Side-by-Side
For Sale
$579,900
804 SE NEHALEM St, Portland, OR 97202
MultiFamily, Portland, OR
Property Size1,560 SF
Lot Size0.11 Acres
Price / SF$371.73
Days on Market20
Property Features for 804 SE NEHALEM St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5A
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1
Subdivision
SELLWOOD - MORELAND
Elementary school
Llewellyn
Middle school
Sellwood
High school
Cleveland
Directions
SE 9th Ave to SE Nehalem St
Standard status
Active
APN
R266912
Size
1,560 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
SELLWOOD, BLOCK 31, W 1/2 OF LOT 7&8
Tax Annual Amount
6053
Legal Description
SELLWOOD, BLOCK 31, W 1/2 OF LOT 7&8
Utilities
Heating system
Baseboard
Amenities
in unit laundry
private fenced yard space
covered patios
shared community garden
Building Details
Year built
1969
Floors in Building
1
Number of units
2
Roof type
Shingle, Composition
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Stephen FitzMaurice
(971) 803-1590
Added: Aug 5
Changed: Aug 23
Last Checked: Aug 24 at 6:06PM
MLS# 160834754
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 side-by-side duplex contains 1,560 square feet across two residences, each configured with two bedrooms and one full bathroom. Both units include an open living and dining area that connects with the kitchen, along with in-unit laundry. Private fenced yard areas, covered patios, and access to a shared community garden add outdoor functionality. Baseboard heating serves the property, which was built in 1969 and has shingle and composition roofing.
The 0.11-acre property occupies a corner lot in Sellwood, with proximity to the Willamette River and the surrounding Sellwood area. R5A zoning and the two-residence layout provide a clear multifamily configuration at 804 SE NEHALEM St in Portland.
The 0.11-acre property occupies a corner lot in Sellwood, with proximity to the Willamette River and the surrounding Sellwood area. R5A zoning and the two-residence layout provide a clear multifamily configuration at 804 SE NEHALEM St in Portland.
Key Highlights
- Side‑by‑side duplex with 1,560 square feet
- Each unit includes 2 bedrooms and 1 full bathroom
- Private fenced yard space and covered patios
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
$22,667
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
3.91%
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%
$453,340
$453.3K
Cap Rate 7%
$323,814
$323.8K
Cap Rate 9%
$251,856
$251.9K
Market Conditions
NOI Build-Up for 1,560 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
$34.6K $22.20/SF
− Vacancy
−$2.3K −$1.44/SF
EGI
$32.4K $20.76/SF
− OpEx
−$9.7K −$6.23/SF
NOI
$22.7K $14.53/SF
Area
ZIP 97202
Vacancy
6.50%
Lease Rate
$22.20 /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%
$453,340
Cap Rate 7%
$323,814
Cap Rate 9%
$251,856
Alternative Uses
Best Use
Multifamily LT 5
$323.8K
$283.3K – $377.8K
NOI $22,667 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$300.7K
$263.1K – $350.8K
NOI $21,046 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$372.2K
$325.7K – $434.2K
NOI $26,052 @ 7.0% cap · market cap 4.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,025
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
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 - Two matching residences offer private outdoor areas, covered patios, and in-unit laundry.
Where is this duplex located?
The property is located at 804 SE NEHALEM St Portland, OR.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: Side‑by‑side duplex with 1,560 square feet; Each unit includes 2 bedrooms and 1 full bathroom; Private fenced yard space and covered patios
