Listed by Kidder Mathews Portland
$1,270,000
kerns 3-plex
Details
APN R177657
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,367
Units 3
Cap Rate 6.01%
Pro-Forma Cap Rate 6.17%
Price per SqFt $385
Class A
Year Built 1908
Year Renovated 2024
Buildings 1
Acreage 0.110
Investment Type Stabilized
Turn-Key fully renovated tri-plex in Portland's Kearns Neighborhood
Marketing description
The Kerns 3-plex is a turnkey renovated vintage apartment located in one of Portland’s best neighborhoods.
Originally built in 1908 and fully renovated in the last five years, the subject 3-plex features a 2-bed/2-bath unit on the main level (1,260 SF), a 3-bed/2-bath unit on the upper level (1,087 SF), and a 2-bed/1-bath unit on the lower level (1,020 SF).
Following a meticulous renovation, each unit boasts condo-quality finishes and comprehensive upgrades, including all-new mechanical systems, modern flooring, and designer kitchens and bathrooms. The kitchens are anchored by custom cabinetry, sleek quartz countertops, and premium stainlesssteel appliances, while the bathrooms feature sophis tic ated cus tom tile showers.
This property offers a rare opportunity to hold a piece of Portland’s architectural heritage without the headache of historic maintenance. This 1908 triplex has been meticulously renovated, offering the perfect "turn-key" investment: the timeless character of a century-old build paired with the reliability of a modern renovation. Because it is fully updated, you bypass the common pitfalls of older properties, allowing for immediate occupancy or high-end rentals. In a market where vintage charm is the gold standard, but modern efficiency is the requirement, this property stands out as a high-performing asset that is move-in ready from day one. It offers an exceptional unit mix designed for maximum rental flexibility and appeal. It includes a spacious 2-bedroom/2- bathroom unit on the main level (1,260 SF), a 3-bedroom/2-bathroom unit on the upper level (1,087 SF), and a 2-bedroom/1-bathroom unit on the lower level (1,020 SF).
Beyond the bones of the building, the location is arguably the best "lifestyle" investment in the city. Perched at the junction of Laurelhurst and Kerns, the property boasts a near-perfect Walk Score of 96 and a Bike Score of 97.
You are steps away from the lush, 32-acre Laurelhurst Park and the culinary epicenter of "Restaurant Row" on 28th Avenue—recently minted by Time Out Magazine as the coolest neighborhood in America (and 5th coolest globally). This specific pocket of Portland attracts a high-quality, consistent tenant base that values premium urban living. Whether you are looking for a sophisticated owner-occupied "house-hack" or a premier addition to a portfolio, this triplex offers the ultimate combination of historical prestige and 21st-century convenience.
With seamless access to I-84, Sandy Boulevard, and East Burnside, the property offers effortless connectivity to Downtown Portland (under 10 minutes away), the Central Eastside Industrial District, and the greater metro area. The location is perfectly served by high-frequency TriMet bus lines and the MAX Light Rail, making it an ideal hub for commuters and those seeking easy access to the city's primary employment centers. Combining the historic prestige of Laurelhurst, the vibrant energy of Kerns, and near-perfect walk and bike scores, this NE 30th Avenue location offers an unmatched balance of sophisticated livability and urban convenience.
Investment highlights
PRICE REDUCED!
- Turnkey Confidence A Recent Complete Renovation Means Little-To-No "Deferred Maintenance" Or Immediate Capital Expenditures For A New Owner.
- 1908 Vintage Soul Retains The High Ceilings, Large Windows, And "Old Por Tland" Architectural Curb Appeal That High quality Tenants Seek Out.
- Modern Interiors Updated With Gourmet Islands, Quartz Countertops, Stainless Steel Appliances, And In-Unit Laundry— Features That Command Premium Rents In The Current Market.
- Multi-Generational Layout Ideal For A "House-Hack" (Living In One Unit While Others Pay The Mortgage) Or As A High-Performing Addition To A Long-Term Hold Portfolio.
Listing Contacts
Listed by Kidder Mathews Portland
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$--
$--
Valuation Metrics
0
DSCR
--
Cap Rate
--
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?




































