Duplex with Separate Lower-Level
New
For Sale
$799,000
1324 SE 51ST Ave, Portland, OR 97215
MultiFamily, Portland, OR
Property Size2,594 SF
Lot Size0.08 Acres
Price / SF$308.02
Days on Market3
Property Features for 1324 SE 51ST Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 5
Elementary school
Glencoe
Middle school
Mt Tabor
High school
Franklin
Directions
North of Hawthorne on 51st Ave
Subdivision
_143
Standard status
Active
APN
R268878
Size
2,594 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
SEWICKLY ADD, BLOCK 5, LOT 11
Tax Annual Amount
8075
Legal Description
SEWICKLY ADD, BLOCK 5, LOT 11
Utilities
Heating system
Forced Air
Building Details
Year built
1910
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
Oregon First
(503) 667-5686
Listed By:
Terry Long · License #201203728
(503) 320-6543
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 2 at 7:06PM
MLS# 435911459
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,594-square-foot duplex, built in 1910, combines period character with updated interior elements. The main level includes living and dining rooms, hardwood flooring, two bedrooms, and a full bathroom. A larger primary suite occupies the upper level and opens to a private deck. The lower floor is arranged as separate living quarters with two bedrooms, a bathroom, and a kitchenette.
The property sits on a 0.08-acre lot in Portland’s 97215 area, near Mt. Tabor Park and the Hawthorne District. R5 zoning, forced-air heating, and a composition roof are documented property features.
The property sits on a 0.08-acre lot in Portland’s 97215 area, near Mt. Tabor Park and the Hawthorne District. R5 zoning, forced-air heating, and a composition roof are documented property features.
Key Highlights
- 2,594‑square‑foot duplex on a 0.08‑acre lot
- Five bedrooms and three bathrooms across the property
- Separate lower‑level quarters with two bedrooms, a bathroom, and kitchenette
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
Multi-tenant
Tenancy
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 - Classic home features hardwood flooring, custom cabinetry, a gas range, and a private upper-level deck.
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 on a 0.08‑acre lot; Five bedrooms and three bathrooms across the property; Separate lower‑level quarters with two bedrooms, a bathroom, and kitchenette
