Exceptional value-add triplex in the Brooklyn neighborhood of Southeast Portland. This well-located property offers three spacious units on a large lot, presenting a rare opportunity for investors to unlock significant upside. New 45 year roof, new gutters. Current rents are substantially below market, providing strong long-term income growth potential. Each unit has generous layouts, and the property is very close to Downtown Portland, Division Street, Sellwood, and major transit corridors. Each unit has wood burning fireplace. Two units have views of the Willamette River and Downtown PDX. Large deck off 3-bdrm, and large shared yard. 6 parking spaces and 1-car garage. Do not disturb tenants.
Brooklyn, located between the Central Eastside Industrial District and Sellwood-Moreland, is a residential and industrial Portland neighborhood with a rail-lined edge and a pocket-park grid. The neighborhood’s character concentrates around SE Milwaukie Avenue near Brooklyn Park, where corner cafes, small studios, and bike traffic set a steady street rhythm. Community pillars include Aladdin Theater’s marquee nights, the People’s Food Co-op’s bulletin-board culture, and the Brooklyn Farmers Market’s seasonal bustle. Early-20th-century bungalows and cottages mix with brick warehouses and light-industrial blocks. The Springwater Corridor and nearby riverfront paths shape daily routes on foot and by bike. I-5 and the Union Pacific tracks form a hard boundary, while leafy side streets keep the pace calm.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Kitchen
Bathroom
Bedroom
Living
Interior features
Attached storage
Deck
Fireplace
Washer and dryer in units
Bedrooms
One 3-bedroom unit
Two 2-bedroom units
Bathrooms
One unit with 2 bathrooms
Two units with 1 bathroom each
Kitchen
Refrigerator included in at least one unit
Laundry & utility
Washer and dryer included in units
Flooring
Hardwood floors in at least one unit
Heating & cooling
Baseboard heating
No central cooling
Exterior features
Wood siding
Corner lot
City and river views
Home design
Multi-family property
Not attached to another property
Existing condition
Parking
Combination of garage and off-street parking
Total of 7 parking spaces
1 covered garage space
Construction
Built in 1980
Slab foundation
Utilities
Electricity for fuel
Public water
Public sewer
HOA & community
Zoned R5
Financial info
Three units total
Unit rents: $1,575; $1,240; $1,115
Gross rent multiplier 16.43
Cap rate 3.65
Rent includes water, sewer, and trash collection
Other
Property area approximately 2,937 total building area
Electricity and solar
View estimated energy costs and solar savings for this home
As the MLS and public records start to fill up, we'll list the details here.
Public record
Public record
Zoning
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
R212122
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 May 16, 2026.
R5
Residential 5,000 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-Single unit
Housing-Multiple units
Housing-Senior
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, 14 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 • 97202
Average low and high temperatures (°F)
48
37
50
39
58
44
66
45
72
50
78
55
84
59
85
62
78
57
63
47
53
44
51
42
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
86/ 100
Very good sunlight
Sunscore
This home ranks in the top 30% for direct sun exposure in Portland. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
10.1 hrs
5 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 3371 SE 7th Ave
We cannot show automated home-value estimates for this home.
Nearby homes have recently sold between $660,000 and $838,000.
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $660K to $838K.