersection of Kerns and Laurelhurst, 2422 NE Glisan St offers a location that is truly the gold standard for Portland urban living. This address is a Walker’s Paradise (96) and a Biker’s Paradise (100), meaning daily errands, boutique shopping, and world-class dining require nothing more than a pair of shoes or a set of wheels. Residents enjoy the best of both worlds: the high-energy, #1 ranked "Coolest Neighborhood in America" status of Kerns—home to the legendary Restaurant Row on 28th Avenue—and the refined, historic tranquility of Laurelhurst, including its iconic 26-acre park. With effortless access to the Central Eastside and Downtown, this location doesn't just offer a place to live; it offers a front-row seat to the very best of Portland’s culinary and cultural landscape.