Updated Duplex with Separate
For Sale
$619,000
9116 North Willamette Boulevard, Portland, OR 97203
R5-zoned property includes a one-bedroom lower-level living unit and off-street driveway parking.
Property Size2,348 SF
Price / SF$263.63
Days on Market532
Property Features for 9116 North Willamette Boulevard
General Information
Standard status
Active
Size
2,348 SF
Total Parking Spaces
1
Property subtype
Multi Family
Zoning
R5
Taxes and HOA fees
Annual Taxes
$6,396
Amenities
3
Exterior Entry, Finished, Separate Living Quarters Apartment Aux Living Unit
Concrete Perimeter, Slab
Composition
Wood Siding
Building Details
Year Built
1906
Listing Agency:
Oregon First
(503) 320-6543
Listed By:
Terry Long · License #201203728
(503) 320-6543
Source:
Compass
Added: Mar 18, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:22AM
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 2,348-square-foot duplex dates to 1906 and was rebuilt in 2013 with substantial updates. The main level includes a spacious kitchen with granite countertops, stainless steel appliances, and a six-burner gas range. Two upper-level bedrooms share access to a bathroom and a large rear deck with a hot tub. Laundry is located near the bedrooms, and the full-length attic provides additional flexible space.
The lower level functions as a separate one-bedroom living unit with its own rear entrance, kitchen, living room, bathroom, laundry area, and storage closets. Exterior features include a rear deck, backyard, territorial views, wood siding, and a composition roof replaced in 2022. The property also has a radon mitigation system, an independent driveway for off-street parking, and R5 zoning. Shops, parks, and schools are located nearby.
The lower level functions as a separate one-bedroom living unit with its own rear entrance, kitchen, living room, bathroom, laundry area, and storage closets. Exterior features include a rear deck, backyard, territorial views, wood siding, and a composition roof replaced in 2022. The property also has a radon mitigation system, an independent driveway for off-street parking, and R5 zoning. Shops, parks, and schools are located nearby.
Key Highlights
- 2,348‑square‑foot duplex rebuilt in 2013
- Separate lower‑level 1‑bedroom unit with private rear entrance
- Main kitchen features granite counters, stainless appliances, and a 6‑burner gas range
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
$32,721
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
5.29%
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%
$654,420
$654.4K
Cap Rate 7%
$467,443
$467.4K
Cap Rate 9%
$363,567
$363.6K
Market Conditions
NOI Build-Up for 2,348 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
$49.3K $21.00/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$46.7K $19.91/SF
− OpEx
−$14.0K −$5.97/SF
NOI
$32.7K $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%
$654,420
Cap Rate 7%
$467,443
Cap Rate 9%
$363,567
Alternative Uses
Best Use
Multifamily LT 5
$467.4K
$409.0K – $545.4K
NOI $32,721 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$430.7K
$376.9K – $502.5K
NOI $30,148 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$659.4K
$577.0K – $769.3K
NOI $46,156 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - R5-zoned property includes a one-bedroom lower-level living unit and off-street driveway parking.
Where is this duplex located?
The property is located at 9116 North Willamette Boulevard Portland, OR.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: 2,348‑square‑foot duplex rebuilt in 2013; Separate lower‑level 1‑bedroom unit with private rear entrance; Main kitchen features granite counters, stainless appliances, and a 6‑burner gas range
