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2165 NE Multnomah St, Portland, OR 97232

Local realty services provided by:CENTURY 21 Agate Realty
2165 NE Multnomah St,Portland, OR 97232
$1,075,000
  • - Beds
  • - Baths
  • 4,552 sq. ft.
  • Multi-family
  • Pending
Listed by: kathy rogers
Office: township properties real estate llc.
MLS#:234723779
Source:PORTLAND

Price summary

  • Price:$1,075,000
  • Price per sq. ft.:$236.16

About this home

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.

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Home facts

  • Year built:1975
  • Listing ID #:234723779
  • Added:71 day(s) ago
  • Updated:January 28, 2026 at 08:18 AM

Rooms and interior

  • Living area:4,552 sq. ft.

Heating and cooling

  • Heating:Baseboard

Structure and exterior

  • Roof:Composition
  • Year built:1975
  • Building area:4,552 sq. ft.
  • Lot area:0.12 Acres

Schools

  • High school:Grant
  • Middle school:Harriet Tubman
  • Elementary school:Irvington

Utilities

  • Water:Public Water
  • Sewer:Public Sewer

Finances and disclosures

  • Price:$1,075,000
  • Price per sq. ft.:$236.16
  • Tax amount:$16,933 (2024)
MLS LogoAll information provided is deemed reliable but is not guaranteed and should be independently verified. The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland Oregon. Real estate listings held by brokerage firms other than CENTURY 21 Agate Realty are marked with the RMLS logo and detailed information about these properties includes the names of the listing brokers. Copyright 2026 RMLS, Portland, Oregon. Last updated: January 28, 2026

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