$2,349,950
$200K PRICE DROP

2720 SE Steele St Portland, OR 97202

Reed Neighborhood

Estimated payment $14,373/month

Total Views 5,949
-- Bed
-- Bath
6,560 Sq Ft
$358 Price per Sq Ft

Highlights

  • Corner Lot
  • No HOA
  • Cooling System Mounted In Outer Wall Opening
  • Cleveland High School Rated A-
  • Paneling
  • Security Gate

About This Home

Prime Investment Opportunity – Modern 7-Unit Walk-Up in the Reed NeighborhoodIntroducing a rare chance to own a newly constructed (2020) 7-unit apartment building in the highly desirable Reed neighborhood, just steps from Reed College. This turnkey asset combines contemporary design, a prime location, and strong financial performance, making it an ideal addition to any investor’s portfolio. Built in 2020, the property features energy-efficient systems, premium finishes, and low-maintenance construction, ensuring long-term durability and designed to offer spacious layouts . Situated within walking distance of Reed College and public transportation, the property benefits from consistent tenant demand and competitive rental income. With high occupancy rates this asset provides immediate cash flow and stable returns.Don’t miss this opportunity to secure a high-performing, low-maintenance property in one of the city’s most coveted neighborhoods.

Listing Agent

Michael Smira

John L. Scott Portland Central Brokerage Email: neportland@johnlscott.com License #201206047

John L. Scott Portland Central

Co-Listing Agent

Danny Sommers

John L. Scott Portland Central Brokerage Email: neportland@johnlscott.com License #201230035

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $15,391

Year Built

  • Built in 2020

Lot Details

  • 3,920 Sq Ft Lot
  • Corner Lot
  • Level Lot

Home Design

  • Flat Roof Shape
  • Slab Foundation

Interior Spaces

  • 6,560 Sq Ft Home
  • 3-Story Property
  • Paneling
  • Storage

Home Security

  • Security Gate
  • Fire Sprinkler System

Parking

  • 6 Parking Spaces
  • Secured Garage or Parking
  • Off-Street Parking
  • Controlled Entrance

Accessible Home Design

  • Handicap Accessible

Schools

  • Grout Elementary School
  • Hosford Middle School
  • Cleveland High School

Utilities

  • Cooling System Mounted In Outer Wall Opening
  • Baseboard Heating
  • Water Heater
  • High Speed Internet

Listing and Financial Details

  • Assessor Parcel Number R328313

Community Details

Overview

  • No Home Owners Association
  • 7 Units
  • Reed/Woodstock Subdivision

Building Details

  • Operating Expense $26,259
  • Gross Income $154,886
  • Net Operating Income $128,626

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$15,391

Year Built

Built in 2020

Lot Details

0

Listing Details

  • Standard Status: Active
  • MLS Status: Active
  • Property Type: MultiFamily
  • Stories: 3
  • Year Built: 2020
  • Property Condition: Existing
  • Property Attached Yn: No
  • Open House: No
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: None
  • Storage: Locked
  • Lot Size Range: SqFt3000to4999

Exterior Features

  • Exterior Description: Other,Panel
  • Lot Size: 3,000 to 4,999 SqFt
  • Foundation Details: Slab
  • View: No
  • Lot Features: CornerLot, Level
  • Road Surface Type: Concrete, Paved
  • Roof: Flat

Garage/Parking

  • Parking Description: OffStreet, Secured
  • Attached Garage: No
  • Total Parking Spaces: 6.0

Utilities

  • Fuel Description: Electricity
  • Hot Water: Tank
  • Internet Service Type: Cable,FiberOptics
  • Security: Entry, FireSprinklerSystem, HandicapAccess, SecurityGate
  • Cooling: WallUnit
  • Cooling Y N: Yes
  • Heating: Baseboard, WallHeater
  • Heating Yn: Yes
  • Sewer: PublicSewer
  • Water Source: PublicWater

Condo/Co-op/Association

  • Association: No

Schools

  • Elementary School: Grout
  • High School: Cleveland
  • Middle Or Junior School: Hosford

Lot Info

  • Zoning: CE
  • Lot Size Acres: 0.09
  • Lot Size: 3726
  • Lot Size Sq Ft: 3920.0
  • Parcel #: R328313

Green Features

  • Green Certification: No

Rental Info

  • Rent Includes: TrashCollection

Tax Info

  • Tax Deferral: No
  • Tax Year: 2024
  • Tax Annual Amount: 15391.03
  • Tax Opportunity Zone: Yes

Multi Family

  • Unit Type: UnitTypeType1, UnitTypeType2, UnitTypeType3, UnitTypeType4, UnitTypeType5, UnitTypeType6, UnitTypeType7
  • Number Of Units Total: 7
  • Gross Rent Multiplier: 15.17
  • Annual Gross Income: 154886.0
  • Property Net Operating Income: 128626.0
  • Annual Operating Expense: 26259.0

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/29/2025 04/29/25 For Rent $2,350 0.0% --
03/03/2025 03/03/25 Price Changed $2,349,950 -7.8% $358 / Sq Ft
01/27/2025 01/27/25 For Sale $2,549,950 0.0% $389 / Sq Ft
07/18/2024 07/18/24 Price Changed $2,350 -4.1% $3 / Sq Ft
06/26/2024 06/26/24 Price Changed $2,450 +25.6% $3 / Sq Ft
06/12/2024 06/12/24 Price Changed $1,950 +8.3% $2 / Sq Ft
06/01/2024 06/01/24 Price Changed $1,800 +30.0% $2 / Sq Ft
05/04/2024 05/04/24 Price Changed $1,385 -29.0% $1 / Sq Ft
05/02/2024 05/02/24 Price Changed $1,950 -17.0% $2 / Sq Ft
05/01/2024 05/01/24 For Rent $2,350 -- --
Source: Regional Multiple Listing Service (RMLS)

Source: Regional Multiple Listing Service (RMLS)

MLS Number: 776111041

Regional Multiple Listing Service (RMLS)

Oregon Multnomah County Portland 97202 Reed

2720 SE Steele St, Portland, OR

Homes for Sale in Portland, OR

This home is located at 2720 SE Steele St, Portland, OR 97202 and is currently priced at $2,349,950, approximately $358 per square foot. This property was built in 2020. 2720 SE Steele St is a home located in Multnomah County with nearby schools including Grout Elementary School, Hosford Middle School, and Cleveland High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Regional Multiple Listing Service (RMLS) The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS™ of Portland, Oregon. Real estate listings held by brokerage firms other than Ten-X are marked with the RMLS™ logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2025 RMLS™, Portland, Oregon. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available. All information provided is deemed reliable but is not guaranteed and should be independently verified.

Michael Smira
Listing Agent
Michael Smira
Section Image
John L. Scott Portland Central
(971) 443-1189