Corner-Lot Duplex with Two-Car
For Sale
Contact for pricing
11525 SE 32ND AVE, Milwaukie, OR 97222
Two-unit property with fenced outdoor areas, renovated interiors, and one residence currently leased month to month.
Property Size4,455 SF
Price / SF$162.74
Days on Market92
Property Features for 11525 SE 32ND AVE
General Information
Standard status
Active
Size
4,455 SF
Property subtype
Multifamily
Zoning
R-MD
Occupancy
50%
Net Operating Income
$20,254
Building Details
Year Built
1927
Stories
3
Units
2
Tenancy
Multi
Listing Agency:
ST. Clair Properties
(503) 705-0908
Listed By:
John Livingston Bullier · License #Oregon 201214337
Source:
Crexi
Added: Jun 1
Changed: Aug 31
Last Checked: Aug 31 at 12:46AM
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 ST. Clair Properties
Investment Insights
Based on property information with market context.
Built in 1927, this duplex includes two separate residences, each with an updated kitchen and bathroom, a fully fenced yard, and a two-car garage. The 2-bedroom, 1-bathroom unit at 3136 SE Sellwood St is vacant and has been recently renovated with hardwood flooring, fresh paint, new appliances, and updated cabinetry. The second residence offers 4 bedrooms and 2 bathrooms and is occupied on a month-to-month rental arrangement, with original period details retained alongside ongoing updates.
The property occupies a corner lot in Milwaukie and carries R-MD zoning. Century Park, Downtown Milwaukie, New Seasons, and Milwaukie High School are within walking distance. Sellwood is approximately an 8-minute drive, while Downtown Portland is approximately 15 minutes away.
The property occupies a corner lot in Milwaukie and carries R-MD zoning. Century Park, Downtown Milwaukie, New Seasons, and Milwaukie High School are within walking distance. Sellwood is approximately an 8-minute drive, while Downtown Portland is approximately 15 minutes away.
Key Highlights
- Two‑unit duplex built in 1927 on a corner lot
- Each residence includes a two‑car garage and fully fenced yard
- Vacant 2‑bedroom, 1‑bathroom unit recently renovated
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
$57,202
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
7.89%
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%
$1,144,040
$1.1M
Cap Rate 7%
$817,171
$817.2K
Cap Rate 9%
$635,578
$635.6K
Market Conditions
NOI Build-Up for 4,455 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
$109.6K $24.60/SF
− Vacancy
−$5.6K −$1.25/SF
EGI
$104.0K $23.35/SF
− OpEx
−$46.8K −$10.51/SF
NOI
$57.2K $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%
$1,144,040
Cap Rate 7%
$817,171
Cap Rate 9%
$635,578
Alternative Uses
Best Use
Apartment 5plus
$817.2K
$715.0K – $953.4K
NOI $57,202 @ 7.0% cap · market cap 7.89%
Second Best
Multifamily LT 5
$799.4K
$699.5K – $932.7K
NOI $55,960 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,176 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,398
Businesses Nearby
Explore this area
Business Placement
Demographics for 97222, OR
36,316
Population
16,910
Households
2.1
Avg Household Size
41
Median Age
38%
College-Educated
95%
High-School Grad
8.6 sq mi
ZIP Area
4,223
Density / Sq Mi
$77,441
Median Household Income
$48,298
Median Earnings
$1,592
Median Rent
$465,100
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 - Two-unit property with fenced outdoor areas, renovated interiors, and one residence currently leased month to month.
Where is this duplex located?
The property is located at 11525 SE 32ND AVE Milwaukie, OR.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1927 on a corner lot; Each residence includes a two‑car garage and fully fenced yard; Vacant 2‑bedroom, 1‑bathroom unit recently renovated
