Market Update: Portland, Oregon Close-In 3-4 Unit Plex Market Still Strong Seller’s Market

Despite the pandemic, the plex market demand for 3-4 unit buildings is still high.  Similar to the residential market, the 3-4 plex market has a high demand from buyers, especially since these properties qualify for 30 year fixed rate financing (similar to residential homes).  The 3-4 plex market is a “hybrid” of sorts, since it is not characterized as 100% residential, and does not fit in the traditional “commercial” definition as the financing is akin to residential financing.

The Four Plex at 3404 SE 21st In Portland, Oregon recently sold for $923,000, the seller was represented by Phillip Barry of Joseph Bernard Investment Real Estate.

As a result, investors interested in multi-family properties are often drawn to the plex market (3-4 units) for the financing benefits, as most typical commercial loans are fixed for only 5, 7 or 10 years.

Also similar to the residential market, the plex market has very little inventory with strong demand.  Over the course of the past three months, there have only been nine sales in NE and SE Portland, and currently there are approximately eight of these properties available on the market.

The prices of the recently sold properties range from $232-$405 per square foot, with Gross Rent Multipliers ranging from 13.4 to 17.74.  The prices per unit range from $196,000 to $293,000 over the past three months.

For more information about the Oregon/SW Washington multi-family market, call Bernard Gehret at 503.546.9390, or email:


Bernard Gehret

Bernard Gehret

Joseph Bernard Investment Real Estate