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

    3223 SE 122Nd Ave Portland, OR 97236

    Sponsored
    For Sale
    $685,000

    MULTI_FAMILY - Portland, OR

    Property size:
    2,326 SF
    Days on Market:
    49
    Last Refresh:
    Feb 3 at 4:06 am

    Property Features for 3223 SE 122Nd Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R5
    Rooms
    Bedroom 2, Bathroom 3, Bathroom 4, Bedroom 5, Bathroom 5, Bedroom 4, Bedroom 6, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 2
    Bedrooms
    6
    APN
    R333880
    Size
    2,326 SF

    Utilities

    Heating system
    Zoned, Forced Air

    Building Details

    Year built
    2018
    Floors in Building
    2
    Number of units
    2
    Roof type
    Composition

    We can help!

    Listing Contact
    Li Lanz
    Li Lanz

    Li Lanz Properties, LLC (503) 936-4154

    Listing agent Li Lanz (503) 936-4154

    Listing date Dec 17, 2025

    MLS# 659121540

    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

    Modern Dual-Dwelling Income Property

    This modern dual-dwelling property, constructed in 2018, offers flexibility and income potential. The main residence includes 4 bedrooms, 2.5 bathrooms, and 1,572 square feet of living space. It features solid surface countertops, a primary suite with dual sinks and a walk-in closet, a private patio, and an attached garage. The detached Accessory Dwelling Unit (ADU) provides an additional 754 square feet, with 2 bedrooms, 1.5 bathrooms, washer/dryer hookups, a dedicated patio, and a separate garage. The property is located in Portland, Oregon, within Multnomah County, and has an R5 zoning designation. The property size totals 2,326 square feet. This setup is suitable for multigenerational living, owner-occupancy with rental income, or leasing both units. It is located at 3223 SE 122ND Ave, Portland, OR 97236.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.538047
    Latitude
    45.498792

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    FAQs

    What type of property is this?
    Duplex - 2018 built duplex with income potential in Portland, Oregon.
    Where is this duplex located?
    The property is located at 3223 SE 122Nd Ave Portland, OR.
    What is the asking price?
    The asking price for this property is $685,000.
    What are key features of this property?
    This property features: - Income potential from detached ADU.; - Modern dual-dwelling setup built in 2018.; - Main home: 4 bedrooms, 2.5 baths, 1,572 sq ft with attached garage and private patio.
    (503) 936-4154
    Request Owner's contact information
    3223 SE 122Nd Ave Portland, OR 97236
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    Portland, OR 97236
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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
    3223 SE 122Nd Ave Portland, OR 97236
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    We can help!
    Listing Contact
    Li Lanz
    Li Lanz
    Real Estate License ID: 200308290
    (503) 936-4154
    Learn more
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