Duplex with One-Car
For Sale
$499,000
1704 NE 81ST Ave, Portland, OR 97213
MultiFamily, Portland, OR
Property Size1,560 SF
Lot Size0.12 Acres
Price / SF$319.87
Days on Market640
Property Features for 1704 NE 81ST Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Elementary school
Jason Lee
Middle school
Roseway Heights
High school
Leodis McDaniel
Directions
NE Schuyler to NE 81st
Subdivision
_142
Standard status
Active
APN
R194142
Size
1,560 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
JONESMORE, BLOCK 54, LOT 10&11
Tax Annual Amount
5449
Legal Description
JONESMORE, BLOCK 54, LOT 10&11
Utilities
Heating system
Baseboard
Amenities
in-unit washer/dryer
Building Details
Year built
1962
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Lillie Barr
(503) 313-8806
Added: Nov 18, 2024
Changed: Aug 20
Last Checked: Aug 20 at 8:06AM
MLS# 24387918
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 classic mid-century duplex was built in 1962 and contains two occupied units. Each unit features two bedrooms and one bathroom, along with a private one-car garage per unit and in-unit washer and dryer. The property is described as well-maintained with solid fundamentals, with opportunities for some cosmetic updates and light TLC.
The duplex sits on a 0.12-acre lot in NE Portland (97213), zoned RM1. Heating is provided via baseboard, and the roof is composition.
With two independently served units and in-unit laundry, the layout supports long-term residential use while allowing room for cosmetic improvements over time.
The duplex sits on a 0.12-acre lot in NE Portland (97213), zoned RM1. Heating is provided via baseboard, and the roof is composition.
With two independently served units and in-unit laundry, the layout supports long-term residential use while allowing room for cosmetic improvements over time.
Key Highlights
- Two occupied units in a mid‑century duplex
- Each unit offers two bedrooms and one bathroom
- In‑unit washer and dryer for both units
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
$21,740
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
4.36%
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%
$434,800
$434.8K
Cap Rate 7%
$310,571
$310.6K
Cap Rate 9%
$241,556
$241.6K
Market Conditions
NOI Build-Up for 1,560 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
$32.8K $21.00/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$31.1K $19.91/SF
− OpEx
−$9.3K −$5.97/SF
NOI
$21.7K $13.94/SF
Area
Portland, OR
Vacancy
5.20%
Lease Rate
$21.00 /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%
$434,800
Cap Rate 7%
$310,571
Cap Rate 9%
$241,556
Alternative Uses
Best Use
Multifamily LT 5
$310.6K
$271.8K – $362.3K
NOI $21,740 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$286.1K
$250.4K – $333.8K
NOI $20,030 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$438.1K
$383.3K – $511.1K
NOI $30,666 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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 - Well-maintained duplex with two occupied 2-bedroom units, each with in-unit washer and dryer and a private one-car garage.
Where is this duplex located?
The property is located at 1704 NE 81ST Ave Portland, OR.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two occupied units in a mid‑century duplex; Each unit offers two bedrooms and one bathroom; In‑unit washer and dryer for both units
