Duplex with Private
New
For Sale
$627,777
12245 SE WHITCOMB Dr, Milwaukie, OR 97222
MultiFamily, Milwaukie, OR
Property Size2,564 SF
Price / SF$244.84
Days on Market2
Property Features for 12245 SE WHITCOMB Dr
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MULTI F
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 4, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 4
View
Territorial, Lake
Elementary school
Oak Grove
Middle school
Alder Creek
High school
Putnam
Directions
Hyw 99/Mcloughlin entrance at Miramonte lodge (Whitcomb) 2nd duplex on right
Subdivision
_145
Standard status
Active
APN
00031049
Size
2,564 SF
Taxes and HOA fees
Tax Description
111 MILWAUKIE HEIGHTS LT 3 BLK 55
Tax Annual Amount
7589
Legal Description
111 MILWAUKIE HEIGHTS LT 3 BLK 55
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water front features
Lake, Creek
Water front
1
Building Details
Year built
1998
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Real Estate Performance Group
(503) 893-2754
Listed By:
Michael Fuller · License #249198
(503) 913-8218
Added: Sep 25
Changed: Sep 26
Last Checked: Sep 26 at 6:06PM
MLS# 405849325
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.
Built in 1998, this 2,564-square-foot duplex contains two residences, each with two bedrooms and two bathrooms. Both units feature vaulted great-room layouts, wood laminate and hardwood flooring, and separate utilities. A private deck extends from each primary bedroom, while front decks provide lake views. Walk-through closets connect to the primary bedroom bathrooms, and each residence has an oversized double-car garage with additional storage. Forced-air heating, central air, and a composition roof serve the property.
The duplex is located in Milwaukie, within blocks of TriMet and MAX transit and downtown Milwaukie. Zoning is MULTI F.
The duplex is located in Milwaukie, within blocks of TriMet and MAX transit and downtown Milwaukie. Zoning is MULTI F.
Key Highlights
- Two units, each with 2 bedrooms and 2 bathrooms
- 2,564 square feet; built in 1998
- Each residence has an oversized double‑car garage and additional storage
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
$32,922
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
5.24%
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%
$658,440
$658.4K
Cap Rate 7%
$470,314
$470.3K
Cap Rate 9%
$365,800
$365.8K
Market Conditions
NOI Build-Up for 2,564 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
$63.1K $24.60/SF
− Vacancy
−$3.2K −$1.25/SF
EGI
$59.9K $23.35/SF
− OpEx
−$26.9K −$10.51/SF
NOI
$32.9K $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%
$658,440
Cap Rate 7%
$470,314
Cap Rate 9%
$365,800
Alternative Uses
Best Use
Apartment 5plus
$470.3K
$411.5K – $548.7K
NOI $32,922 @ 7.0% cap · market cap 5.24%
Second Best
Multifamily LT 5
$460.1K
$402.6K – $536.8K
NOI $32,207 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$692.1K
$605.6K – $807.4K
NOI $48,446 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
455
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 separate residences offer individual utilities, garages, and private outdoor space.
Where is this duplex located?
The property is located at 12245 SE WHITCOMB Dr Milwaukie, OR.
What is the asking price?
The asking price for this property is $627,777.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 2 bathrooms; 2,564 square feet; built in 1998; Each residence has an oversized double‑car garage and additional storage
