Discover a prime investment opportunity in Southeast Portland with this well-maintained 7-unit multifamily property located in the vibrant Lents neighborhood. Originally built in 1973, this property offers a balanced unit mix of three 2-bedroom apartments and four 1-bedroom apartments, appealing to a wide range of renters. Positioned conveniently along a major bus line, residents enjoy easy access to public transportation, local shops, dining, and neighborhood amenities, making it a desirable and accessible location. This asset offers investors solid financial performance, featuring a cap rate of 5.44 and an NOI of $9,137 per door. Priced competitively at $1,175,000, it presents an excellent balance of stable cash flow and long-term appreciation potential within one of Portland’s continually improving submarkets.
Multi-familyProperty Type
1975Year Built
8,712 sq ftLot Size
$225Price/Sq.Ft.
10 spacesParking
Listed by Doug Landers• John L. Scott Portland Central
Listed by Maddie Landers• John L. Scott Portland Central
Lents, located between Mt. Scott and Powellhurst-Gilbert, is a residential and commercial Portland neighborhood with a gridded street plan and a broad greenway spine. The neighborhood’s character concentrates around SE 92nd Avenue and Foster Road, where taquerias, produce markets, barbershops, and small storefronts keep the sidewalks active. Early-20th-century bungalows and mid-century ranches mix with newer infill along wider arterials. Lents Park sets the outdoor rhythm with sports fields, tree-lined paths, and community events. Zenger Farm anchors local food culture with classes and a working urban farm. The Portland Mercado adds a lively cluster of food carts and makers under one roof.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Crawl space basement
Dishwasher
Disposal
Range
Refrigerator
Bedrooms
Seven rental units: one 2-bed/2-bath (925 sf), one 2-bed/2-bath (900 sf), one 2-bed/2-bath (900 sf), one 1-bed/1-bath (700 sf), one 1-bed/1-bath (700 sf), one 1-bed/1-bath (600 sf), one 1-bed/1-bath (500 sf)
Bathrooms
Three units with 2 bathrooms, four units with 1 bathroom
Kitchen
Each unit equipped with a range and refrigerator
Most units include dishwasher and disposal
Laundry & utility
On-site laundry available (community feature)
Heating & cooling
Baseboard heating
Wall cooling units
Exterior features
Level lot
On bus line
Paved public road access
Maintenance and trash service included in rent
Home design
Multi-family property
Not attached to another property
Built in 1975
Parking
Assigned off-street parking
Total of 10 parking spaces
Construction
Composition roof
Brick, cement siding, and lap siding exterior
Concrete perimeter foundation
Building total area approximately 5,225
Utilities
Electric water heating
Electric fuel
Public water service
Public sewer
Cable internet available
HOA & community
Zoned CM3
On-site laundry
Financial info
Seven total units
Unit rents listed per unit: $1,350; $1,360; $1,350; $1,224; $1,085; $1,149; $1,099
Cap rate 5.44
Gross rent multiplier 10.79
Other
Property marketed as list price
Active MLS status
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
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 (5+ Unit)
County
Multnomah County
APN
R159034
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 Feb 13, 2026.
CM3
D
Commercial/Mixed Use 3 Zone
The Commercial/Mixed Use 3 (CM3) zone is a large-scale zone intended for sites in high-capacity transit station areas, in town centers, along streetcar alignments, along civic corridors, and in locations close to the Central City. It is intended to be an intensely urban zone and is not appropriate for sites where adjacent properties have single-dwelling residential zoning. 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 six 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, with buildings that contribute to an urban environment with a strong street edge of buildings. The scale of development is intended to be larger than what is allowed in lower intensity commercial/mixed use and residential zones. The Design overlay zone is applied to this zone.
Zone overlays
Design Overlay Zone
Permitted uses
Include but are not limited to:
Religious facility
Automotive repair garage
Day care facility
General retail
Hospital / medical center
Housing
Housing-Group
Office
Educational / school
Park & open space
Sep 17, 2024 • Final
Electrical
Electrical
Sep 16, 2014 • Final
Fire systems
Fire sprinkler
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
3/10 Heat Factor
7 days above 92° expected this year, 15 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 • 97266
Average low and high temperatures (°F)
48
36
50
37
58
43
66
45
71
49
78
53
84
58
84
60
77
56
63
47
53
44
51
42
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
64/ 100
Moderate sunlight
Sunscore
There appears to be some shading by surrounding buildings, terrain, and vegetation.
8.2 hrs
3.1 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 8451 SE Foster Rd
There isn’t enough information to generate an accurate estimate at this time. Learn More