Craftsman Duplex with Lower-Level
For Sale
$1,399,999
2559 NW MARSHALL St, Portland, OR 97210
MultiFamily, Portland, OR
Property Size4,672 SF
Price / SF$299.66
Days on Market110
Property Features for 2559 NW MARSHALL St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bathroom 3, Bathroom 5, Bedroom 1, Bedroom 4, Bathroom 1, Bathroom 4, Bedroom 5, Bedroom 2, Bedroom 6, Bedroom 3
Elementary school
Chapman
Middle school
West Sylvan
High school
Lincoln
Directions
NW 25th
Subdivision
_148
Standard status
Active
APN
R171507
Size
4,672 SF
Taxes and HOA fees
Tax Description
GOLDSMITHS ADD, BLOCK 16, W 1/2 OF LOT 11, E 15' OF LOT 14
Tax Annual Amount
16880
Legal Description
GOLDSMITHS ADD, BLOCK 16, W 1/2 OF LOT 11, E 15' OF LOT 14
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
gas fireplace
cherry cabinets
granite counters
stainless steel appliances
soaking tub
custom walk-in shower
covered deck
low-maintenance landscaping
original windows
composite roof
new furnace & AC
EV charging pre-wire
Building Details
Year built
1912
Floors in Building
4
Number of units
2
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Evan Nelson · License #201206804
(310) 422-6044
Added: May 7
Changed: Aug 23
Last Checked: Aug 24 at 7:06PM
MLS# 216526223
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 4,672-square-foot Craftsman duplex combines period character with substantial updates. The main living areas include fir floors, high ceilings, a family room with a gas fireplace, formal dining space with built-ins, and a remodeled kitchen with cherry cabinetry, granite countertops, stainless steel appliances, and pantry storage. The upper level contains four bedrooms and two full bathrooms, while the lower level adds two bedrooms, a full bathroom, a second kitchen, and laundry facilities. A top-floor half bathroom, reading room, and bonus room provide additional flexibility.
The property is located at 2559 NW Marshall St in Portland, near NW 23rd Avenue. Exterior features include an elevated covered deck, low-maintenance landscaping, original windows, sound siding and trim, a newer composition roof, and exterior pre-wiring for EV charging. Heating is provided by forced air, with central air conditioning also in place. The property is zoned R1.
The property is located at 2559 NW Marshall St in Portland, near NW 23rd Avenue. Exterior features include an elevated covered deck, low-maintenance landscaping, original windows, sound siding and trim, a newer composition roof, and exterior pre-wiring for EV charging. Heating is provided by forced air, with central air conditioning also in place. The property is zoned R1.
Key Highlights
- 4,672 square feet with six bedrooms and five bathrooms
- 1912 Craftsman duplex near NW 23rd Avenue
- Lower level includes a second kitchen, two bedrooms, full bathroom, and laundry
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
$65,107
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
4.65%
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%
$1,302,140
$1.3M
Cap Rate 7%
$930,100
$930.1K
Cap Rate 9%
$723,411
$723.4K
Market Conditions
NOI Build-Up for 4,672 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
$98.1K $21.00/SF
− Vacancy
−$5.1K −$1.09/SF
EGI
$93.0K $19.91/SF
− OpEx
−$27.9K −$5.97/SF
NOI
$65.1K $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%
$1,302,140
Cap Rate 7%
$930,100
Cap Rate 9%
$723,411
Alternative Uses
Best Use
Multifamily LT 5
$930.1K
$813.8K – $1.09M
NOI $65,107 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$857.0K
$749.9K – $999.8K
NOI $59,988 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,841 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,031
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Historic Portland property with updated interiors, flexible lower-level living space, and a covered backyard deck.
Where is this duplex located?
The property is located at 2559 NW MARSHALL St Portland, OR.
What is the asking price?
The asking price for this property is $1,399,999.
What are key features of this property?
This property features: 4,672 square feet with six bedrooms and five bathrooms; 1912 Craftsman duplex near NW 23rd Avenue; Lower level includes a second kitchen, two bedrooms, full bathroom, and laundry
