Duplex with Studio
New
For Sale
$540,000
10415 SW 46TH PL, Portland, OR 97219
Two-level residential income property with upgraded finishes, separate mechanical systems, and an attached EV-ready garage.
Property Size2,127 SF
Days on Market6
Property Features for 10415 SW 46TH PL
General Information
Standard status
Active
Size
2,127 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
1 x 3BR/2BA, 1 x studio/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,065
Building Details
Building Size
2,127 SF
Year Built
2018
Buildings
1
Listing Agency:
Keller Williams Realty Professionals
Listed By:
Andrew Berlinberg · License #200201085
(503) 780-5625
Source:
Eleeterealestate
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 21 at 7:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Professionals
Investment Insights
Based on property information with market context.
Built in 2018, this duplex combines a spacious upper residence with a separate ground-floor studio. The upper unit has an open kitchen and living area with quartz countertops, a waterfall island, gas range, full-size counter-depth refrigerator, pantry, private deck, three bedrooms, and two full bathrooms. Its primary suite includes a glass-enclosed shower with two shower heads, soaking tub, walk-in closet, and dual-sink vanity.
The studio includes a full kitchen with stainless appliances and quartz counters, a dedicated washer and dryer, full bathroom, and Murphy bed. Luxury Vinyl Plank flooring extends through the studio and the main level of the upper unit, while new carpet and interior paint include the woodwork. Separate HVAC systems serve the units, with a conventional furnace and central air upstairs and a minisplit in the studio. The property also has two electrical panels and an attached garage wired for EV charging.
The studio includes a full kitchen with stainless appliances and quartz counters, a dedicated washer and dryer, full bathroom, and Murphy bed. Luxury Vinyl Plank flooring extends through the studio and the main level of the upper unit, while new carpet and interior paint include the woodwork. Separate HVAC systems serve the units, with a conventional furnace and central air upstairs and a minisplit in the studio. The property also has two electrical panels and an attached garage wired for EV charging.
Key Highlights
- 2018 construction with upper residence and separate ground‑floor studio
- Upper unit includes 3 bedrooms, 2 full bathrooms, and a private deck
- Studio features full kitchen, dedicated washer and dryer, full bathroom, and Murphy bed
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
$31,236
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
5.78%
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%
$624,720
$624.7K
Cap Rate 7%
$446,229
$446.2K
Cap Rate 9%
$347,067
$347.1K
Market Conditions
NOI Build-Up for 2,127 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
$47.2K $22.20/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$44.6K $20.98/SF
− OpEx
−$13.4K −$6.29/SF
NOI
$31.2K $14.69/SF
Area
ZIP 97219
Vacancy
5.50%
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%
$624,720
Cap Rate 7%
$446,229
Cap Rate 9%
$347,067
Alternative Uses
Best Use
Multifamily LT 5
$446.2K
$390.5K – $520.6K
NOI $31,236 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$393.2K
$344.0K – $458.7K
NOI $27,521 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$597.3K
$522.7K – $696.9K
NOI $41,812 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
Explore this area
Business Placement
Demographics for 97219, OR
42,474
Population
18,881
Households
2.2
Avg Household Size
40
Median Age
66%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
3,630
Density / Sq Mi
$115,525
Median Household Income
$59,178
Median Earnings
$1,603
Median Rent
$651,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level residential income property with upgraded finishes, separate mechanical systems, and an attached EV-ready garage.
Where is this duplex located?
The property is located at 10415 SW 46TH PL Portland, OR.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: 2018 construction with upper residence and separate ground‑floor studio; Upper unit includes 3 bedrooms, 2 full bathrooms, and a private deck; Studio features full kitchen, dedicated washer and dryer, full bathroom, and Murphy bed
