501 SE 157th Ave, Portland, OR 97233

$599,900

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Property Description

Fantastic tri-plex opportunity with exceptional flexibility and income potential! Situated in the Centennial neighborhood on a rare, dividable 0.48-acre lot zoned RM1, this property offers a unique blend of current cash flow and future development possibilities. Each of the three units features 2 bedrooms and 1 bathroom, with updates completed to varying degrees. Units are equipped with central air conditioning, in-unit washers and dryers, electric or gas ranges, and free-standing refrigerators for tenant convenience. Unit 505 showcases wood flooring, black appliances, a cozy fireplace with brick surround, and a stackable washer and dryer. Unit 511 offers distinctive Spanish tile in the kitchen, stainless steel appliances, gas cooking, a carpeted living room with a woodstove, a full-size washer and dryer, and a relaxing soaking tub. Unit 513, located on the lower level, features laminate wood flooring, white appliances, a built-in microwave, and a soaking tub. Residents enjoy access to shared outdoor spaces complete with a covered back patio, raised garden beds, and an inviting outdoor fireplace. The expansive, level backyard provides ample room for gardening, recreation, or future expansion. Additional highlights include two rentable garages for added income and driveway parking for at least six vehicles. Whether you're looking to subdivide and build, maintain as an income-producing property, or create a multi-generational living compound, this property offers endless possibilities in a prime location.

501 SE 157th Ave | MLS# 785509330

This multi-family property located at 501 SE 157th Ave, Portland, OR 97233 is currently listed for sale with an asking price of $599,900. Search Portland real estate on daniellegates.bendpremierrealestate.com today.

Property Features

Property Type: Multi Unit - Multiple
Cooling: Central Air
Fuel Type: Gas
Heating: Forced Air
Roof Type: Composition
Stories: 2.0
Taxes: $9,789
Year Built: 1947
Square Feet: 3,503

Units

Unit Type 1:
Bathroom(s): 2
Bedrooms: 2
Features: AirConditioning, Range, Refrigerator, WasherDryer
Rent: $1485.00
Square Footage: 900
Total Units: 1
Unit Type 2:
Bathroom(s): 2
Bedrooms: 2
Features: AirConditioning, Range, Refrigerator, WasherDryer
Rent: $1535.00
Square Footage: 925
Total Units: 1
Unit Type 3:
Bathroom(s): 2
Bedrooms: 2
Features: AirConditioning, Range, Refrigerator, WasherDryer
Rent: $1595.00
Square Footage: 950
Total Units: 1

Feature Descriptions

Days on Site: 16
Exterior: Brick
Gross Income: $62556.00 (Actual)
Hot Water: Gas
Lot: Level
Net Income: $43081.00 (Actual)
Operating Expenses: $19475.00 (Actual)
Parking: Garage, Open
Parking Notes: Garage, Open
Sewer: Public Sewer
Storage: Garage
Units: 3
Water: Public Water

Local Schools

High School: Centennial
Middle School: Oliver
Elementary School: Parklane

Listed By / Shown By

Listed By

Agency Name: Windermere Realty Trust
Agency Contact: 503-888-5191

Shown By

Agent Name: Danielle Gates Principal Broker
Agent Phone: (541) 921-7130
Agency Title: Bend Premier Real Estate

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Estimated Payment

$ 4,024.14 per month $3,033.42 Principal & Interest $815.75 Property Tax $174.97 Homeowner's Insurance

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