Freshly Renovated
For Sale
$924,900
12373 Southeast 122nd Avenue, Happy Valley, OR 97086
Freshly renovated duplex on a large lot with fully fenced back yards and a carport.
Property Size2,623 SF
Lot Size0.33 Acres
Price / SF$352.61
Days on Market296
Property Features for 12373 Southeast 122nd Avenue
General Information
Standard status
Active
Size
2,623 SF
Lot size
0.33 Acres
Property subtype
Multi Family
Zoning
R15
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,993
Amenities
2
Finished, Full Basement
Other
Cement Siding, Stone
Building Details
Year Built
1956
Tenancy
Multi
Listing Agency:
Home Quest Realty
Listed By:
Renee Jimenez
(541) 612-4630
Source:
Compass
Added: Nov 15, 2025
Changed: Aug 8
Last Checked: Jul 23 at 11:06AM
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 Home Quest Realty
Investment Insights
Based on property information with market context.
Freshly renovated duplex with two dwelling units on a large .33-acre lot, featuring fully fenced back yards. The property is offered as income-producing residential housing and may also support owner-occupancy with additional dwelling space.
The duplex is located at 12373 Southeast 122nd Avenue in Happy Valley, Oregon. Public remarks note the related address on the other side of the duplex is 12377 SE 122nd Ave.
Additional exterior improvements include a carport and plenty of extra parking for residents and guests.
The duplex is located at 12373 Southeast 122nd Avenue in Happy Valley, Oregon. Public remarks note the related address on the other side of the duplex is 12377 SE 122nd Ave.
Additional exterior improvements include a carport and plenty of extra parking for residents and guests.
Key Highlights
- Freshly renovated duplex with 2 stories and a finished full basement
- Cement siding and stone exterior
- Large 0.33‑acre lot with fully fenced back yards
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
$33,679
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
3.64%
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%
$673,580
$673.6K
Cap Rate 7%
$481,129
$481.1K
Cap Rate 9%
$374,211
$374.2K
Market Conditions
NOI Build-Up for 2,623 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
$64.5K $24.60/SF
− Vacancy
−$3.3K −$1.25/SF
EGI
$61.2K $23.35/SF
− OpEx
−$27.6K −$10.51/SF
NOI
$33.7K $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%
$673,580
Cap Rate 7%
$481,129
Cap Rate 9%
$374,211
Alternative Uses
Best Use
Apartment 5plus
$481.1K
$421.0K – $561.3K
NOI $33,679 @ 7.0% cap · market cap 3.64%
Second Best
Multifamily LT 5
$470.7K
$411.9K – $549.1K
NOI $32,948 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$708.0K
$619.5K – $826.0K
NOI $49,561 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 97086, OR
32,612
Population
13,440
Households
2.4
Avg Household Size
39
Median Age
43%
College-Educated
95%
High-School Grad
10.5 sq mi
ZIP Area
3,106
Density / Sq Mi
$102,591
Median Household Income
$49,939
Median Earnings
$1,598
Median Rent
$655,700
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 - Freshly renovated duplex on a large lot with fully fenced back yards and a carport.
Where is this duplex located?
The property is located at 12373 Southeast 122nd Avenue Happy Valley, OR.
What is the asking price?
The asking price for this property is $924,900.
What are key features of this property?
This property features: Freshly renovated duplex with 2 stories and a finished full basement; Cement siding and stone exterior; Large 0.33‑acre lot with fully fenced back yards
