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$1,075,000 Sale Pending

  • For Sale
  • Pending
  • Multi-Family
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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.

Full Property Details for 2165 NE Multnomah St

General

  • Price: $1,075,000
  • Taxes: $16,932 (2024)
  • Status: Pending
  • Type: Multi-Family
  • Source: RWMLS
  • MLS ID: 234723779
  • Updated: 12/27/2025
  • Added to Site: 58 day(s) ago

Rental Information

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

Parking

  • Total Spaces: 2
  • Parking Features: Assigned, Off Street

Location

  • County: Multnomah
  • Subdivision: SULLIVAN'S GULCH
  • Driving Directions: NE Multnomah St & NE 22nd Ave

School Information

  • High School District: Jefferson
  • Elementary School: Irvington
  • Middle School: Harriet Tubman
  • High School: Grant

Community

  • Community Name: 142 - Portland Northeast

Heating & Cooling

  • Heating Type: Baseboard
  • Heating Fuel: Electricity

Utilities

  • Sewer: Public Sewer
  • Water: Public Water

Structural Information

  • Property Detached: Yes
  • Basement Desc.: Daylight, Finished
  • Roof: Composition
  • Stories/Levels: 3
  • Square Feet: 4,552
  • Year Built: 1975
  • Property Condition: Updated/Remodeled

Lot Features

  • Lot Size (Acres): 0.12
  • Lot Size (Sq. Ft.): 5,227
  • Lot Size: 5, 000 to 6, 999 SqFt
  • Lot Dimensions: 50' x 100'
  • Frontage: Paved
  • Lot Features: Level

Financial Considerations

  • Operating Expenses: $33,237
  • Tax Amount: $16,932.94
  • Tax Year: 2024
  • Terms: Cash, Conventional

Disclosures and Reports

  • Legal Description: HOLLADAY PK & 1ST ADD, BLOCK 3, LOT 2
  • Property ID: R181857

Listed by Township Properties Real Estate LLC (503) 704-9173, Kathy Rogers (503) 704-9173

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Listing agent

— 2165 NE Multnomah St —

  • Kathy Rogers

    Township Properties Real Estate LLC

    503-704-9173

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NMLS#: 1598647

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Save up to an additional 20% by bundling your home and auto together!

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NMLS#: 1598647

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Request a Quote

Save up to an additional 20% by bundling your home and auto together!

Schools serving 2165 NE Multnomah St

School District:Portland School District 1j
NameGradesDistance
Irvington Elementary School
1320 Northeast Brazee Street, Portland, OR 97212
K-50.7 mi
Harriet Tubman Middle School
2231 North Flint Avenue, Portland, OR 97227
6-81.3 mi
Grant High School
2245 Northeast 36th Avenue, Portland, OR 97212
9-120.9 mi
Jefferson High School, Portland, OR
5210 North Kerby Avenue, Portland, OR 97217
9-122.5 mi
Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 2165 NE Multnomah St Get Price Alerts and Save Property

Date
Details
Price
Change
Source
11/20/2025
Listed
$1,075,000
30.3%
MLS
1/29/2020
Sold
$825,000
—
Public Record
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Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 2165 NE Multnomah St

Year
Property Taxes
Change
Tax Assessment
Change
2025
$17,488
3%
$651,860
3%
2024
$16,933
4%
$632,880
3%
2023
$16,282
4%
$614,450
6%
2021
$15,660
-2%
$579,190
-3%
2022
$15,930
2%
$596,560
6%
2021
$15,660
13%
$562,330
3%
2019
$13,838
3%
$545,960
3%
2018
$13,431
4%
$530,060
3%
2017
$12,872
9%
$514,630
3%
2016
$11,781
3%
$499,650
3%
2015
$11,471
2%
$485,100
3%
2014
$11,298
2%
$470,980
3%
2013
$11,035
—
$457,270
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Estimate the Cost for 2165 NE Multnomah St

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Listed by Township Properties Real Estate LLC (503) 704-9173, Kathy Rogers (503) 704-9173

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2165 NE Multnomah St, Portland, OR 97232 (MLS# 234723779) is a Multi-Family property with 4 units containing 0 bedrooms and 0 full bathrooms. 2165 NE Multnomah St is currently listed for $1,075,000 and was received on November 20, 2025. Want to learn more about 2165 NE Multnomah St? Do you have questions about finding other Multi-Family real estate for sale in Portland? You can browse all Portland real estate or contact a Coldwell Banker agent to request more information.

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