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    The Largest CRE Database in the US with Over 1 Million Listings

    2338 NW Hoyt St Portland, OR 97210

    Sponsored
    For Sale
    $1,050,000

    MULTI_FAMILY - Portland, OR

    Property size:
    3,462 SF
    Lot size:
    0.06 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 11 at 5:06 pm

    Property Features for 2338 NW Hoyt St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    RM2
    Rooms
    Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 2, Bedroom 2, Bathroom 1
    Bedrooms
    5
    APN
    R198555
    Size
    3,462 SF
    Lot size
    0.06 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1890
    Floors in Building
    3
    Number of units
    2
    Roof type
    Composition

    We can help!

    Listing Contact
    Tatyana Gavrilyuk

    MORE Realty (503) 353-6673

    Listing agent Tatyana Gavrilyuk (503) 353-6673

    Listing date Feb 11, 2026

    MLS# 296412625 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Vintage Duplex in NW Portland

    This classic vintage duplex is located in the heart of Portland's NW Alphabet District. The property offers a combination of character, flexibility, and long-term value, and is situated steps from NW 23rd. It presents an opportunity for owner-occupants or investors seeking rental appeal in a high-demand location. The lower unit spans approximately 2,100 square feet and features 3 bedrooms and 2 bathrooms, including a main-level bedroom and bath plus two additional bedrooms and a full bath in the basement with an exterior entrance. Highlights include a fireplace, updated appliances, a private back porch, and a fenced yard. The upper unit offers 2 bedrooms, 1 bathroom, a dedicated office, and two private decks, creating a light-filled and functional living space. Shared laundry is available with a common entry. Major updates include a new roof in 2021 and an oil tank professionally decommissioned in 2006. The property is a well-located duplex with usability and appeal. The lot size is 0.06 acres. The property's zoning is RM2. Please do not disturb tenants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Law Firm Real Estate Agency Dental Office Hair Salon Spa & Massage Center Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.717945
    Latitude
    45.541

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    FAQs

    What type of property is this?
    Duplex - Classic duplex in Portland's Alphabet District, ideal for investors.
    Where is this duplex located?
    The property is located at 2338 NW Hoyt St Portland, OR.
    What is the asking price?
    The asking price for this property is $1,050,000.
    What are key features of this property?
    This property features: - Prime location in Portland's NW Alphabet District, steps from NW 23rd.; - Versatile duplex suitable for owner-occupants or investors.; - Lower unit: **3 bedrooms, 2 bathrooms, 2,100 sq ft** with basement and exterior entrance.
    (503) 353-6673
    Request Owner's contact information
    2338 NW Hoyt St Portland, OR 97210
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    Portland, OR 97210
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2338 NW Hoyt St Portland, OR 97210
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    We can help!
    Listing Contact
    Tatyana Gavrilyuk
    (503) 353-6673
    Learn more
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