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Listed by ELEETE Real Estate
$1,150,000
Est. payment /mo
5,760 SqFt
New
2337 SE 48TH AVE Portland, OR 97215
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,760 sqft
Price per Sqft $199
Subdivision Richmond
MLS Listing ID 526215412
HOA Y/N No
Year Built 1972
Annual Tax Amount $16,017
Tax Year 2025
Lot Size 0.340 Acres
Property Description
Rare six-unit plex in inner Southeast Portland, consisting of three side-by-side duplex buildings on a 15,000 SF lot. Each 2-bed/1-bath garden-style flat is approximately 960 SF and lives larger than typical SE rentals, with in-unit washer/dryers, dishwashers, full appliance packages, and off-street parking including three attached garage spaces plus three paved driveway spaces.For investors, the property is 100% occupied with a long-standing tenant base, professional management, and stabilized income in the Southeast Portland submarket. Current scheduled rents (with increases set for August 2026) and recent financials show strong cash flow and an appraised “Market Value As Is” of $1,150,000 ($192,000 per unit), supported by both income and sales comparison approaches. Zoning R2.5 allows duplex, triplex, fourplex and other multi-dwelling structures, offering long-term flexibility in a dense, walkable neighborhood.For residential or “house-hack” buyers, Carolina offers the chance to live in one spacious 2-bed unit and offset housing costs with steady income from the other five units. Residents enjoy a quiet, tree-lined street near SE Division, SE 50th and SE Hawthorne, with quick access to TriMet, neighborhood cafes, Safeway, Eastport Plaza, and Providence Portland Medical Center—making this both a comfortable place to call home and a durable, income-producing asset in one of Portland's most desirable close-in eastside locations.
Location
State OR
County Multnomah
Area _143
Zoning R25
Rooms
Basement Crawl Space
Interior
Heating Baseboard
Cooling None
Exterior
Garage Spaces 3.0
View Territorial
Roof Type Shingle
Garage No
Building
Lot Description Level
Story 1
Foundation Slab
Sewer Public Sewer
Water Public Water
Level or Stories 1
Schools
Elementary Schools Glencoe
Middle Schools Mt Tabor
High Schools Franklin
Others
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
Nearby Locations
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