Remodeled Duplex with Detached
For Sale
$799,000
13414 NW SHERRY ST, Portland, OR 97229
Remodeled duplex with two 3-bedroom, 1-bath units on a multi-family zoned lot, plus a detached shop.
Property Size2,485 SF
Days on Market59
Property Features for 13414 NW SHERRY ST
General Information
Standard status
Active
Size
2,485 SF
Property subtype
MULTI_FAMILY
Additional Details
Cap Rate
6.2%
Taxes and HOA fees
Annual Taxes
$5,077
Building Details
Building Size
2,485 SF
Year Built
1951
Buildings
2
Tenancy
Multi
Listing Agency:
Kevin Morris Realty
Listed By:
Rachelle Kammann
(503) 314-9230
Source:
Eleeterealestate
Added: Jul 22
Changed: Sep 12
Last Checked: Sep 17 at 12:32AM
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 Kevin Morris Realty
Investment Insights
Based on property information with market context.
Remodeled duplex built in 1951 featuring two spacious 3-bedroom, 1-bath units. The property has a detached shop that is currently leased and can provide additional flexibility for income generation and on-site uses. Current rental income supports a 6.2% cap rate. Recent remodeling includes all new water and sewer line, new tankless water heaters, and new electrical panels.
Set on a generous multi-family zoned lot, the site offers development or expansion possibilities while retaining the existing improvements. The property presents potential to add approximately five additional units, or redevelop for an estimated 9-12 unit project (buyer to complete all due diligence with Washington County).
The location is described as minutes to Nike, Intel, downtown Portland, shopping, restaurants, parks, and public transit, supporting tenant appeal and access to major area employers and amenities.
Set on a generous multi-family zoned lot, the site offers development or expansion possibilities while retaining the existing improvements. The property presents potential to add approximately five additional units, or redevelop for an estimated 9-12 unit project (buyer to complete all due diligence with Washington County).
The location is described as minutes to Nike, Intel, downtown Portland, shopping, restaurants, parks, and public transit, supporting tenant appeal and access to major area employers and amenities.
Key Highlights
- Remodeled duplex built in 1951 with two 3‑bedroom, 1‑bath units
- 6.2% cap rate supported by current rental income
- Recent upgrades include all new water and sewer line, tankless water heaters, and new electrical panels
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
$36,377
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
4.55%
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%
$727,540
$727.5K
Cap Rate 7%
$519,671
$519.7K
Cap Rate 9%
$404,189
$404.2K
Market Conditions
NOI Build-Up for 2,485 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
$55.2K $22.20/SF
− Vacancy
−$3.2K −$1.29/SF
EGI
$52.0K $20.91/SF
− OpEx
−$15.6K −$6.27/SF
NOI
$36.4K $14.64/SF
Area
ZIP 97229
Vacancy
5.80%
Lease Rate
$22.20 /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%
$727,540
Cap Rate 7%
$519,671
Cap Rate 9%
$404,189
Alternative Uses
Best Use
Multifamily LT 5
$519.7K
$454.7K – $606.3K
NOI $36,377 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$480.5K
$420.4K – $560.6K
NOI $33,633 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$670.8K
$586.9K – $782.6K
NOI $46,953 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
Explore this area
Business Placement
Demographics for 97229, OR
73,602
Population
28,312
Households
2.6
Avg Household Size
38
Median Age
69%
College-Educated
98%
High-School Grad
19.7 sq mi
ZIP Area
3,736
Density / Sq Mi
$159,863
Median Household Income
$83,904
Median Earnings
$1,948
Median Rent
$728,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Remodeled duplex with two 3-bedroom, 1-bath units on a multi-family zoned lot, plus a detached shop.
Where is this duplex located?
The property is located at 13414 NW SHERRY ST 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: Remodeled duplex built in 1951 with two 3‑bedroom, 1‑bath units; 6.2% cap rate supported by current rental income; Recent upgrades include all new water and sewer line, tankless water heaters, and new electrical panels
