Corner-Lot Duplex with Private
For Sale
$450,000
12406 SE Fuller Rd, Milwaukie, OR 97222
Two separate units offer private outdoor areas, parking, and laundry hookups near transit and everyday amenities.
Property Size1,410 SF
Price / SF$319.15
Days on Market9
Property Features for 12406 SE Fuller Rd
General Information
Standard status
Active
Size
1,410 SF
Property subtype
Multi-Family
Building Details
Year Built
1954
Listing Agency:
eXp Realty, LLC
(503) 504-2369
Listed By:
Andrew Harris
Source:
Wisser
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 12:19PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Located at 12406 SE Fuller Rd in Milwaukie, this 1,410-square-foot duplex dates to 1954 and includes one one-bedroom unit and one two-bedroom unit. Both residences feature their own fenced yard, patio, exterior storage shed, and laundry hookups. The vacant one-bedroom unit has new carpet, fresh paint, newer vinyl flooring, and a 2019 water heater. The two-bedroom unit includes a bathroom renovation completed in 2020-21 and newer flooring throughout.
The corner-lot property provides six off-street parking spaces and no HOA. A bus stop is directly in front of the property, with access to the MAX line and I-205 within minutes. Clackamas Town Center and N Clackamas Aquatic Park are also nearby, while Linwood Elementary, Rowe Middle School, and Milwaukie High School serve the surrounding area. The roof was replaced in 2012, and the exterior has been freshly painted.
The corner-lot property provides six off-street parking spaces and no HOA. A bus stop is directly in front of the property, with access to the MAX line and I-205 within minutes. Clackamas Town Center and N Clackamas Aquatic Park are also nearby, while Linwood Elementary, Rowe Middle School, and Milwaukie High School serve the surrounding area. The roof was replaced in 2012, and the exterior has been freshly painted.
Key Highlights
- 1,410 SF duplex on a corner lot in Milwaukie
- One‑bedroom and two‑bedroom units, each with a fully fenced private yard and patio
- Six off‑street parking spaces; no HOA
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
$18,104
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
4.02%
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%
$362,080
$362.1K
Cap Rate 7%
$258,629
$258.6K
Cap Rate 9%
$201,156
$201.2K
Market Conditions
NOI Build-Up for 1,410 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
$34.7K $24.60/SF
− Vacancy
−$1.8K −$1.25/SF
EGI
$32.9K $23.35/SF
− OpEx
−$14.8K −$10.51/SF
NOI
$18.1K $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%
$362,080
Cap Rate 7%
$258,629
Cap Rate 9%
$201,156
Alternative Uses
Best Use
Apartment 5plus
$258.6K
$226.3K – $301.7K
NOI $18,104 @ 7.0% cap · market cap 4.02%
Second Best
Multifamily LT 5
$253.0K
$221.4K – $295.2K
NOI $17,711 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$380.6K
$333.0K – $444.0K
NOI $26,642 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
759
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 separate units offer private outdoor areas, parking, and laundry hookups near transit and everyday amenities.
Where is this duplex located?
The property is located at 12406 SE Fuller Rd Milwaukie, OR.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,410 SF duplex on a corner lot in Milwaukie; One‑bedroom and two‑bedroom units, each with a fully fenced private yard and patio; Six off‑street parking spaces; no HOA
