Property listing for 5115 NE Multnomah St, Portland, OR 97213
ActiveSingle Family Home

$724,000

5115 NE Multnomah St, Portland, OR 97213

Classic 1928 Craftsman — Laurelhurst Schools, Big Yard & Upgrades

3 Bed · 1.5 Bath · 2,636 Sq Ft

3-bed, 2,636 SF Craftsman with new roof, A/C, EV charger — steps to parks

3

Beds

1.5

Baths

2,636

Sq Ft

1928

Built

0.12 acres

Lot

No garage — driveway and street parking

Garage

About 5115 NE Multnomah St

Meet Multnomah — a dignified 1928 Craftsman that balances original period detail with measured modern updates. Set slightly above the street on a wide, tree-lined block, this residence offers 2,636 square feet of interior space including three bedrooms, a main-level primary bedroom, a dedicated den/office, and a large finished lower-level family room that’s ideal for movies, hobbies, or remote work. The living room remains a highlight with classic molding, built-ins, and a wood-burning fireplace that anchors everyday gatherings.

The kitchen is appointed with granite counters, gas cooking, a built-in dishwasher, disposal, pantry storage, and a large pass-through window — a practical layout that also makes outdoor grilling effortless. Comfort upgrades include central air, an EV charger, and a new roof, while the sellers have responsibly decommissioned the former oil tank. These updates make the home move-in ready while preserving the authentic character buyers seek.

Outside, the 5,227 SF lot is a rare asset for this neighborhood: a fully fenced backyard includes raised garden beds, a charming gazebo, and generous lawn space for play and entertaining. The elevated front porch provides a pleasant vantage point for street-level activity and neighborly conversation. Practical note: no attached garage is listed, but driveway and street parking are available.

Location completes the package. This home sits within the coveted Laurelhurst Elementary and Grant High School boundaries, and is only minutes from Frazer Park and Normandale Park, both offering playgrounds and off-leash areas. Neighborhood favorites, including New Deal Café, are nearby, and the broader Northeast Portland corridors of NE 28th/NE 33rd and the Alberta/Hollywood districts are an easy bike or transit ride away. Homes in this pocket rarely come to market — this is a compelling opportunity to own a classic Portland Craftsman with significant square footage, a large yard, and sensible modern updates.

Home Highlights

Spacious 2,636 SF Craftsman with vintage details and modern upgradesLarge, fenced 5,227 SF lot with gazebo and raised garden bedsNew roof, central air, EV charger, and oil tank decommissionedLocated within Laurelhurst Elementary and Grant High School boundaries

Property Features

Interior Features

  • 2,636 SF finished living area
  • 3 bedrooms; main-level primary
  • 1.5 bathrooms
  • Finished lower-level family room — flexible use
  • Wood-burning fireplace, built-ins, classic Craftsman millwork
  • Kitchen with granite counters, gas range, built-in dishwasher, pantry

Exterior & Lot

  • Lot: 5,227 SF (~0.12 acre)
  • Fenced backyard with raised beds and gazebo
  • Elevated front porch
  • New roof (recent)
  • EV charger on property
  • No attached garage; driveway + street parking

Location & Neighborhood

  • Laurelhurst Elementary & Grant High School boundaries
  • Short walk to Frazer Park and Normandale Park
  • Nearby neighborhood dining: New Deal Café and local favorites
  • Easy access to NE retail corridors and transit

Walkability & Recreation

  • Walkability Rating: 82/100
  • Multiple nearby parks and dog off-leash areas
  • Close to bike routes toward downtown and the Alberta arts district

Neighborhood & Location

Laurelhurst is an established, tree-lined Northeast Portland neighborhood known for its strong sense of community, early-20th-century architecture, and well-maintained parks. Residents enjoy easy access to local cafes, independently owned shops, and several green spaces including Laurelhurst Park, Frazer Park, and Normandale Park. The area attracts families and professionals who appreciate classic homes, accessible transit, and the energetic nearby commercial corridors of NE 28th and Alberta Street.

Market Insights

Laurelhurst and surrounding Northeast Portland neighborhoods remain among the most sought-after pockets of the city for buyers who value vintage character and strong neighborhood schools. As of early 2026, inventory in established NE neighborhoods is tight and demand is steady — especially for turnkey properties within the Laurelhurst/Grant boundaries. Median sale prices for comparable single-family homes in the area generally sit in the mid-$600ks to low-$800ks range depending on size, lot, and condition. Days on market are typically short for well-presented homes, and buyer competition can push offers toward list or above in multiple-offer scenarios. For owner-occupiers, this is a lifestyle purchase with long-term stability; for investors, rental demand is consistent but cap rate compression should be expected due to neighborhood desirability and strong school-driven tenancy.

Nearby Schools

Laurelhurst Elementary

Elementary · 0.2 mi

8/10

Hosford Middle School

Middle · 1.2 mi

7/10

Grant High School

High · 1.0 mi

7/10

Walkability & Recreation

82
Walkability
85
Recreation

Immediate access to multiple neighborhood parks, dog off-leash areas, playgrounds and bike routes — excellent for active families and outdoor enthusiasts.

