Updated Duplex with Basement
For Sale
$779,000
2036/2038 SE MORRISON St, Portland, OR 97214
MultiFamily, Portland, OR
Property Size2,315 SF
Price / SF$336.50
Days on Market613
Property Features for 2036/2038 SE MORRISON St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CM2
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 5
Elementary school
Buckman
Middle school
Hosford
High school
Cleveland
Directions
North of Belmont St/East of 20th Ave
Subdivision
_143
Standard status
Active
APN
R287817
Size
2,315 SF
Taxes and HOA fees
Tax Description
TILTONS ADD, BLOCK 3, LOT 15&16 TL 5100
Tax Annual Amount
6740
Legal Description
TILTONS ADD, BLOCK 3, LOT 15&16 TL 5100
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1909
Number of units
2
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Portland, LLC
(503) 719-6056
Listed By:
Jacob Serrill · License #201228311
(503) 780-7521
Added: Jan 13, 2025
Changed: Sep 14
Last Checked: Sep 18 at 6:06AM
MLS# 774931938
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 2,315-square-foot duplex at 2036/2038 SE Morrison St includes a 3-bedroom, 1-bath main-level residence and a 2-bedroom, 1-bath daylight basement ADU. Each unit has its own entrance, kitchen, laundry, and electric meter, creating clearly separated living arrangements within the property. Interior finishes have been recently updated, and the building uses forced-air heating, window-unit cooling, and a composition roof. Constructed in 1909, the property is zoned CM2 and is fully permitted for year-round rental use.
The duplex is located in Portland’s Buckman neighborhood, near Belmont and Hawthorne. Its configuration supports multiple occupancy strategies, including living in one unit while leasing the other or renting both residences.
The duplex is located in Portland’s Buckman neighborhood, near Belmont and Hawthorne. Its configuration supports multiple occupancy strategies, including living in one unit while leasing the other or renting both residences.
Key Highlights
- 2,315 SF duplex with a 3BD/1BA main‑level unit and 2BD/1BA daylight basement ADU
- Separate entrances, kitchens, laundry, and electric meters for both units
- CM2 zoning with permits for year‑round rental use
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
$32,261
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
4.14%
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%
$645,220
$645.2K
Cap Rate 7%
$460,871
$460.9K
Cap Rate 9%
$358,456
$358.5K
Market Conditions
NOI Build-Up for 2,315 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
$48.6K $21.00/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$46.1K $19.91/SF
− OpEx
−$13.8K −$5.97/SF
NOI
$32.3K $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%
$645,220
Cap Rate 7%
$460,871
Cap Rate 9%
$358,456
Alternative Uses
Best Use
Multifamily LT 5
$460.9K
$403.3K – $537.7K
NOI $32,261 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$424.6K
$371.6K – $495.4K
NOI $29,725 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$650.1K
$568.9K – $758.5K
NOI $45,508 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,585
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences support owner-occupant use or rental operations with independent entrances and essential living facilities.
Where is this duplex located?
The property is located at 2036/2038 SE MORRISON St Portland, OR.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: 2,315 SF duplex with a 3BD/1BA main‑level unit and 2BD/1BA daylight basement ADU; Separate entrances, kitchens, laundry, and electric meters for both units; CM2 zoning with permits for year‑round rental use
