Duplex with Private
New
For Sale
$799,000
1324 SE 51st Ave, Portland, OR 97215
Updated kitchen features custom cabinetry, a gas range, and finished countertops within a classic residential layout.
Property Size2,594 SF
Price / SF$308.02
Days on Market2
Property Features for 1324 SE 51st Ave
General Information
Standard status
Active
Size
2,594 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Listing Agency:
Oregon First
Listed By:
Terry Long · License #201203728
(503) 667-5686
Source:
Thesanchezteamoregon
Added: Sep 1
Last Checked: Sep 1 at 6:57PM
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 2,594-square-foot duplex, built in 1910, combines period character with updated interior features. The main level includes two bedrooms, a full bathroom, living and dining rooms, and hardwood flooring. An upper-level owner’s suite has its own private deck, while the lower level provides separate living quarters with two bedrooms, a bathroom, and a kitchenette.
The property is located at 1324 SE 51st Ave in Portland, near Mt. Tabor Park and the Hawthorne District. The kitchen includes custom cabinets, a gas range, and countertops. The recorded Home Energy Score is 2, with the HES report available through the Green Building Registry.
The property is located at 1324 SE 51st Ave in Portland, near Mt. Tabor Park and the Hawthorne District. The kitchen includes custom cabinets, a gas range, and countertops. The recorded Home Energy Score is 2, with the HES report available through the Green Building Registry.
Key Highlights
- 2,594‑square‑foot duplex built in 1910
- Main level includes 2 bedrooms and a full bathroom
- Upper‑level owner’s suite with private deck
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
$36,149
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
4.52%
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%
$722,980
$723.0K
Cap Rate 7%
$516,414
$516.4K
Cap Rate 9%
$401,656
$401.7K
Market Conditions
NOI Build-Up for 2,594 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
$54.5K $21.00/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$51.6K $19.91/SF
− OpEx
−$15.5K −$5.97/SF
NOI
$36.1K $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%
$722,980
Cap Rate 7%
$516,414
Cap Rate 9%
$401,656
Alternative Uses
Best Use
Multifamily LT 5
$516.4K
$451.9K – $602.5K
NOI $36,149 @ 7.0% cap · market cap 4.52%
Second Best
Apartment 5plus
$475.8K
$416.3K – $555.1K
NOI $33,307 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$728.5K
$637.4K – $849.9K
NOI $50,992 @ 7.0% cap · market cap 6.38%
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
1,557
Businesses Nearby
Explore this area
Business Placement
Demographics for 97215, OR
18,221
Population
7,855
Households
2.3
Avg Household Size
40
Median Age
64%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,922
Density / Sq Mi
$114,361
Median Household Income
$62,704
Median Earnings
$1,587
Median Rent
$658,500
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 - Updated kitchen features custom cabinetry, a gas range, and finished countertops within a classic residential layout.
Where is this duplex located?
The property is located at 1324 SE 51st Ave Portland, OR.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,594‑square‑foot duplex built in 1910; Main level includes 2 bedrooms and a full bathroom; Upper‑level owner’s suite with private deck
