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Listed by 24/7 Properties • dave@rainesrealty.group
$735,000
Est. payment /mo
7,405 Sqft Lot
Price Dropped by $14K
237 239 NE GRAHAM ST Portland, OR 97212
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision Elliot
MLS Listing ID 246624780
HOA Y/N No
Year Built 1904
Annual Tax Amount $2,962
Tax Year 2025
Lot Size 7,405 Sqft
Property Description
Income-producing duplex in Portland's sought-after Eliot neighborhood generating $61,140 annually with additional upside potential. Unit 239 (2 bed, 1 bath, approx. 1,200 sq ft) is already achieving strong market rent at $2,795/month, while Unit 237 (1 bed, 1 bath) is currently rented at $2,300/month and transitions to month-to-month in May 2026, creating an opportunity to adjust rents over time.With the larger 2-bedroom unit already performing at a strong level, the property provides a proven benchmark for income, while the 1-bedroom offers potential for incremental rent growth—creating a balanced investment with stable in-place cash flow and future upside.The property blends classic character with functional updates, including a newer furnace (~3 years old) and water heaters (~2–3 years old). Unit 237 features a large attic accessible by a full staircase, offering additional storage or potential future use. Both units include in-unit laundry.Additional highlights include a high-ceiling basement, separate electric metering, and strong tenant appeal in a walkable, high-demand location near parks, restaurants, and the Matt Dishman Community Center, with quick access to downtown Portland.Ideal for investors seeking stable income with upside potential, or owner-occupants looking to offset their mortgage while building long-term equity. Opportunities with in-place income and future growth in this location are increasingly limited.
Location
State OR
County Multnomah
Area _142
Zoning R2
Rooms
Basement Unfinished
Interior
Heating Forced Air
Exterior
View Territorial
Roof Type Composition
Garage No
Building
Lot Description Level
Story 2
Foundation Concrete Perimeter
Sewer Public Sewer
Water Public Water
Level or Stories 2
Schools
Elementary Schools Boise-Eliot
Middle Schools Boise-Eliot
High Schools Jefferson
Others
Acceptable Financing Cash, Conventional, FHA, VALoan
Listing Terms Cash, Conventional, FHA, VALoan
NEARBY SCHOOLS & PROPERTIES
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