Updated Duplex with Outdoor
For Sale
$599,000
Pending
5106 NE 31st Ave, Portland, OR 97211
Both units include kitchens, laundry areas, and additional storage.
Property Size1,360 SF
Days on Market39
Property Features for 5106 NE 31st Ave
General Information
Standard status
Pending
Size
1,360 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
laundry area
storage space
skylights
mini-split system
fenced yard
deck
Building Details
Year Built
1923
Listing Agency:
Oregon First
(360) 844-3142
Listed By:
Elise Campbell
Source:
Evokepropertypartners
Added: Jul 22
Changed: Aug 28
Last Checked: Aug 25 at 4:31AM
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 Oregon First
Investment Insights
Based on property information with market context.
This duplex contains two one-bedroom, one-bath residences totaling 1,360 square feet. Each unit includes a gas range, refrigerator, dishwasher, washer, dryer, laundry area, and storage. The residences connect only through their storage areas, supporting separation between the living spaces. Improvements include new interior and exterior paint, updated lighting, and replacement countertops.
The front residence offers off-street parking, a fenced yard with refreshed landscaping, and new front and rear decking. The rear residence features two skylights, a mini-split system providing heating and cooling, a large deck, established landscaping, and alley parking access. Built in 1923, the property is near NE Alberta and the Alberta Arts District, with Kennedy School, Fernhill Park, and New Seasons nearby. Walk Score is 88 and Bike Score is 99.
The front residence offers off-street parking, a fenced yard with refreshed landscaping, and new front and rear decking. The rear residence features two skylights, a mini-split system providing heating and cooling, a large deck, established landscaping, and alley parking access. Built in 1923, the property is near NE Alberta and the Alberta Arts District, with Kennedy School, Fernhill Park, and New Seasons nearby. Walk Score is 88 and Bike Score is 99.
Key Highlights
- Two 1‑bedroom, 1‑bath units totaling 1,360 SF
- Built in 1923 with updated paint, lighting, and countertops
- Gas ranges, refrigerators, dishwashers, washers, and dryers in both units
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
$18,952
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
3.16%
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%
$379,040
$379.0K
Cap Rate 7%
$270,743
$270.7K
Cap Rate 9%
$210,578
$210.6K
Market Conditions
NOI Build-Up for 1,360 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
$28.6K $21.00/SF
− Vacancy
−$1.5K −$1.09/SF
EGI
$27.1K $19.91/SF
− OpEx
−$8.1K −$5.97/SF
NOI
$19.0K $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%
$379,040
Cap Rate 7%
$270,743
Cap Rate 9%
$210,578
Alternative Uses
Best Use
Multifamily LT 5
$270.7K
$236.9K – $315.9K
NOI $18,952 @ 7.0% cap · market cap 3.16%
Second Best
Apartment 5plus
$249.5K
$218.3K – $291.0K
NOI $17,462 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$381.9K
$334.2K – $445.6K
NOI $26,735 @ 7.0% cap · market cap 4.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
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 - Both units include kitchens, laundry areas, and additional storage.
Where is this duplex located?
The property is located at 5106 NE 31st Ave Portland, OR.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units totaling 1,360 SF; Built in 1923 with updated paint, lighting, and countertops; Gas ranges, refrigerators, dishwashers, washers, and dryers in both units
