501 Se 157TH Ave, Portland, OR 97233

• 3,503 sqft

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.

Listing Status:

Pending

Date Added:

April 1, 2026

Data Last Updated:

August 6, 2026 at 6:41AM

Listing Office:

Windermere Realty Trust : 503-284-7755

Listing Agent:

Jeff Capen : 503-888-5191

MLS ID:

785509330

Interior

• A/C: Central air
• Heating: Forced air

Exterior

• General: Brick
• Parking: GarageOpenParking spaces: 6

Construction

• Roofing: Composition

Location

• Road/Access: Paved
• Golf: All landscapingCentral airCommons
• Originating MLS: Regional Multiple Listing ServiceInc.
• County: Multnomah

Lot

• Zoning: RM1RITLOW ACBLOCK BW 140' OF E 165' LOT 2 EXC N 70' & EXC S 382'R255684

Utilities

• Water: Public water
• Sewer: Public sewer

Financial

• Source: Regional Multiple Listing ServiceInc.