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About this home
Exceptional investment opportunity just two blocks from OHSU, offering strong and consistent rental demand from medical residents, dental and nursing students, and nearby tech professionals. This well-maintained multi-unit property features extensive updates throughout, including hardwood flooring, quartz countertops, and updated cabinetry in both kitchens and baths. All units are equipped with stainless steel appliances, including dishwashers and modern stainless exhaust hoods, along with high-efficiency washers and dryers for added tenant convenience.The property offers desirable parking with space for two vehicles per unit, a rare feature for the area. Two units feature fireplaces, while the building’s layout provides a quiet and private setting with two units facing north and two units oriented southwest for optimal light and livability. Additional upgrades include newer double-pane windows, a newer hot water heater, and a roof replaced approximately two years ago, helping to minimize future capital expenditures.Cadet electric wall heaters provide efficient heating, and the property’s proximity to OHSU ensures strong occupancy potential with long-term tenants. Located in a highly sought-after area with excellent access to transit, downtown Portland, and major employment centers, this property presents a turnkey, income-producing opportunity with long-term upside.
Multi-familyProperty Type
1953Year Built
5,227 sq ftLot Size
$292Price/Sq.Ft.
Listed by Mitchell Peterson• Better Homes & Gardens Realty
Homestead, located between the Willamette River and Terwilliger Boulevard, is a residential and hillside Portland neighborhood with river-view slopes and wooded ravines. The neighborhood’s character concentrates around the South Waterfront Greenway and the Portland Aerial Tram landing, where bike paths, riverwalk promenades, and café patios set a steady, urban-outdoors rhythm. Contemporary mid-rises and newer condos line the flats, while winding streets climb into quieter pockets above. The South Waterfront Park blocks read as a linear front porch along the river. Oregon Health & Science University and the Center for Health & Healing anchor daily motion and a campus-like feel. Trails and viewpoints along Marquam Nature Park stitch the terrain together.
Provided by Walk Score and Local Logic
Offer insights
3204 SW 10th Ave · $1,200,000
$1.19M and above
75% chance or better to win
Why $1.19M+ is a strong offer
DAYS ON MARKET
91 days
The average home goes pending in 31 days.
SALE-TO-LIST
98.9%
Most homes are selling 1% below list price.
About offer insights
Property details
Interior
Exterior
Finance
Kitchen
Bathroom
Bedroom
Living
Interior features
Full basement
Updated/remodeled
City and trees/woods views
Bedrooms
Four units total: two 2-bedroom units and two 1-bedroom units
Bathrooms
Two 2-bedroom units have 2 bathrooms each
Two 1-bedroom units have 1 bathroom each
Kitchen
Each unit includes a dishwasher and refrigerator
Laundry & utility
Each unit includes a washer and dryer
Electric hot water
Flooring
Hardwood floors in each unit
Heating & cooling
Baseboard heating
No central cooling
Exterior features
Wood siding
Gentle sloping, private lot with seasonal characteristics and trees
City and trees/woods views
Road access is gravel and paved
Home design
Multi-family property
Not attached
Parking
Driveway and on-street parking
Construction
Built in 1953
Membrane roof
Slab foundation
Utilities
Public water
Public sewer
Electric service
HOA & community
Zoned CS
Financial info
Four rental units with current rents: $2,200; $2,170; $2,062; $1,897
Gross Rent Multiplier: 12.01
Cap rate: 6.5
Rent includes water, sewer and trash collection
Other
Parcel number: R247306
Electricity and solar
View estimated energy costs and solar savings for this home
Extensively renovated four-plex (3204-3206 SW 10th Ave) & adjacent 19 space parking garage (3212 SW 10th Ave) located just 1 block from OHSU. This turn-key investment opportunity provides an owner the stability to ride the long term growth of OHSU. The apartments have recently under-gone extensive renovations and have a strong built in tenant base. The current parking rate for this investment is $180/mo per space.
As the MLS and public records start to fill up, we'll list the details here.
Public record
Public record
Zoning
Permits
Beds
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Baths
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Stories
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Lot width
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Lot depth
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Lot size
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Year renovated
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Finished Sq. Ft.
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Unfinished Sq. Ft.
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Total Sq. Ft.
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Year built
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Style
Multi-Family (2-4 Unit)
County
Multnomah County
APN
R247306
Parking Spaces
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Basement
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Accessible
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HOA Dues
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Garage
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Features
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Last updated by owner on Aug 15, 2024.
CM2
Commercial/Mixed Use 2
The Commercial/Mixed Use 2 (CM2) zone is a medium scale zone intended for sites in a variety of centers, along corridors, and in other mixed use areas that have frequent transit service. The zone allows a wide range and mix of commercial and residential uses, as well as employment uses that have limited off-site impacts. Buildings in this zone will generally be up to four stories tall unless height and floor area bonuses are used, or plan district provisions specify other height limits. Development is intended to be pedestrian-oriented, provide a strong relationship between buildings and sidewalks, and complement the scale of surrounding residentially zoned areas.
Permitted uses
Include but are not limited to:
Religious facility
Automotive repair garage
Day care facility
General retail
Hospital / medical center
Housing
Office
Educational / school
Recreation-Other
Park & open space
Mar 24, 2017 • Final
Electrical
Electrical
Remodel
Mar 7, 2017 • Final
Plumbing
Plumbing
Remodel
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.
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
2/10 Heat Factor
7 days above 91° 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, 20 days in 30 years
Provided by First Street
Historical weather
Portland, OR • 97239
Average low and high temperatures (°F)
47
37
49
38
56
43
64
45
70
50
77
54
83
59
82
61
75
58
61
49
52
44
50
42
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
72/ 100
Good sunlight
Sunscore
There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
9.7 hrs
4.3 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 3204 SW 10th Ave
We cannot show automated home-value estimates for this home.
Nearby homes have recently sold between $849,000 and $1,250,000.
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $849K to $1.3M.