Duplex with Private
New
For Sale
$950,000
2246 NW GLISAN St, Portland, OR 97210
MultiFamily, Portland, OR
Property Size4,250 SF
Lot Size0.14 Acres
Price / SF$223.53
Days on Market3
Property Features for 2246 NW GLISAN St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM4
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 5, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 4
Subdivision
NOB HILL, ALPHABET DISTRICT
Elementary school
Chapman
Middle school
West Sylvan
High school
Lincoln
Directions
Between NW 23rd and NW 22nd on south side of Glisan
Standard status
Active
APN
R216379
Size
4,250 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
MEADS ADD, BLOCK 2, LOT 9
Tax Annual Amount
18020
Legal Description
MEADS ADD, BLOCK 2, LOT 9
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
wraparound porch
bay windows
hardwood floors
fireplaces
private deck
in-unit laundry
updated kitchens
gas cooking
shared rear patio
garden
basement storage
Building Details
Year built
1912
Floors in Building
3
Number of units
2
Roof type
Composition, Flat
Listing Agency:
Windermere Realty Trust · Windermere Real Estate
(503) 284-7755
Listed By:
Brian Bostick · License #200405045
(503) 998-8040
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:06PM
MLS# 182352481
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 1912, this RM4-zoned duplex contains 4,250 square feet across two residences on a 0.14-acre lot. The upper unit has three bedrooms and two bathrooms, plus a private deck and in-unit laundry; the lower unit has two bedrooms and two bathrooms. Both residences have separate exterior entrances, fireplaces, and kitchens with gas cooking. Hardwood floors, bay windows, and a wraparound porch contribute to the building’s period character, while basement storage, a shared rear patio and garden, and four or more off-street parking spaces provide additional features. The flat roof is new.
The property is near Trader Joe’s and the restaurants, boutiques, cafes, and coffee shops of NW 23rd. Both residences are currently rented, and one has a long-term tenant. Existing leases and tenant rights apply.
The property is near Trader Joe’s and the restaurants, boutiques, cafes, and coffee shops of NW 23rd. Both residences are currently rented, and one has a long-term tenant. Existing leases and tenant rights apply.
Key Highlights
- Two residences: one with 3 bedrooms and 2 bathrooms, the other with 2 bedrooms and 2 bathrooms
- 4,250 square feet on a 0.14‑acre lot; zoned RM4
- Built in 1912; new flat roof
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
$59,226
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
6.23%
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%
$1,184,520
$1.2M
Cap Rate 7%
$846,086
$846.1K
Cap Rate 9%
$658,067
$658.1K
Market Conditions
NOI Build-Up for 4,250 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
$89.3K $21.00/SF
− Vacancy
−$4.6K −$1.09/SF
EGI
$84.6K $19.91/SF
− OpEx
−$25.4K −$5.97/SF
NOI
$59.2K $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%
$1,184,520
Cap Rate 7%
$846,086
Cap Rate 9%
$658,067
Alternative Uses
Best Use
Multifamily LT 5
$846.1K
$740.3K – $987.1K
NOI $59,226 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$779.6K
$682.1K – $909.5K
NOI $54,570 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,545 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,209
Businesses Nearby
Explore this area
Business Placement
Demographics for 97210, OR
13,016
Population
7,910
Households
1.6
Avg Household Size
38
Median Age
76%
College-Educated
97%
High-School Grad
8.9 sq mi
ZIP Area
1,462
Density / Sq Mi
$87,942
Median Household Income
$66,429
Median Earnings
$1,577
Median Rent
$991,500
Median Home Value
Check the figures for this property
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 - Separate exterior entries serve two residences, each with its own fireplace and updated kitchen.
Where is this duplex located?
The property is located at 2246 NW GLISAN St Portland, OR.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two residences: one with 3 bedrooms and 2 bathrooms, the other with 2 bedrooms and 2 bathrooms; 4,250 square feet on a 0.14‑acre lot; zoned RM4; Built in 1912; new flat roof
