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The Broker Network, LLC

info@tbnrealty.com +1(503) 465-5077

Listed by Summa Real Estate Group

$ 450,000

Est. payment | -/mo

2,376 SqFt

Save

$ 450,000

Est. payment | -/mo

Save

2,376 SqFt

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 2,376 sqft

Price per Sqft $189

Subdivision Brooklyn Neighborhood

MLS Listing ID 339184298

HOA Y/N No

Year Built 1949

Annual Tax Amount $7,769

Tax Year 2025

Lot Size 4,791 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]

Location

State OR

County Multnomah

Area _143

Zoning R-5

Rooms

Basement Exterior Entry, Unfinished

Interior

Heating Forced Air

Cooling None

Exterior

Roof Type Composition

Garage No

Building

Lot Description Level

Story 2

Foundation Concrete Perimeter

Sewer Public Sewer

Water Public Water

Level or Stories 2

Schools

Elementary Schools Grout

Middle Schools Hosford

High Schools Cleveland

Others

Acceptable Financing Cash, Rehab

Listing Terms Cash, Rehab

Regional Multiple Listing Service (RMLS)

Nearby Locations

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+1(503) 465-5077

info@tbnrealty.com

320 N Main Ave #213, Gresham, Oregon 97030, USA

3604 SE 7TH AVE Portland, OR 97202