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.
Sold
Zillow last checked:
Listing updated:
Bought with:
Karen Wu, 940600159
Habitat Resource Properties
Source: RMLS (OR),MLS#: 234723779
Price history
| Date | Event | Price |
|---|---|---|
| 2/6/2026 | Sold | $1,075,000$236/sqft |
Source:  RMLS (OR) #234723779 Report a problem | ||
| 12/27/2025 | Pending sale | $1,075,000$236/sqft |
Source: RMLS (OR) #234723779 Report a problem | ||
| 11/20/2025 | Listed for sale | $1,075,000+30.3%$236/sqft |
Source: RMLS (OR) #234723779 Report a problem | ||
| 2/23/2024 | Listing removed | -- |
Source: Zillow Rentals Report a problem | ||
| 2/3/2024 | Price change | $1,895-9.5% |
Source: Zillow Rentals Report a problem | ||
| 1/20/2024 | Price change | $2,095-4.6% |
Source: Zillow Rentals Report a problem | ||
| 1/7/2024 | Price change | $2,195-4.6% |
Source: Zillow Rentals Report a problem | ||
| 12/31/2023 | Listed for rent | $2,300+9.8%$1/sqft |
Source: Zillow Rentals Report a problem | ||
| 7/26/2022 | Listing removed | -- |
Source: Zillow Rental Manager Report a problem | ||
| 7/12/2022 | Price change | $2,095-4.8% |
Source: Zillow Rental Manager Report a problem | ||
| 7/7/2022 | Listed for rent | $2,200+29.8% |
Source: Zillow Rental Manager Report a problem | ||
| 3/2/2021 | Listing removed | -- |
Source: Owner Report a problem | ||
| 9/20/2020 | Listing removed | $1,695 |
Source: Owner Report a problem | ||
| 9/12/2020 | Price change | $1,695-5.6% |
Source: Owner Report a problem | ||
| 8/18/2020 | Price change | $1,795-10% |
Source: Owner Report a problem | ||
| 7/31/2020 | Listed for rent | $1,995 |
Source: Owner Report a problem | ||
| 1/31/2020 | Sold | $825,000-10.8%$181/sqft |
Source: RMLS (OR) #19424357 Report a problem | ||
| 12/31/2019 | Pending sale | $924,450$203/sqft |
Source: Cascade Sothebys International Realty #19424357 Report a problem | ||
| 9/26/2019 | Listed for sale | $924,450$203/sqft |
Source: Cascade Sotheby's International Realty #19424357 Report a problem | ||
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Estimated market value
$1,082,500
