LOCATION, LOCATION, LOCATION! Next to OHSU on a quiet, dead end street with private parking. This is the perfect investment property with a projected cap rate of 6.2! Two buildings on one tax lot with 5 rentable apartments, all currently vacant so you can select your tenants and set rents at market prices. Charming main house can be converted to single-family, if so desired. Zoned RM2.
Multi-familyProperty Type
1937Year Built
$191Price/Sq.Ft.
3 spacesParking
Listed by Sanam Dowlatdad• Where Real Estate Collaborative
Two separate homes on one lot, with a total of 5 separate rentable units; one of the units is non-conforming. Only a few minute's walk to OHSU, 1 block from bus #8, and next to Marquam Hill Trail head. Medical professional clientele with 0% vacancy factor, wait list, & minimal upkeep. Mechanical upgrades throughout. Outstanding income property with some leases paid far in advance, on a quiet dead-end street. Excellent opportunity!
Public Records
Aug 29, 1995
Sold
$147,000
$35/sq ft
Year
Property tax
Land + Additions
Assessment*
2025
$9,362 (+3.7%)
2024
$9,026 (+4.0%)
2023
$8,679 (+2.2%)
2022
$8,491 (+1.7%)
2021
$8,347 (+9.0%)
2020
$7,657 (+3.8%)
2019
$7,375 (+3.0%)
2018
$7,159 (+4.3%)
2017
$6,861 (+9.3%)
2016
$6,278 (+2.7%)
2015
$6,113 (+1.5%)
2014
$6,021 (+2.4%)
2013
$5,882 (+10.5%)
2012
$5,321 (+3.9%)
2011
$5,120 (+5.5%)
2010
$4,852 (+2.7%)
2009
$4,723
Tax history for 1104 SW Gaines St
Year
Property tax
Land + Additions
Assessment*
2025
$9,362 (+3.7%)
2024
$9,026 (+4.0%)
2023
$8,679 (+2.2%)
2022
$8,491 (+1.7%)
2021
$8,347 (+9.0%)
2020
$7,657 (+3.8%)
2019
$7,375 (+3.0%)
2018
$7,159 (+4.3%)
2017
$6,861 (+9.3%)
2016
$6,278 (+2.7%)
2015
$6,113 (+1.5%)
2014
$6,021 (+2.4%)
2013
$5,882 (+10.5%)
2012
$5,321 (+3.9%)
2011
$5,120 (+5.5%)
2010
$4,852 (+2.7%)
2009
$4,723
*Taxable value of land and structures on it ("additions") is determined regularly by local assessors and does not affect market price.
Public record
Public record
Zoning
Permits
Beds
2
Baths
2
Stories
2
Lot width
—
Lot depth
—
Lot size
4,000 Sq. Ft.
Year renovated
1937
Sq. Ft.
2,566
Year built
1937
Style
Other
County
Multnomah County
APN
R247142
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jul 15, 2026.
RM2
Residential Multi-Dwelling 2 zone
The RM2 zone is a medium-scale multi-dwelling zone that is generally applied in and around a variety of centers and corridors that are well-served by transit. Allowed housing is characterized by buildings of up to three or four stories with a higher percentage of building coverage than in the RM1 zone, while still providing opportunities for landscaping and outdoor spaces that integrate with residential neighborhood characteristics. The major types of new housing development will be a diverse range of multi-dwelling structures and other compact housing that contribute to the intended urban scale of centers and corridors, while providing transitions in scale and characteristics to lower-scale residential neighborhoods.
Permitted uses
Include but are not limited to:
Housing
Housing-Group
Housing-Single unit
Housing-Multiple units
Housing-Senior
Jun 2, 2016 • Final
Residential bldg/trade
Remodel
Apr 9, 2014 • Final
Bes - sewer repair
Replace an existing utility line in the right of way according to city standards.
Plumbing
Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.
Property details
Parking
Parking Information
Parking Features: Assigned
Parking Total: 3
Interior
Virtual Tour Information
Has Virtual Tour Unbranded: Yes
Appliances
Hot Water Description: Electricity, Tank
Interior Features
Storage: Basement
Basement: Exterior Entry, Separate Living Quarters/Apartment/Aux Living Unit
Exterior
Exterior Features
Roof: Composition
Exterior Description: Wood Siding
Lot Information
Lot Size Range: 3,000 to 4,999 SqFt
Lot Size: 3,000 to 4,999 SqFt
Lot Features: Secluded
Parcel Number: R247142
Road Surface Type: Gravel, Paved
Property Information
Property Type: Multi Family
Property Attached YN: No
Property Condition: Existing
View YN: No
Building Information
Year Built: 1937
Building Area Total: 4,196
Financial
Tax Information
Tax Year: 2021
Tax Legal Description: PORTLAND CITY HMSTD, BLOCK 36, E 90' OF LOT 4