Tenant-Occupied
New
For Sale
$499,990
21123 SE MORRISON St, Gresham, OR 97030
MULTI_FAMILY - Gresham, OR
Property Size1,972 SF
Price / SF$253.54
Days on Market5
Property Features for 21123 SE MORRISON St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R15
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 4, Bedroom 4, Bedroom 1
Elementary school
North Gresham
Middle school
Clear Creek
High school
Gresham
Directions
Stark or Burnside to 212th to Morrison St.
Subdivision
_144
Standard status
Active
APN
R113676
Size
1,972 SF
Taxes and HOA fees
Tax Description
BEECHAVEN, BLOCK 4, LOT 14
Tax Annual Amount
5495
Legal Description
BEECHAVEN, BLOCK 4, LOT 14
Utilities
Heating system
Baseboard
Building Details
Year built
1975
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Premiere Property Group, LLC
(503) 670-9000
Listed By:
Thomas Cardelli
(503) 519-3702
Added: Aug 3
Last Checked: Aug 7 at 6:06AM
MLS# 131990721
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 tenant-occupied duplex in Gresham offers 1,972 square feet of residential space in a split-level configuration. The property was built in 1975 and includes an attached garage, a backyard, baseboard heating, and a composition roof. Established residents are currently in place and have expressed interest in remaining, providing continuity for a new owner.
The property is located in Gresham near shopping, dining, schools, parks, public transportation, and major commuter routes. R15 zoning supports its residential classification. Interior access is restricted at this stage; an accepted offer will be subject to an interior inspection, and the tenants should not be disturbed.
The property is located in Gresham near shopping, dining, schools, parks, public transportation, and major commuter routes. R15 zoning supports its residential classification. Interior access is restricted at this stage; an accepted offer will be subject to an interior inspection, and the tenants should not be disturbed.
Key Highlights
- Tenant‑occupied duplex with residents interested in remaining
- 1,972 SF split‑level residential property
- Attached garage with additional storage potential
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
$26,184
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
5.24%
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%
$523,680
$523.7K
Cap Rate 7%
$374,057
$374.1K
Cap Rate 9%
$290,933
$290.9K
Market Conditions
NOI Build-Up for 1,972 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
$39.0K $19.80/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$37.4K $18.97/SF
− OpEx
−$11.2K −$5.69/SF
NOI
$26.2K $13.28/SF
Area
Gresham, OR
Vacancy
4.20%
Lease Rate
$19.80 /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%
$523,680
Cap Rate 7%
$374,057
Cap Rate 9%
$290,933
Alternative Uses
Best Use
Multifamily LT 5
$374.1K
$327.3K – $436.4K
NOI $26,184 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$336.3K
$294.2K – $392.3K
NOI $23,539 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$450.6K
$394.3K – $525.7K
NOI $31,544 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
822
Businesses Nearby
Explore this area
Business Placement
Demographics for 97030, OR
39,492
Population
16,500
Households
2.4
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,266
Density / Sq Mi
$61,793
Median Household Income
$40,352
Median Earnings
$1,604
Median Rent
$418,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Split-level layout, attached garage, and backyard provide practical features alongside established occupancy.
Where is this duplex located?
The property is located at 21123 SE MORRISON St Gresham, OR.
What is the asking price?
The asking price for this property is $499,990.
What are key features of this property?
This property features: Tenant‑occupied duplex with residents interested in remaining; 1,972 SF split‑level residential property; Attached garage with additional storage potential
