3604 Se 7TH Ave, Portland, OR 97202

• 2,376 sqft

Property Description

Value-add opportunity in SE Portland's Brooklyn neighborhood with potential for a 6-bedroom, 4-bath duplex. This vacant property offers flexibility for an investor or house hacker ready to put in the work and create long-term value. One side is largely finished with 3 bedrooms and 2 bathrooms, hardwood floors, an updated kitchen, abundant natural light and original character. Some TLC is still needed, including completion of a currently gutted bathroom. The second unit is laid out for an additional 3 bedrooms and 2 bathrooms but requires significant finishing, creating an opportunity to complete the space and generate additional rental income. Live in one side while completing the other, or finish the project and position both units for rental income. Both units are vacant, allowing a new owner to begin improvements immediately. A large 1,107 sq ft unfinished basement, not included in the stated 2,376 sq ft, provides substantial storage and possible future use, subject to buyer due diligence. With a 92 Bike Score and 79 Walk Score, plus convenient access to the MAX Orange Line, public transit and nearby parks, the location offers connectivity throughout inner SE Portland. Based on a property management company's pro forma, projected annual gross income is approximately $50,000, with approximately $20,000 in projected operating expenses and $30,000 in projected net operating income, reflecting a projected 6.67% cap rate and 9.0 gross rent multiplier. Property is currently vacant with no actual rental income or operating history. Cash or rehab financing only due to current condition. Buyer to verify square footage, permitted uses, renovation requirements, rental projections and future use possibilities. [Home Energy Score = 1. HES Report at https://rpt.greenbuildingregistry.com/hes/OR10252548]

Listing Status:

Active

Date Added:

October 8, 2026

Data Last Updated:

October 20, 2026 at 7:52AM

Listing Office:

Summa Real Estate Group : 503-906-2606

Listing Agent:

Angie Hobson : 503-349-9410

MLS ID:

339184298

Interior

• Basement: Exterior entryUnfinished
• A/C: None
• Heating: Forced air

Exterior

• General: Vinyl siding
• Parking: DrivewayOn streetParking spaces: 2

Construction

• Roofing: Composition
• General: Concrete perimeter

Location

• Road/Access: Paved
• Originating MLS: Regional Multiple Listing ServiceInc.
• County: Multnomah

Lot

• Zoning: R-5RIVERSIDE HMSTD (SUB OF BLK 2 LT 2)BLOCK 2LOT 6R257397

Utilities

• Water: Public water
• Sewer: Public sewer

Financial

• Source: Regional Multiple Listing ServiceInc.