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Listed by Keller Williams Sunset Corridor • 971-235-9561
$ 1,400,000
Est. payment | /mo
6,178 SqFt
$ 1,400,000
Est. payment | /mo
6,178 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,178 sqft
Price per Sqft $226
Subdivision Buckman/Hawthorne
MLS Listing ID 309652379
Year Built 1904
Annual Tax Amount $9,275
Tax Year 2024
Lot Size 10,018 Sqft
Property Description
This seven-unit multifamily property is located at the corner of SE 22nd and Madison in Portland's highly desirable Buckman neighborhood. Built in 1904, this classic eastside building offers spacious one-bedroom units, each approximately 600 square feet, featuring hardwood floors, gas ranges, and abundant natural light.The property includes on-site laundry, a full basement with storage, and off-street parking—rare amenities in this walkable, bike-friendly area. Positioned on a prominent 10,000+ SF corner lot, the building benefits from excellent visibility and proximity to SE Hawthorne and Belmont's retail corridors, drawing strong, stable tenant demand.Current rents range from $1,225 to $1,795/month, with a projected gross income of $145,236 and a cap rate of 5.67%. Residents enjoy easy access to transit, local parks, and a vibrant food and beverage scene, all within one of Portland's top-performing rental submarkets.With strong in-place income, upside in rents, and an irreplaceable location in one of Portland's most beloved neighborhoods, this property presents a compelling opportunity for local investors seeking long-term value and reliable cash flow.
Location
State OR
County Multnomah
Community Laundry
Area _143
Zoning R2.5
Rooms
Basement Full Basement
Interior
Heating Wall Heater
Exterior
Garage Spaces 1.0
Community Features Laundry
Roof Type Other
Garage No
Building
Lot Description Corner Lot
Story 2
Sewer Public Sewer
Water Public Water
Level or Stories 2
Schools
Middle Schools Sunnyside Env
High Schools Franklin
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Friederike Svensson
CHIEF GROWTH OFFICER | REALTOR®