Flexible Duplex With Separate
For Sale
$899,900
16489 NW LIBERTY St, Portland, OR 97229
MultiFamily, Portland, OR
Property Size3,000 SF
Price / SF$299.97
Days on Market60
Property Features for 16489 NW LIBERTY St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R5
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 6, Bedroom 6, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 5, Bathroom 4, Bedroom 4
Subdivision
NORTH BETHANY
View
Territorial
Elementary school
Springville
Middle school
Stoller
High school
Westview
Directions
Bethany north straight on Kaiiser, ,Left on Joss, Right on Earnst, left on 165th to Liberty
Standard status
Active
APN
R2202593
Taxes and HOA fees
Tax Description
ORCHARDS AT ABBEY CREEK, LOT 4, ACRES 0.08
Tax Annual Amount
3211
Legal Description
ORCHARDS AT ABBEY CREEK, LOT 4, ACRES 0.08
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
central air conditioning
covered porch
covered balcony
fenced rear yard
low-maintenance landscape
Building Details
Year built
2026
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Leon Simms · License #860900098
(503) 201-8868
Added: Jun 26
Changed: Aug 24
Last Checked: Aug 24 at 3:06PM
MLS# 413311537
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This R5-zoned duplex is under construction for 2026 completion and contains two distinct residences that can function independently or connect through an interior lockout. The larger home measures 2,000 square feet with four bedrooms and 3 1/2 baths, while the second residence offers 1,000 square feet, two bedrooms, and two baths on one level. Combined use creates a 3,000-square-foot, six-bedroom, 5 1/2-bath configuration with two kitchens, living areas, and two single-car garages. Features include quartz countertops, gas cooking, high-end appliances, forced-air heating, central air conditioning, covered outdoor areas, fenced rear landscaping, and a composition roof.
The property is fully occupied and leased, with no HOA or rental restrictions stated. It is located near Bethany Village shopping and dining, schools, and Hwy. 26 access in Portland’s 97229 postal area. Abundant on-street parking and low-maintenance landscaping complement the two-car garage capacity.
The property is fully occupied and leased, with no HOA or rental restrictions stated. It is located near Bethany Village shopping and dining, schools, and Hwy. 26 access in Portland’s 97229 postal area. Abundant on-street parking and low-maintenance landscaping complement the two-car garage capacity.
Key Highlights
- Two residences measuring 2,000 SF and 1,000 SF
- Combined configuration totals 3,000 SF with 6 bedrooms and 5 1/2 baths
- Two full kitchens with gas cooking, quartz counters, and high‑end appliances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$43,916
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$878,320
$878.3K
Cap Rate 7%
$627,371
$627.4K
Cap Rate 9%
$487,956
$488.0K
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$66.6K $22.20/SF
− Vacancy
−$3.9K −$1.29/SF
EGI
$62.7K $20.91/SF
− OpEx
−$18.8K −$6.27/SF
NOI
$43.9K $14.64/SF
Area
ZIP 97229
Vacancy
5.80%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$878,320
Cap Rate 7%
$627,371
Cap Rate 9%
$487,956
Alternative Uses
Best Use
Multifamily LT 5
$627.4K
$549.0K – $731.9K
NOI $43,916 @ 7.0% cap · market cap 4.88%
Second Best
Apartment 5plus
$580.0K
$507.5K – $676.7K
NOI $40,603 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$809.8K
$708.6K – $944.7K
NOI $56,684 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 97229, OR
73,602
Population
28,312
Households
2.6
Avg Household Size
38
Median Age
69%
College-Educated
98%
High-School Grad
19.7 sq mi
ZIP Area
3,736
Density / Sq Mi
$159,863
Median Household Income
$83,904
Median Earnings
$1,948
Median Rent
$728,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - R5-zoned duplex includes dual kitchens, garages, and central air conditioning.
Where is this duplex located?
The property is located at 16489 NW LIBERTY St Portland, OR.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Two residences measuring 2,000 SF and 1,000 SF; Combined configuration totals 3,000 SF with 6 bedrooms and 5 1/2 baths; Two full kitchens with gas cooking, quartz counters, and high‑end appliances
