Historic Duplex with Two-Car
For Sale
$650,000
2237 NE 14TH Ave, Portland, OR 97212
MultiFamily, Portland, OR
Property Size2,200 SF
Lot Size0.12 Acres
Price / SF$295.45
Days on Market99
Property Features for 2237 NE 14TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1
Subdivision
IRVINGTON
Elementary school
Irvington
Middle school
Harriet Tubman
High school
Grant
Directions
Brazee, south on 14th Ave
Standard status
Active
APN
R301147
Size
2,200 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
WEST IRVINGTON, BLOCK 77, LOT 2
Tax Annual Amount
6706
Legal Description
WEST IRVINGTON, BLOCK 77, LOT 2
Utilities
Heating system
Forced Air
Building Details
Year built
1902
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
Keller Williams PDX Central · Keller Williams Realty
(503) 548-4848
Listed By:
Emily Hetrick · License #200106001
(503) 927-3663
Added: Jun 11
Changed: Sep 15
Last Checked: Sep 17 at 4:06PM
MLS# 172415944
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.
Built in 1902, this 2,200-square-foot duplex contains a two-bedroom main-level residence and a separate one-bedroom upper unit. The lower unit is vacant and includes access to an unfinished basement, while the upstairs apartment features built-in cabinetry and oak flooring. Both units have updated kitchens and refreshed bathrooms, with original wood flooring contributing to the property’s period character. Forced-air heating and a composition roof serve the building.
The property sits on a 0.12-acre lot at 2237 NE 14TH Ave in Portland’s Irvington area. Exterior amenities include a shared backyard with mature plantings, a new driveway, and off-street parking. An oversized two-car garage provides additional storage, along with unfinished attic space above. R5 zoning supports the existing duplex configuration.
The property sits on a 0.12-acre lot at 2237 NE 14TH Ave in Portland’s Irvington area. Exterior amenities include a shared backyard with mature plantings, a new driveway, and off-street parking. An oversized two-car garage provides additional storage, along with unfinished attic space above. R5 zoning supports the existing duplex configuration.
Key Highlights
- Duplex totals 2,200 square feet on a 0.12‑acre lot
- Two‑bedroom main‑level unit is vacant; separate upper unit has one bedroom
- 1902 construction with original hardwood and oak flooring
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
$30,658
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
4.72%
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%
$613,160
$613.2K
Cap Rate 7%
$437,971
$438.0K
Cap Rate 9%
$340,644
$340.6K
Market Conditions
NOI Build-Up for 2,200 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
$46.2K $21.00/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$43.8K $19.91/SF
− OpEx
−$13.1K −$5.97/SF
NOI
$30.7K $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%
$613,160
Cap Rate 7%
$437,971
Cap Rate 9%
$340,644
Alternative Uses
Best Use
Multifamily LT 5
$438.0K
$383.2K – $511.0K
NOI $30,658 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$403.5K
$353.1K – $470.8K
NOI $28,248 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$617.8K
$540.6K – $720.8K
NOI $43,247 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,921
Businesses Nearby
Explore this area
Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
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 residential units include updated kitchens, refreshed baths, and shared outdoor space.
Where is this duplex located?
The property is located at 2237 NE 14TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Duplex totals 2,200 square feet on a 0.12‑acre lot; Two‑bedroom main‑level unit is vacant; separate upper unit has one bedroom; 1902 construction with original hardwood and oak flooring
