Charming duplex in the heart of the Reed College Neighborhood with a nearly 6% cap rate and room for improvement. Upstairs unit is 4 bedrooms/2 bath with a brand new deck, hardwood floors, gas fireplace & extensive recent improvements including new appliances. Lower unit is 2 bedroom/2 bath and remodeled in 2011. Both units have laundry. All siding was just replaced & painted. Great rents and extremely low vacancy rates. Please do not disturb tenants and make offers subject to interior inspection. Operating expenses do not include property management fee.
Active
Price cut: $20K (6/19)
$675,000
4737 SE 28th Ave, Portland, OR 97202
6beds
2,700sqft
Multi Family
Built in 1944
-- sqft lot
$-- Zestimate®
$250/sqft
$-- HOA
What's special
Gas fireplaceBrand new deckHardwood floors
- 304 days |
- 632 |
- 32 |
Zillow last checked:
Listing updated:
Listed by:
Sara Lewis saralewis@windermere.com,
Windermere Realty Trust
Source: RMLS (OR),MLS#: 385340385
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Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 6
- Bathrooms: 3
- Full bathrooms: 3
Heating
- Forced Air
Appliances
- Included: Range, Dishwasher, Refrigerator, Gas Water Heater
- Laundry: Washer Dryer Hookup
Features
- Flooring: Hardwood
- Basement: Daylight,Finished,Full
Interior area
- Total structure area: 2,700
- Total interior livable area: 2,700 sqft
Property
Parking
- Parking features: Off Site
Features
- Stories: 3
- Patio & porch: Deck
Lot
- Size: 5,662 Square Feet
- Features: Level, On Busline, Sloped, SqFt 5000 to 6999
Details
- Parcel number: R591049
- Zoning: R2.5
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Brick, Lap Siding
- Foundation: Slab
- Roof: Composition
Condition
- Updated/Remodeled
- Year built: 1944
Utilities & green energy
- Gas: Gas
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Cable Connected
Community & HOA
Community
- Subdivision: Reed
Location
- Region: Portland
Financial & listing details
- Price per square foot: $250/sqft
- Tax assessed value: $583,420
- Annual tax amount: $7,783
- Date on market: 9/3/2025
- Listing terms: Cash,Conventional
- Total actual rent: 4380
- Road surface type: Paved
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
| Date | Event | Price |
|---|---|---|
| 6/19/2026 | Price change | $675,000-2.9%$250/sqft |
Source:  RMLS (OR) #385340385 Report a problem | ||
| 5/3/2026 | Price change | $695,000-0.7%$257/sqft |
Source: RMLS (OR) #385340385 Report a problem | ||
| 2/20/2026 | Price change | $700,000-3.4%$259/sqft |
Source: RMLS (OR) #385340385 Report a problem | ||
| 1/26/2026 | Price change | $725,000-3.3%$269/sqft |
Source: RMLS (OR) #385340385 Report a problem | ||
| 9/30/2025 | Price change | $750,000-6.3%$278/sqft |
Source: RMLS (OR) #385340385 Report a problem | ||
| 9/4/2025 | Listed for sale | $800,000+129.9%$296/sqft |
Source: RMLS (OR) #385340385 Report a problem | ||
| 6/15/2012 | Sold | $348,000+145.1%$129/sqft |
Source: RMLS (OR) #12388825 Report a problem | ||
| 10/25/2011 | Sold | $142,000-25.2%$53/sqft |
Source: Public Record Report a problem | ||
| 12/27/2010 | Sold | $189,900-44.7%$70/sqft |
Source: Public Record Report a problem | ||
| 12/8/2006 | Sold | $343,500-11.9%$127/sqft |
Source: Public Record Report a problem | ||
| 11/2/2004 | Sold | $390,000$144/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $7,784 +3.7% | $288,870 +3% |
| 2024 | $7,504 +4% | $280,460 +3% |
| 2023 | $7,216 +2.2% | $272,300 +3% |
| 2022 | $7,059 +1.7% | $264,370 +3% |
| 2021 | $6,940 +9% | $256,670 +3% |
| 2020 | $6,366 +3.8% | $249,200 +3% |
| 2019 | $6,132 | $241,950 +3% |
| 2018 | $6,132 +3% | $234,910 +3% |
| 2017 | $5,952 +14% | $228,070 +3% |
| 2016 | $5,221 | $221,430 +3% |
| 2015 | $5,221 +2.7% | $214,990 +3% |
| 2014 | $5,084 +34.9% | $208,730 +33.6% |
| 2013 | $3,769 +12.6% | $156,180 +3% |
| 2012 | $3,349 +2% | $151,640 +3% |
| 2011 | $3,282 +5.4% | $147,230 +3% |
| 2010 | $3,114 +2.7% | $142,950 +3% |
| 2009 | $3,032 +6% | $138,790 +3% |
| 2008 | $2,861 +0.3% | $134,750 +3% |
| 2007 | $2,853 -15.7% | $130,830 -22.1% |
| 2006 | $3,386 +4.7% | $167,870 +3% |
| 2005 | $3,234 +27.8% | $162,990 +43.4% |
| 2004 | $2,530 +2.3% | $113,650 +3% |
| 2003 | $2,474 +8.9% | $110,340 +3% |
| 2002 | $2,272 +7.4% | $107,130 +6.1% |
| 2000 | $2,116 +7.6% | $100,990 +3% |
| 1999 | $1,967 | $98,050 |
Find assessor info on the county website
Monthly payment
Est. payment$--/mo
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
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Climate risks
Neighborhood: Reed
Nearby schools
GreatSchools rating
- 9/10Grout Elementary SchoolGrades: K-5Distance: 0.3 mi
- 8/10Hosford Middle SchoolGrades: 6-8Distance: 1.2 mi
- 7/10Cleveland High SchoolGrades: 9-12Distance: 0.7 mi
Schools provided by the listing agent
- Elementary: Grout
- Middle: Hosford
- High: Cleveland
Source: RMLS (OR). This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
A local agent can set up tours, give advice and negotiate with sellers.
- Oregon
- Multnomah County
- Portland
- 97202
- Reed
- 4737 SE 28th Ave
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