Charming Duplex Near Reed
For Sale
$319,900
5177 SE 28th AVE #5, Portland, OR 97202
Duplex in Reed neighborhood, ideal for student housing or investment.
Property Size878 SF
Days on Market504
Property Features for 5177 SE 28th AVE #5
General Information
Standard status
Active
Size
878 SF
Property subtype
Condominium
Amenities
Heat Pump
Mini Split
Dishwasher
Free-Standing Range
Microwave
Solid Surface Countertop
Stainless Steel Appliance
Patio, Composition
Building Details
Building Size
878 SF
Year Built
2025
Stories
2
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 709-4632
Listed By:
Darryl Bodle II · License #199910100
(503) 709-4632
Source:
Kw
Added: Apr 4, 2025
Changed: Aug 19
Last Checked: Aug 18 at 10:20PM
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 Portland Premiere
Investment Insights
Based on property information with market context.
Located in the Reed neighborhood, this duplex offers proximity to Reed College and an 88 BikeScore. The property is near restaurants, parks, and the Crystal Springs Rhododendron Garden. The kitchen features cabinetry, backsplash, floating shelves, and accent lighting. The open-concept design connects the kitchen to the dining and living areas, which include an accent wall with built-ins and ambient lighting. The lower level includes a guest bath with tile work. Upstairs, the primary suite and secondary bedroom feature perimeter lighting, ceilings, and windows that provide natural light. A private, fenced yard includes a patio. The property is located near the neighborhoods of Woodstock, Brooklyn and Westmoreland.
Key Highlights
- Prime location in the Reed neighborhood, steps from Reed College, ideal for student housing, investment, or close‑in SE Portland living.
- High 88 BikeScore, offering convenient access to restaurants, parks, and Crystal Springs Rhododendron Garden.
- Modern kitchen with rich cabinetry, backsplash, floating shelves, accent lighting, and stainless steel appliances.
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
$12,757
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
3.99%
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%
$255,140
$255.1K
Cap Rate 7%
$182,243
$182.2K
Cap Rate 9%
$141,744
$141.7K
Market Conditions
NOI Build-Up for 878 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
$19.5K $22.20/SF
− Vacancy
−$1.3K −$1.44/SF
EGI
$18.2K $20.76/SF
− OpEx
−$5.5K −$6.23/SF
NOI
$12.8K $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%
$255,140
Cap Rate 7%
$182,243
Cap Rate 9%
$141,744
Alternative Uses
Best Use
Multifamily LT 5
$182.2K
$159.5K – $212.6K
NOI $12,757 @ 7.0% cap · market cap 3.99%
Second Best
Apartment 5plus
$169.2K
$148.1K – $197.4K
NOI $11,845 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$209.5K
$183.3K – $244.4K
NOI $14,663 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
906
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
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex in Reed neighborhood, ideal for student housing or investment.
Where is this duplex located?
The property is located at 5177 SE 28th AVE #5 Portland, OR.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Prime location in the Reed neighborhood, steps from Reed College, ideal for student housing, investment, or close‑in SE Portland living.; High 88 BikeScore, offering convenient access to restaurants, parks, and Crystal Springs Rhododendron Garden.; Modern kitchen with rich cabinetry, backsplash, floating shelves, accent lighting, and stainless steel appliances.