Investment Highlights

  • Highly desirable Laurelhurst/Grant school boundaries — school premium expected.
  • Substantial living area (2,636 SF) on a large 5,227 SF lot — rare size for the area.
  • Recent capital improvements: new roof, central air, EV charger, oil tank decommissioned.
  • Character-rich Craftsman details with flexible lower-level family room.
  • Fenced backyard with raised beds and gazebo — ready for outdoor living and gardening.

Key Findings

  • List price: $724,000; AVM: ~$753,447 — market value likely within $690k–$780k.
  • 3 beds / 1.5 baths; built 1928; 2,636 SF; lot 5,227 SF.
  • Located in Northeast Portland’s Laurelhurst neighborhood with proximity to Frazer Park and Normandale Park.
  • No garage indicated; parking likely driveway + street.
  • Recent seller occupancy ~30 years — long-term ownership suggests well-cared-for condition but typical systems should be verified.

Things to Consider

  • Historic-era homes can have deferred maintenance or systems nearing end of life; comprehensive inspection recommended.
  • No garage — may affect buyer pool that requires covered parking.
  • Potential historic or conservation overlay implications for exterior changes (verify before planning additions).
  • Exact middle-school assignment should be verified with Portland Public Schools for buyers prioritizing school placement.

Opportunity Analysis

Acquire a character Craftsman in a high-demand NE Portland school boundary with modest near-term upside through cosmetic/efficiency upgrades and stable rental demand if held as an investment.

Potential Use Scenarios

  • Market competitively to owner-occupiers with families seeking Laurelhurst Elementary / Grant High boundary.
  • If investor: minimal capex repositioning (kitchen/bath refresh, landscaping) to maximize rent or flip to owner-occupier price point.
  • Confirm zoning and historic overlay before planning exterior modifications or an ADU.

Risk Factors

  • Unexpected structural or systems issues common to ~100-year-old homes.
  • Regulatory limits on modifications if a historic overlay applies.
  • Higher competition from buyers valuing school boundaries — bidding pressure may compress yield for investors.

Buyers should conduct independent due diligence before making any purchase decisions.

AI Valuation Estimate

Low

$690K

Midpoint

$735K

High

$780K

$279/SF estimated price per square foot

70% confidence

Estimate anchored to the listing price ($724,000) and the provided AVM (~$753k). Range reflects nearby established NE Portland sales for Craftsman homes, property size (2,636 SF), condition upgrades (new roof, central air, EV charger), and the desirability of the Laurelhurst/Grant school boundaries. No live comps pulled.

As of 2026-03-14

This is a computer-generated estimate for informational purposes only and is not an appraisal or professional valuation.

Market & Area Data

Market Trends

Area Median Price$700,000
Avg Days on Market30 days
Inventory1.8 months
1-Year Appreciation+450.0%

Demographics

Population (1 mi)22,000
Median Income (1 mi)$85,000

Established, stable neighborhood. Demand remains solid for vintage character homes in Laurelhurst with school-boundary premium.

Nearby Points of Interest

  • Frazer Park (0.3 mi)
  • Normandale Park (0.4 mi)

Walkable NE Portland neighborhood with local cafes (New Deal Café), parks, tree-lined streets, and easy access to retail corridors on NE 28th/NE 33rd/NE Broadway. Good transit access to downtown and the Alberta/Hollywood corridors.

School District

DistrictPortland Public Schools
ElementaryLaurelhurst Elementary (Portland Public Schools) — approx. rating 8/10 (strong neighborhood school)
MiddleHosford Middle School (Portland Public Schools) — approx. rating 7/10 (verify boundary; middle-school assignment may vary)
HighGrant High School (Portland Public Schools) — approx. rating 7/10

Market data is based on aggregated public records and may not reflect real-time conditions.

Property Details

Building Details

Year Built1928
Constructionwood frame (assumed typical of Craftsman-era homes)
Stories2
Roofnew roof noted in listing (material unspecified)
Heatingforced air / central heating (likely natural gas) — central air also reported
Coolingcentral air
Basementpartial finished
FireplaceYes
Conditiongood

Lot & Site

Lot Size0.12 acres (5,227 SF)
Topographysloping
Parkingstreet_and_driveway
Parking Spaces2
FrontageSet slightly elevated above the street with a welcoming front porch

Utilities

Watermunicipal (City of Portland) — assumed
Sewermunicipal (City of Portland) — assumed
Electricavailable (standard residential service) — assumed
Gasavailable (gas appliances noted) — assumed

Zoning & Land Use

Zoning CodeR5 (likely single-family residential) — verify with city
DescriptionTypical single-family residential zone allowing detached homes and limited accessory units; subject to Portland zoning regulations.
JurisdictionCity of Portland

Allowed Uses

Single family detached residenceAccessory dwelling unit (subject to permit)Home occupations (limited)
Current Useresidential

Tax & Sale History

Tax Assessment

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