$1,075,000

2165 Ne MULTNOMAH St, Portland, OR 97232

4,552 sqft

Multi-Family Home
Built in 1975
5,227sqft lot
—— car garage
$236/sqft
Listed 28 days ago

Property Description

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 Status:: Active
Date Added:: November 20, 2025 at 06:00AM
Listing Office:: Township Properties Real Estate LLC : 503-704-9173
Listing Agent:: Kathy Rogers : 503-704-9173
MLS ID:: 234723779

Basement: DaylightFinished
Heating: Baseboard

General: CedarStoneT 111 siding
Parking: AssignedOff streetParking spaces: 2

Roofing: Composition

Road/Access: Paved
Golf: All landscaping
Originating MLS: Regional Multiple Listing ServiceInc.
County: Multnomah

Zoning: R2.5HOLLADAY PK & 1ST ADDBLOCK 3LOT 2R181857

Water: Public water
Sewer: Public sewer

Source: Regional Multiple Listing ServiceInc.

This listing courtesy of Kathy Rogers, Township Properties Real Estate LLC

Monthly Payment

$Est. Payment

Principal & Interest $
Property Taxes $
Home Insurance $
VA Funding Fee $

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Location

Schools Nearby

Irvington Elementary School

1320 NE Brazee St, Portland, OR, 97212

Grades KG-5

0.72 miles away

Da Vinci Middle School

2508 NE Everett St, Portland, OR, 97232

Grades 6-8

0.51 miles away

Grant High School

2245 NE 36th Ave, Portland, OR, 97212

Grades 9-12

0.95 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.