Updated Duplex with Above-Garage
For Sale
$889,000
5816 S CORBETT Ave, Portland, OR 97239
MultiFamily, Portland, OR
Property Size3,182 SF
Lot Size0.12 Acres
Price / SF$279.38
Days on Market136
Property Features for 5816 S CORBETT Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 2, Bedroom 2
Subdivision
JOHNS LANDING
Elementary school
Capitol Hill
Middle school
Jackson
High school
Ida B Wells
Directions
Macadam Ave, West on Pendleton, North on Corbett
Standard status
Active
APN
R173331
Size
3,182 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
GREENS ADD, BLOCK 7, LOT 11
Tax Annual Amount
9211
Legal Description
GREENS ADD, BLOCK 7, LOT 11
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
hardwood floors
gas fireplace
gourmet kitchen
granite countertops
stainless appliances
steam shower
heated floors
tankless water heater
central vac
wine storage
fire pit
water feature
professionally landscaped
fenced and gated
EV outlet
private balcony
walk-in closet
Building Details
Year built
1905
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Premiere Property Group, LLC
(503) 670-9000
Listed By:
Lawrence Burkett
(503) 680-3018
Added: Apr 24
Changed: Sep 3
Last Checked: Sep 6 at 6:06AM
MLS# 368751084
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 R5-zoned duplex includes 3,182 square feet with updated interiors, hardwood flooring, gas fireplaces, a granite-finished kitchen, stainless appliances, and a primary suite with a steam shower, heated floors, and private balcony. The lower level adds a family room, full bathroom, utility room, and wine storage. Heating is provided by forced air, with central air conditioning and a composition roof.
A detached extra-deep garage with an above-garage ADU was permitted and built in 2017. The garage includes an EV outlet and can accommodate a boat and vehicle parking. The ADU has a history of long-term Airbnb use but is not currently rented. The 0.12-acre property is fenced, gated, and professionally landscaped with a fire pit, water feature, planters, exterior lighting, and paved outdoor areas.
Located in Johns Landing, the property is near shopping, restaurants, Willamette Park, transportation, freeways, and Portland’s waterfront bike path. Downtown Portland is approximately 10 minutes away.
A detached extra-deep garage with an above-garage ADU was permitted and built in 2017. The garage includes an EV outlet and can accommodate a boat and vehicle parking. The ADU has a history of long-term Airbnb use but is not currently rented. The 0.12-acre property is fenced, gated, and professionally landscaped with a fire pit, water feature, planters, exterior lighting, and paved outdoor areas.
Located in Johns Landing, the property is near shopping, restaurants, Willamette Park, transportation, freeways, and Portland’s waterfront bike path. Downtown Portland is approximately 10 minutes away.
Key Highlights
- 3,182‑square‑foot duplex on a 0.12‑acre lot
- Permitted above‑garage ADU and detached extra‑deep garage built in 2017
- ADU has long‑term Airbnb history and is not currently rented
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
$44,343
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
4.99%
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%
$886,860
$886.9K
Cap Rate 7%
$633,471
$633.5K
Cap Rate 9%
$492,700
$492.7K
Market Conditions
NOI Build-Up for 3,182 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
$66.8K $21.00/SF
− Vacancy
−$3.5K −$1.09/SF
EGI
$63.3K $19.91/SF
− OpEx
−$19.0K −$5.97/SF
NOI
$44.3K $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%
$886,860
Cap Rate 7%
$633,471
Cap Rate 9%
$492,700
Alternative Uses
Best Use
Multifamily LT 5
$633.5K
$554.3K – $739.1K
NOI $44,343 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$583.7K
$510.7K – $681.0K
NOI $40,857 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$893.6K
$781.9K – $1.04M
NOI $62,551 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,386
Businesses Nearby
Explore this area
Business Placement
Demographics for 97239, OR
18,323
Population
9,963
Households
1.8
Avg Household Size
39
Median Age
74%
College-Educated
99%
High-School Grad
3.6 sq mi
ZIP Area
5,090
Density / Sq Mi
$108,795
Median Household Income
$67,384
Median Earnings
$1,749
Median Rent
$713,100
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 - R5-zoned property with renovated interiors, a detached garage, and a permitted accessory dwelling unit.
Where is this duplex located?
The property is located at 5816 S CORBETT Ave Portland, OR.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: 3,182‑square‑foot duplex on a 0.12‑acre lot; Permitted above‑garage ADU and detached extra‑deep garage built in 2017; ADU has long‑term Airbnb history and is not currently rented
