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

    2451 SE Salmon St Portland, OR 97214

    Sponsored
    For Sale
    $1,170,000

    MULTI_FAMILY - Portland, OR

    Property size:
    4,050 SF
    Lot size:
    0.11 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 28 at 12:21 pm

    Property Features for 2451 SE Salmon St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R5
    Rooms
    Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 3, Bathroom 1
    Bedrooms
    4
    APN
    R287916
    Size
    4,050 SF
    Lot size
    0.11 Acres

    Building Details

    Year built
    1927
    Floors in Building
    3
    Number of units
    2
    Roof type
    Composition

    We can help!

    Listing Contact
    Heather Jenkins

    Lark and Fir Realty, LLC (503) 977-7776

    Listing agent Heather Jenkins (503) 977-7776

    Listing date Feb 28, 2026

    MLS# 261562370

    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

    Buckman/Sunnyside Corner Duplex Investment

    This prominent corner duplex is located in the Buckman/Sunnyside area. It offers character, presence, and strong investment potential. The property consists of two distinct homes sharing one common wall on a sunny corner lot. Each home has its own entrance, address, separate utilities, and full basement. Extensive updates have been completed within the past three years, including electrical, plumbing, HVAC, kitchen cabinetry and appliances, and fully renovated bathrooms. Updated landscaping and a new roof and gutters are planned for 2025, supporting long-term value. The property is ideal for owner-occupants, shared ownership, multigenerational living, or income-producing investment. Located between Hawthorne and Belmont on the SE Salmon Neighborhood Greenway, part of Portland's low-traffic bike network, it is just steps to cafes, restaurants, shops, and transit. The Walk Score is 96 and the Bike Score is 97. A detached two-car garage with a separate meter offers potential for EV charging, studio, office, or possible ADU. The property size is 4050 square feet and the lot size is 0.11 acres. The zoning is R5. This is a rare opportunity to own well and invest wisely in one of Inner SE's most established neighborhoods. The selling agent is the owner.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.640378
    Latitude
    45.51453

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    FAQs

    What type of property is this?
    Duplex - Updated duplex with investment potential in prime location.
    Where is this duplex located?
    The property is located at 2451 SE Salmon St Portland, OR.
    What is the asking price?
    The asking price for this property is $1,170,000.
    What are key features of this property?
    This property features: - Prime location in Buckman/Sunnyside, near Hawthorne and Belmont, with **excellent Walk Score (96) and Bike Score (97)**.; - Updated duplex with **extensive renovations in the past three years**, including electrical, plumbing, HVAC, kitchens, and bathrooms.; - **Strong investment potential** with two separate homes, each with its own entrance, address, utilities, and full basement.
    (503) 977-7776
    Request Owner's contact information
    2451 SE Salmon St Portland, OR 97214
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    Portland, OR 97214
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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
    2451 SE Salmon St Portland, OR 97214
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    We can help!
    Listing Contact
    Heather Jenkins
    (503) 977-7776 (503) 515-1548
    Learn more
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