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About the Listing TNPR01 - KAROGERS
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. Please do not disturb tenants.
Listing Highlights
Status
Pending
Days on Site
56
Property Type
Multi-Family
MLS ®
234723779
Year Built
1975
Total Square Footage
4,552
Lot/Acreage
0.12
County
Multnomah
Neighborhood
Sullivan's Gulch
Elementary School
Irvington
Middle School
Harriet Tubman
High School
Grant
Interior Details
- Bedrooms: 7
- Bathrooms: 8 Full
- Appliances:
- Air Cond:
- Heating: Baseboard
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement: Daylight,Finished
- Other:
- Water: Public Water
Exterior Details
- Lot Description: Level
- Garage Capacity: N/A
- Parking Spaces: 2
- Lot Dimensions: 50' x 100'
- Zoning: R2.5
- Roof: Composition
- Others: Updated/Remodeled
- Sewer: Public Sewer
- Parking Features: Assigned,Off Street
Financial Details
- Tax Amount: $16,933
- Taxes w/Assessments: N/A
- Tax/Property ID: R181857
- Tax Year: N/A
Payment Calculator
Monthly Payment
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Questions About..
2165 NE Multnomah St Portland, OR 97232
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