REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by Summa Real Estate Group
$ 500,000
Est. payment /mo
New
3604 SE 7TH AVE Portland, OR 97202
2,376 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,376 sqft
Price per Sqft $210
Subdivision Brooklyn Neighborhood
MLS Listing ID 339184298
HOA Y/N No
Year Built 1949
Annual Tax Amount $7,769
Tax Year 2025
Lot Size 4,791 Sqft
Property Description
Value-add opportunity in SE Portland's Brooklyn neighborhood with potential for a 6-bedroom, 4-bath duplex. This vacant property offers flexibility for an investor or house hacker ready to put in the work and create long-term value. One side is largely finished with 3 bedrooms and 2 bathrooms, hardwood floors, an updated kitchen, abundant natural light and original character. Some TLC is still needed, including completion of a currently gutted bathroom. The second unit is laid out for an additional 3 bedrooms and 2 bathrooms but requires significant finishing, creating an opportunity to complete the space and generate additional rental income. Live in one side while completing the other, or finish the project and position both units for rental income. Both units are vacant, allowing a new owner to begin improvements immediately. A large 1,107 sq ft unfinished basement, not included in the stated 2,376 sq ft, provides substantial storage and possible future use, subject to buyer due diligence. With a 92 Bike Score and 79 Walk Score, plus convenient access to the MAX Orange Line, public transit and nearby parks, the location offers connectivity throughout inner SE Portland. Based on a property management company's pro forma, projected annual gross income is approximately $50,000, with approximately $20,000 in projected operating expenses and $30,000 in projected net operating income, reflecting a projected 6.67% cap rate and 9.0 gross rent multiplier. Property is currently vacant with no actual rental income or operating history. Cash or rehab financing only due to current condition. Buyer to verify square footage, permitted uses, renovation requirements, rental projections and future use possibilities. [Home Energy Score = 1. HES Report at https://rpt.greenbuildingregistry.com/hes/OR10252548]
Location
State OR
County Multnomah
Area _143
Zoning R-5
Rooms
Basement Exterior Entry, Unfinished
Interior
Heating Forced Air
Cooling None
Exterior
Roof Type Composition
Garage No
Building
Lot Description Level
Story 2
Foundation Concrete Perimeter
Sewer Public Sewer
Water Public Water
Level or Stories 2
Schools
Elementary Schools Grout
Middle Schools Hosford
High Schools Cleveland
Others
Acceptable Financing Cash, Rehab
Listing Terms Cash, Rehab
