SOLD FEB 6, 2026

Off Market Feb 2026 for $1M

$1,159,112

•

8 ba

•

4,552

sq ft

2165 NE Multnomah St, Portland, OR 97232

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.

Multi-familyProperty Type

1975Year Built

5,227 sq ftLot Size

$255Est. Price/Sq.Ft.

2 spacesParking

Listed by Kathy Rogers • Township Properties Real Estate LLC

Bought with Karen Wu • Habitat Resource Properties

Redfin checked: a few seconds ago

•Source:RMLS #234723779

Redfin Estimate

$1,159,112

$84K since sold in February 2026$112K since August

Recently sold homes
Estimate history
Homes for sale

This home's estimate is 9.1% higher than the average sale price ($1.06M) of 6 comparable homes.

SOLD JUL 24, 2026
$979,000
A
5 beds4 baths2,953 sq ft
1720 NE 25th Ave, Portland, OR 97212
SOLD JUN 3, 2026
$1,025,000
B
6 beds3 baths3,505 sq ft
2220 NE Clackamas St, Portland, OR 97232
SOLD MAY 1, 2026
$1,520,000
C
6 beds4 baths4,411 sq ft
2133 NE 21st Ave, Portland, OR 97212
SOLD JUL 1, 2026
$1,000,000
D
4 beds4 baths3,659 sq ft
1927 NE 24th Ave, Portland, OR 97212
SOLD JAN 12, 2026
$475,000
E
4 beds3 baths2,194 sq ft
2536 NE Hoyt St, Portland, OR 97232
SOLD APR 3, 2026
$1,375,000
F
5 beds5 baths3,890 sq ft
1926 NE 25th Ave, Portland, OR 97212

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Earn from this home

Sell

$238,494

Est. take-home

List your home with Redfin and save $11,591

Market trends in Sullivan's Gulch, OR

Last updated August 2026

Buyer's Market

Seller's Market

Balanced market

Sale-to-List Price

98.1%

0.9% MoM

Median sale price

$420K

$25K MoM

Avg. days on market

23 days MoM

Recently sold homes

2 MoM

New listings for sale

OPEN SAT, 11AM TO 1PM
$279,000
2 beds1 bath1,224 sq ft
1420 NE 21st Ave #18, Portland, OR 97232
Erin Rothrock • Windermere Realty Trust
$499,000
4 beds2 baths2,626 sq ft
4114 NE Glisan St, Portland, OR 97232
Matthew Morris • MORE Realty
$149,900
Studio1 bath456 sq ft
1509 NE 10th Ave #205, Portland, OR 97232
Troy Malone • Pellego, LLC
$1,499,999
5 beds4 baths3,150 sq ft
3533 NE Hassalo St, Portland, OR 97232
Brian Bowman • MORE Realty
3D WALKTHROUGH
$290,000
2 beds2 baths908 sq ft
1807 NE Multnomah St, Portland, OR 97232
Lynn Montang • Knipe Realty ERA Powered
VIDEO TOUR
$848,000
3 beds2 baths2,292 sq ft
2714 NE Everett St, Portland, OR 97232
Rachael White • Keller Williams PDX Central
$825,000
3 beds2 baths2,677 sq ft
2307 NE Everett St, Portland, OR 97232
Austin Ramey • Keller Williams Realty Portland Premiere
$249,000
1 bed1 bath630 sq ft
701 NE 28th Ave #25, Portland, OR 97232
David McGrew • John L. Scott Portland Central
See all

Provided by Redfin

Sale history for 2165 NE Multnomah St

Date

Event

Price

RMLS #234723779

Feb 6, 2026

Sold

$1,075,000

$236/sq ft

Dec 27, 2025

Pending

—

Nov 20, 2025

Listed

$1,075,000

$236/sq ft

RMLS #19424357

Jan 31, 2020

Sold

$825,000

$181/sq ft

Dec 27, 2019

Pending

—

Sep 26, 2019

Listed

$924,450

$203/sq ft

Strategically located triplex within walking distance of public transportation, Lloyd Center, and NE Broadway. Rare 3-bed, 2.5-bath triplex with off-street parking for four cars. Each unit is equipped with washer and dryer hookups. Fantastic owner-occupied unit with upgraded cabinets, microwave, dishwasher, Jacuzzi tub, and glazed windows throughout. Exterior paint could really bring out the modern lines. Good upside in rents.

Public record

Public record
Zoning
Permits

Beds

—

Baths

—

Stories

—

Lot width

—

Lot depth

—

Lot size

—

Year renovated

—

Sq. Ft.

—

Year built

—

Style

Multi-Family (2-4 Unit)

County

Multnomah County

APN

R181857

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Aug 16, 2024.

R2.5

Residential 2,500 zone

The single-dwelling zones are intended to preserve land for housing and to provide housing opportunities for individual households. The zones implement the comprehensive plan policies and designations for single-dwelling housing and provide options for infill housing that is compatible with the scale of the single-dwelling neighborhood.

