2165 NE Multnomah St, Portland, OR 97232

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.