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501 SE 157th Ave, Portland, OR 97233

$599,900

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Property Description

Fantastic tri-plex opportunity with exceptional flexibility and income potential! Situated in the Centennial neighborhood on a rare, dividable 0.48-acre lot zoned RM1, this property offers a unique blend of current cash flow and future development possibilities. Each of the three units features 2 bedrooms and 1 bathroom, with updates completed to varying degrees. Units are equipped with central air conditioning, in-unit washers and dryers, electric or gas ranges, and free-standing refrigerators for tenant convenience. Unit 505 showcases wood flooring, black appliances, a cozy fireplace with brick surround, and a stackable washer and dryer. Unit 511 offers distinctive Spanish tile in the kitchen, stainless steel appliances, gas cooking, a carpeted living room with a woodstove, a full-size washer and dryer, and a relaxing soaking tub. Unit 513, located on the lower level, features laminate wood flooring, white appliances, a built-in microwave, and a soaking tub. Residents enjoy access to shared outdoor spaces complete with a covered back patio, raised garden beds, and an inviting outdoor fireplace. The expansive, level backyard provides ample room for gardening, recreation, or future expansion. Additional highlights include two rentable garages for added income and driveway parking for at least six vehicles. Whether you're looking to subdivide and build, maintain as an income-producing property, or create a multi-generational living compound, this property offers endless possibilities in a prime location.

501 SE 157th Ave | MLS# 785509330

This multi-family property located at 501 SE 157th Ave, Portland, OR 97233 is currently listed for sale with an asking price of $599,900. Search Portland real estate on sherihilton.bendpremierrealestate.com today.

Property Features

Property Type: Multi Unit - Multiple
Cooling: Central Air
Fuel Type: Gas
Heating: Forced Air
Roof Type: Composition
Stories: 2.0
Taxes: $9,789
Year Built: 1947
Square Feet: 3,503

Units

Unit Type 1:
Bathroom(s): 2
Bedrooms: 2
Features: AirConditioning, Range, Refrigerator, WasherDryer
Rent: $1485.00
Square Footage: 900
Total Units: 1
Unit Type 2:
Bathroom(s): 2
Bedrooms: 2
Features: AirConditioning, Range, Refrigerator, WasherDryer
Rent: $1535.00
Square Footage: 925
Total Units: 1
Unit Type 3:
Bathroom(s): 2
Bedrooms: 2
Features: AirConditioning, Range, Refrigerator, WasherDryer
Rent: $1595.00
Square Footage: 950
Total Units: 1

Feature Descriptions

Days on Site: 9
Exterior: Brick
Gross Income: $62556.00 (Actual)
Hot Water: Gas
Lot: Level
Net Income: $43081.00 (Actual)
Operating Expenses: $19475.00 (Actual)
Parking: Garage, Open
Parking Notes: Garage, Open
Sewer: Public Sewer
Storage: Garage
Units: 3
Water: Public Water

Local Schools

High School: Centennial
Middle School: Oliver
Elementary School: Parklane

Listed By / Shown By

Listed By

Agency Name: Windermere Realty Trust
Agency Contact: 503-888-5191

Shown By

Agent Name: Sheri Hilton, Broker
Agent Phone: (541) 550-6129
Agency Title: Bend Premier Real Estate

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Estimated Payment

$ 4,024.14 per month $3,033.42 Principal & Interest $815.75 Property Tax $174.97 Homeowner's Insurance

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 04/10/2026. The listing information on this page last changed on 04/10/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Fri 04/10/2026 8:47:01 AM EST) or RMLS (last updated Fri 04/10/2026 8:28:29 AM EST) or COAR/MLSCO (last updated Fri 04/10/2026 8:09:43 AM EST). Real estate listings held by brokerage firms other than Bend Premier Real Estate may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.

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 other brokerage firms are marked with the RMLS logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2026 RMLS, Portland, Oregon. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.

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