Eight-Unit Duplex
For Sale
$3,799,900
5139 SE Aldona Ct, Milwaukie, OR 97267
MultiFamily, Milwaukie, OR
Property Size11,892 SF
Lot Size0.88 Acres
Price / SF$319.53
Days on Market187
Property Features for 5139 SE Aldona Ct
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R10
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3
Subdivision
OAK GROVE COMMUNITY COUNCIL
Elementary school
View Acres
Middle school
Alder Creek
High school
Putnam
Directions
Use 15500 SE Wallace Rd, Milwaukie on Maps to Reach Community. Drive on SE Aldona Ct, take first R
Standard status
Active
APN
New Construction
Size
11,892 SF
Lot size
0.88 Acres
Utilities
Heating system
Forced Air
Building Details
Year built
2026
Floors in Building
2
Number of units
8
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Feb 18
Changed: Aug 23
Last Checked: Aug 24 at 5:06PM
MLS# 173282713
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.
This under-construction multifamily offering comprises four duplex buildings with eight residential units across approximately 0.88 acres. The portfolio contains 11,892 square feet, with individual residences measuring approximately 1,487 to 1,495 square feet. Each two-story unit includes three bedrooms, two and a half bathrooms, an open main-level living area, a covered front porch, private patio, fenced yard, one-car attached garage, and additional driveway parking. Bedrooms and a full laundry room are located upstairs, while the main floor includes a half bathroom. Forced-air heating, modern insulation, quality finishes, and insulated double-framed common walls with a one-inch air gap are specified throughout.
The property is in Milwaukie, Oregon, within Clackamas County, and is zoned R10. Milwaukie Bay Park and the Willamette River waterfront are approximately 1.5 miles away. Downtown Milwaukie is also approximately 1.5 miles from the development, with New Seasons Market approximately 1.6 miles away and the Milwaukie/Main Street MAX Station approximately 1.7 miles away. SE McLoughlin Blvd provides nearby regional access.
The property is in Milwaukie, Oregon, within Clackamas County, and is zoned R10. Milwaukie Bay Park and the Willamette River waterfront are approximately 1.5 miles away. Downtown Milwaukie is also approximately 1.5 miles from the development, with New Seasons Market approximately 1.6 miles away and the Milwaukie/Main Street MAX Station approximately 1.7 miles away. SE McLoughlin Blvd provides nearby regional access.
Key Highlights
- Four duplexes with eight residential units on approximately 0.88 acres
- 11,892 square feet with unit sizes from approximately 1,487 to 1,495 square feet
- Eight units contain 12 bedrooms, eight full bathrooms, and four half bathrooms
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
$152,693
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
4.02%
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%
$3,053,860
$3.1M
Cap Rate 7%
$2,181,329
$2.2M
Cap Rate 9%
$1,696,589
$1.7M
Market Conditions
NOI Build-Up for 11,892 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
$292.5K $24.60/SF
− Vacancy
−$14.9K −$1.25/SF
EGI
$277.6K $23.35/SF
− OpEx
−$124.9K −$10.51/SF
NOI
$152.7K $12.84/SF
Area
Clackamas County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$3,053,860
Cap Rate 7%
$2,181,329
Cap Rate 9%
$1,696,589
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.54M
NOI $152,693 @ 7.0% cap · market cap 4.02%
Second Best
Multifamily LT 5
$2.13M
$1.87M – $2.49M
NOI $149,376 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$3.21M
$2.81M – $3.74M
NOI $224,696 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Explore this area
Business Placement
Demographics for 97267, OR
31,851
Population
12,983
Households
2.5
Avg Household Size
45
Median Age
35%
College-Educated
93%
High-School Grad
7.2 sq mi
ZIP Area
4,424
Density / Sq Mi
$85,178
Median Household Income
$47,236
Median Earnings
$1,607
Median Rent
$489,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Under-construction multifamily offering with two-story residences, private outdoor areas, attached garages, and driveway parking.
Where is this duplex located?
The property is located at 5139 SE Aldona Ct Milwaukie, OR.
What is the asking price?
The asking price for this property is $3,799,900.
What are key features of this property?
This property features: Four duplexes with eight residential units on approximately 0.88 acres; 11,892 square feet with unit sizes from approximately 1,487 to 1,495 square feet; Eight units contain 12 bedrooms, eight full bathrooms, and four half bathrooms
