Duplex with Detached Studio
New
For Sale
$499,900
11825 NE MORRIS St, Portland, OR 97220
MultiFamily, Portland, OR
Property Size1,189 SF
Lot Size0.16 Acres
Price / SF$420.44
Days on Market2
Property Features for 11825 NE MORRIS St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R7
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 3
Subdivision
PARKROSE HEIGHTS
Elementary school
Sacramento
Middle school
Parkrose
High school
Parkrose
Directions
122nd, W onto NE Stanton St, right onto NE Morris St
Standard status
Active
APN
R135258
Size
1,189 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
CLEARVIEW, BLOCK 1, LOT 27
Tax Annual Amount
4464
Legal Description
CLEARVIEW, BLOCK 1, LOT 27
Utilities
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Heat Pump, Central Air
Amenities
hardwood floors
fireplace
tankless water heater
heated tile floors
central A/C
solar panels
fenced yard
deck
Building Details
Year built
1956
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Bryan Atkinson
(503) 347-8890
Added: Aug 22
Last Checked: Aug 23 at 4:06AM
MLS# 651413996
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 duplex includes a mid-century residence and a detached studio ADU. The primary home features hardwood flooring, fresh interior paint, a fireplace insert, dual-fuel cooking range, double sink, and a 200-amp electrical panel with EV charger capacity. The ADU includes a dual washer and dryer, tankless water heater, heated tile flooring, and a garage configured for heated office or workspace use. Each residence has an attached garage.
Additional improvements include a new water supply line, re-piped plumbing, improved insulation, central air conditioning with a 2024 heat pump, and a composition roof installed in 2022. The 0.16-acre lot has a fenced yard, drip-irrigated landscaping, edible plantings, decks, storage sheds, an outdoor shower, and a sauna ready for completion. The property is zoned R7 and is near WinCo, local coffee shops, the Parkrose commercial district, Gateway Green, and Gateway Discovery Park.
Additional improvements include a new water supply line, re-piped plumbing, improved insulation, central air conditioning with a 2024 heat pump, and a composition roof installed in 2022. The 0.16-acre lot has a fenced yard, drip-irrigated landscaping, edible plantings, decks, storage sheds, an outdoor shower, and a sauna ready for completion. The property is zoned R7 and is near WinCo, local coffee shops, the Parkrose commercial district, Gateway Green, and Gateway Discovery Park.
Key Highlights
- Detached studio ADU paired with a mid‑century primary residence
- 0.16‑acre fenced lot with drip irrigation, herb garden, mature fig tree, strawberries, and 13 blueberry bushes
- Each residence has an attached garage; ADU garage is heated and plumbed for workspace use
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
$16,569
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
3.31%
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%
$331,380
$331.4K
Cap Rate 7%
$236,700
$236.7K
Cap Rate 9%
$184,100
$184.1K
Market Conditions
NOI Build-Up for 1,189 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
$25.0K $21.00/SF
− Vacancy
−$1.3K −$1.09/SF
EGI
$23.7K $19.91/SF
− OpEx
−$7.1K −$5.97/SF
NOI
$16.6K $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%
$331,380
Cap Rate 7%
$236,700
Cap Rate 9%
$184,100
Alternative Uses
Best Use
Multifamily LT 5
$236.7K
$207.1K – $276.2K
NOI $16,569 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$218.1K
$190.8K – $254.5K
NOI $15,267 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$333.9K
$292.2K – $389.6K
NOI $23,373 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 97220, OR
29,357
Population
12,177
Households
2.4
Avg Household Size
39
Median Age
35%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
3,914
Density / Sq Mi
$68,976
Median Household Income
$41,696
Median Earnings
$1,412
Median Rent
$427,700
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 - Updated two-residence property with garages, landscaped outdoor areas, and extensive utility improvements.
Where is this duplex located?
The property is located at 11825 NE MORRIS St Portland, OR.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Detached studio ADU paired with a mid‑century primary residence; 0.16‑acre fenced lot with drip irrigation, herb garden, mature fig tree, strawberries, and 13 blueberry bushes; Each residence has an attached garage; ADU garage is heated and plumbed for workspace use
