$599,900

501 Se 157TH Ave, Portland, OR 97233

3,503 sqft

Multi-Family Home
Built in 1947
0.48acre lot
2 car garage
$171/sqft
Listed 4 days ago

Property Description

Fantastic tri-plex opportunity with exceptional flexibility and income potential! Situated in the Centennial neighborhood on a rare, dividable 0.48-acre lot zoned RM1, this property offers a unique blend of current cash flow and future development possibilities. Each of the three units features 2 bedrooms and 1 bathroom, with updates completed to varying degrees. Units are equipped with central air conditioning, in-unit washers and dryers, electric or gas ranges, and free-standing refrigerators for tenant convenience. Unit 505 showcases wood flooring, black appliances, a cozy fireplace with brick surround, and a stackable washer and dryer. Unit 511 offers distinctive Spanish tile in the kitchen, stainless steel appliances, gas cooking, a carpeted living room with a woodstove, a full-size washer and dryer, and a relaxing soaking tub. Unit 513, located on the lower level, features laminate wood flooring, white appliances, a built-in microwave, and a soaking tub. Residents enjoy access to shared outdoor spaces complete with a covered back patio, raised garden beds, and an inviting outdoor fireplace. The expansive, level backyard provides ample room for gardening, recreation, or future expansion. Additional highlights include two rentable garages for added income and driveway parking for at least six vehicles. Whether you're looking to subdivide and build, maintain as an income-producing property, or create a multi-generational living compound, this property offers endless possibilities in a prime location.

Listing Status:: Active
Date Added:: April 1, 2026
Data Last Updated:: April 5, 2026 at 5:41PM
Listing Office:: Windermere Realty Trust : 503-284-7755
Listing Agent:: Jeff Capen : 503-888-5191
MLS ID:: 785509330

A/C: Central air
Heating: Forced air

General: Brick
Parking: GarageOpenParking spaces: 6

Roofing: Composition

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

Zoning: RM1RITLOW ACBLOCK BW 140' OF E 165' LOT 2 EXC N 70' & EXC S 382'R255684

Water: Public water
Sewer: Public sewer

Source: Regional Multiple Listing ServiceInc.

This listing courtesy of Jeff Capen , Windermere Realty Trust

Monthly Payment

$Est. Payment

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

Ready to Start a VA Loan?

Get Started

NMLS #1907 ^†

Get Prequalified »

Interest rates used in the VA mortgage calculator are shown for illustrative purposes only. Your rate may differ based on a variety of factors, including your credit score and the current market conditions. To get your personalized interest rate, start your quote online.

Location

Schools Nearby

Parklane Elementary School

15811 SE Main St, Portland, OR, 97233

Grades KG-5

0.26 miles away

Oliver Middle School

15840 SE Taylor St, Portland, OR, 97233

Grades 6-8

0.25 miles away

Centennial High School

3505 SE 182nd Ave, Gresham, OR, 97030

Grades 9-12

1.94 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.