Permitted uses

Include but are not limited to:

Housing

Property details

Parking

Parking Information
Parking Features: Assigned, Off Street
Parking Total: 2

Interior

Appliances
Hot Water Description: Electricity

Interior Features
Storage: Basement
Basement: Daylight, Finished

Multi Unit Information
# Of Units Total: 4

Unit Information
Unit Type: 1, 2, 3, 4

Unit Type 1 Information
Actual Rent: $1,935
Area: 1,315
Baths Total: 2
Beds Total: 2
Features: Deck, Dishwasher, Fireplace, Washer/Dryer
Units Total: 1

Unit Type 2 Information
Actual Rent: $2,000
Area: 1,148
BathsTotal: 2
Beds Total: 2
Features: Range, Refrigerator, Storage, Washer/Dryer
Units Total: 1

Unit Type 3 Information
Actual Rent: $2,550
Area: 1,489
Baths Total: 3
Beds Total: 3
Features: Deck, Storage, Washer/Dryer, Wood Floors
Units Total: 1

Unit Type 4 Information
Actual Rent: $1,225
Area: 600
Baths Total: 1
Features: Range, Refrigerator, Washer/Dryer
Units Total: 1

Exterior

Exterior Features
Roof: Composition
Exterior Description: Cedar, Stone, T-111 Siding

Lot Information
Lot Size Square Feet: 5,227
Lot Size Range: 5,000 to 6,999 SqFt
Lot Size Dimensions: 50' x 100'
Lot Size Acres: 0.12
Lot Size: 5,000 to 6,999 SqFt
Lot Features: Level
Parcel Number: R181857
Road Surface Type: Paved

Property Information
Property Type: Multi Family
Property Attached YN: No
Property Condition: Updated/Remodeled
View YN: No

Building Information
Year Built: 1975
Building Area Total: 4,552

Financial

Tax Information
Tax Year: 2024
Tax Legal Description: HOLLADAY PK & 1ST ADD, BLOCK 3, LOT 2
Tax Annual Amount: $16,932.94

Rent Information
Rent Includes: Maintenance Grounds, Sewer, Trash Collection, Water

Lease / Rent Information
CAP Rate: 5.26
Gross Rent Multiplier: 11.62

Utilities

Utility Information
Green Certification YN: No
Fuel Description: Electricity
Water Source: Public Water
Sewer: Public Sewer

Heating & Cooling
Heating YN: Yes
Heating: Baseboard
Cooling YN: No

Location

School Information
Elementary School: Irvington
Middle Or Junior School: Harriet Tubman
High School: Grant
High School 2: Jefferson

Location Information
Directions: NE Multnomah St & NE 22nd Ave
Unparsed Address: 2165 NE MULTNOMAH ST, Portland, OR 97232

Community Information
Community Features: All Landscaping
Zoning: R2.5

Public facts

Beds: —
Baths: —
Sq. Ft.: —
Stories: —
Lot Size: —
Style: Multi-Family (2-4 Unit)
Year Built: —
Year Renovated: —
County: Multnomah County
APN: R181857

Home facts updated by county records on Aug 16, 2024

Other

Listing Information
MlsStatus: Sold

Listing Price Information
Price Type: List Price

Around this home

Schools

Irvington Elementary School

Public K-5 • Assigned • 0.7mi

10/10

Harriet Tubman Middle School

Public 6-8 • Assigned • 1.4mi

8/10

Grant High School

Public 9-12 • Assigned • 1.0mi

9/10

Provided by GreatSchools

Lifestyle

Provided by Walk Score and Local Logic

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

1/10 Fire Factor

Unlikely to be in a wildfire in next 30 years

3/10 Heat Factor

7 days above 92° expected this year, 13 days in 30 years

1/10 Wind Factor

Minimal risk of severe winds over next 30 years

10/10 Air Factor

19 unhealthy days expected this year, 21 days in 30 years

Provided by First Street

Historical weather

Portland, OR • 97232

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

In this area, properties receive around 9.7 hours in June and 2 hours in December, placing it below the U.S. average for solar exposure.

9.7 hrs

2 hrs

JuneDecember

Provided by Shadowmap

Estimated sale price

$1.10M – $1.33M

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Home values near 2165 NE Multnomah St

Data from public records.

Address	Redfin Estimate
2127 NE Multnomah Street, Portland, OR 4 Beds \| 3 Baths \| 3667 Sq. Ft.	$643,569
2136 NE Multnomah Street, Portland, OR 3 Beds \| 3 Baths \| 1514 Sq. Ft.	$426,270

Address	Redfin Estimate
2165 NE Multnomah Street Unit 2171, Portland, OR 6 Beds \| 6.5 Baths \| 4214 Sq. Ft.	$1,130,101
2130 NE Multnomah Street, Portland, OR - Beds \| 2.5 Baths \| 1514 Sq. Ft.	$429,937

Address	Redfin Estimate
2142 NE Multnomah Street, Portland, OR 3 Beds \| 3 Baths \| 1514 Sq. Ft.	$406,621
2132 NE Multnomah Street, Portland, OR 2 Beds \| 2.5 Baths \| 1324 Sq. Ft.	$418,093

Property information provided by RMLS when last listed in 2025. This data may not match . Learn more.

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