Remodeled Two-Unit
For Sale
$713,000
2345 SE 145th Ave, Portland, OR 97233
Each unit includes laundry, office space, storage, and a covered patio.
Property Size2,181 SF
Price / SF$326.91
Days on Market14
Property Features for 2345 SE 145th Ave
General Information
Standard status
Active
Size
2,181 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
laundry room
office space
fully fenced backyard
storage shed
covered patio
Building Details
Year Built
1970
Year Renovated
2024
Listing Agency:
John L. Scott Sandy
(503) 445-7660
Listed By:
Nicholle Temneanu · License #201224962
Source:
Rosecityrealtygroup
Added: Aug 16
Changed: Aug 27
Last Checked: Aug 29 at 12:17PM
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 John L. Scott Sandy
Investment Insights
Based on property information with market context.
This duplex contains two occupied residences totaling 2,181 square feet. The unit mix includes one three-bedroom, two-bath home and one two-bedroom, one-bath home. Interior and exterior updates were completed in 2024, along with installation of a new sewer line. Both units include dedicated laundry rooms, additional office space, a fully fenced backyard, a storage shed, and a covered patio. The property was built in 1970.
Located at 2345 SE 145th Ave in Portland, the property is near public transportation, schools, and grocery stores. Parking is available on site, with additional street parking also provided.
Located at 2345 SE 145th Ave in Portland, the property is near public transportation, schools, and grocery stores. Parking is available on site, with additional street parking also provided.
Key Highlights
- Two occupied units: one 3 bed/2 bath and one 2 bed/1 bath
- 2,181 square feet on a duplex property
- Interior and exterior renovations completed in 2024
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
$30,394
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
4.26%
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%
$607,880
$607.9K
Cap Rate 7%
$434,200
$434.2K
Cap Rate 9%
$337,711
$337.7K
Market Conditions
NOI Build-Up for 2,181 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
$45.8K $21.00/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$43.4K $19.91/SF
− OpEx
−$13.0K −$5.97/SF
NOI
$30.4K $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%
$607,880
Cap Rate 7%
$434,200
Cap Rate 9%
$337,711
Alternative Uses
Best Use
Multifamily LT 5
$434.2K
$379.9K – $506.6K
NOI $30,394 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$400.1K
$350.1K – $466.7K
NOI $28,004 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$612.5K
$535.9K – $714.6K
NOI $42,874 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
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 - Each unit includes laundry, office space, storage, and a covered patio.
Where is this duplex located?
The property is located at 2345 SE 145th Ave Portland, OR.
What is the asking price?
The asking price for this property is $713,000.
What are key features of this property?
This property features: Two occupied units: one 3 bed/2 bath and one 2 bed/1 bath; 2,181 square feet on a duplex property; Interior and exterior renovations completed in 2024
