2523 SE 138TH Ave, Portland, OR 97236
MULTI_FAMILY - Portland, OR
- Added:
- Jul 2, 2026
- Days on Market:
- 5
- Last Refresh:
- Jul 6 at 8:06 am
Property Features for 2523 SE 138TH Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- CM1
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 4
- Standard status
- Active
- APN
- R254028
- Size
- 1,560 SF
- Lot size
- 0.14 Acres
Taxes and HOA fees
- Tax Description
- RHEA'S ADDITION, LOT 2
- Tax Annual Amount
- 5711
Utilities
- Heating system
- Zoned
Building Details
- Year built
- 1996
- Floors in Building
- 1
- Number of units
- 2
- Roof type
- Composition
Listing agent Alexander Phan License #200701028 (503) 860-8128
Listing office Keller Williams Realty Professionals 9755 SW Barnes Rd Ste 560, Portland, OR (503) 546-9955
Listing date Jul 2, 2026
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.
HighLights
- Duplex built in 1996 with zoned heating and composition roof
- CM1 (commercial mixed use) zoning duplex—each side is 2‑bedroom, 1‑bath
- Private flag lot with covered front porch patio and fenced back yard
- Both units are remodeled and currently in good interior condition
- Both sides are currently rented (do not disturb tenants; by appointment only)
Overview
The property is zoned CM1, a commercial mixed-use designation, and sits on a private flag lot. Both sides are currently rented, and showings require an appointment only. Please do not disturb tenants.
For buyers seeking a residential income property with a commercial mixed-use zoning designation, this configuration provides two self-contained units with outdoor space. With both sides already rented and the units described as remodeled with good interior condition, the duplex may appeal to buyers looking for an immediately occupied layout while exploring future options consistent with the CM1 zoning.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.8k | $21.00 |
| − Vacancy | −$1.7k | −$1.09 |
| EGI | $31.1k | $19.91 |
| − OpEx | −$9.3k | −$5.97 |
| NOI | $21.7k | $13.94 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Washington
- State
- Oregon
- Longitude
- -122.521889
- Latitude
- 45.503659
