2422 NE Glisan St - Apartments FOR SALE


Portland, OR 97232- Kerns
$1,395,000 USD
503-720-8147
2422 NE Glisan St, Portland, OR for Sale
$1,395,000 USD
Apartments - FOR SALE
1/21
null | 5.51% Cap Rate

2422 NE Glisan St
Portland, OR 97232
Kerns


HIGHLIGHTS

  • FOUR UNITS PLUS A BONUS UNIT (5 TOTAL)
  • TURNKEY CONFIDENCE A complete modern renovation means little-to-no "deferred maintenance" or immediate capital expenditures for a new owner.
  • VINTAGE SOUL Retains the high ceilings and "Old Portland" architectural curb appeal that high-quality tenants seek out.
  • MODERN INTERIORS Updated with quartz countertops, stainless steel appliances, and in-unit laundry— features that command premium rents.
  • SAFETY IMPROVEMENTS The building features fire sprinklers and it was seismically retrofitted to ensure the long-term safety of its tenants.
  • SCALABLE INVESTMENT A 4-unit configuration offers increased diversification and cash flow stability within a single tax lot.

OVERVIEW

The Glisan 4-plex is a turnkey renovated vintage apartment located in one of Portland’s most prestigious and high-demand neighborhoods. Originally built in 1913 and recently fully renovated, the subject 4-plex features a versatile unit mix consisting of a 2-bed/2 bath (±1,100 SF) unit on the main level, a studio (±400 SF) on the back of the main level, a 3-bed/2 bath (±1,087 SF) unit on the second floor, and a 2-bed/1 bath (±1,030 SF) unit on the lower level. A fifth “bonus” suite has an extra ±350 SF studio with a kitchenette and bath and is accessible by the main level 2-bed unit to make it a 3-bed/2 bath unit. All of the units have been meticulously remodeled, nearly down to the studs, and now feature condo-quality finishes, including upgraded systems, new flooring, and designer kitchens and bathrooms. Kitchens boast modern cabinetry, stainless steel appliances, and quartz counters, while bathrooms feature custom tile work. Additional work included fire sprinklers throughout, upgraded electrical, a seismically retrofitted foundation, and installing a new upsized water meter. This asset represents a rare intersection of Portland’s storied architectural past and its high-performance future. By acquiring this meticulously reimagined fourplex, investors secure a piece of the city’s heritage without the typical burden of historic maintenance. It is the definitive "turnkey" play: a century-old soul fortified by a comprehensive modern renovation. This top-to-bottom refresh allows owners to bypass the structural pitfalls of vintage inventory, moving straight to immediate occupancy and premium rental yields. Positioned at the vibrant neighborhood intersection of Kerns and Laurelhurst, 2422 NE Glisan St offers a location that is truly the gold standard for Portland urban living. This address is a Walker’s Paradise (96) and a Biker’s Paradise (100), meaning daily errands, boutique shopping, and world-class dining require nothing more than a pair of shoes or a set of wheels. Residents enjoy the best of both worlds: the high-energy, #1 ranked "Coolest Neighborhood in America" status of Kerns—home to the legendary Restaurant Row on 28th Avenue—and the refined, historic tranquility of Laurelhurst, including its iconic 26-acre park. With effortless access to the Central Eastside and Downtown, this location doesn't just offer a place to live; it offers a front-row seat to the very best of Portland’s culinary and cultural landscape.

FOR SALE DETAILS

PRICE

$1,395,000 USD

PRICE/SF

$340 USD /SF

# OF UNITS

4

PRICE/UNIT

$348,750

CAP RATE

5.51%

% LEASED

0%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1913

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.1 AC

LAND SF

4,356 SF

ZONING

RM2

APN/PARCEL ID

R265693

ASK ABOUT THIS PROPERTY

Jordan CarterKidder MathewsMore Info
503-720-8147

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Jordan CarterKidder MathewsMore Info
503-720-8147

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.