Updated Duplex with Basement
For Sale
$779,000
2036/2038 SE MORRISON ST, Portland, OR 97214
Two separately metered units support owner occupancy, long-term leasing, or short-term stays.
Property Size2,315 SF
Price / SF$336.50
Days on Market598
Property Features for 2036/2038 SE MORRISON ST
General Information
Standard status
Active
Size
2,315 SF
Property subtype
Multi-Family
Zoning
CM2
Net Operating Income
$54,000
Taxes and HOA fees
Annual Taxes
$6,739
Amenities
Gas
UnitTypeType1,UnitTypeType2
Electricity,Gas
3
2
1
Level,OnBusline
PublicWater
2315.0
WoodSiding
Building Details
Building Size
2,315 SF
Year Built
1909
Listing Agency:
Homestead Home Group
(971) 271-8932
Listed By:
Joanne Fantozzi
(503) 789-4478
Source:
Premierepropertygroup
Added: Jan 13, 2025
Changed: Sep 3
Last Checked: Sep 2 at 1:55PM
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 Homestead Home Group
Investment Insights
Based on property information with market context.
This 2,315-square-foot duplex, built in 1909, includes a three-bedroom, one-bath main-level residence and a two-bedroom, one-bath daylight basement ADU. Each unit has its own entrance, kitchen, laundry, and electric meter, creating clear separation between the living spaces. Recent interior updates and fresh finishes are present throughout both units.
The property is located at 2036/2038 SE Morrison St in Portland’s Buckman neighborhood, near Belmont, Hawthorne, and central city amenities. It is zoned CM2 and permitted for year-round rental use. The level site is served by public water and is located on a bus line.
The property is located at 2036/2038 SE Morrison St in Portland’s Buckman neighborhood, near Belmont, Hawthorne, and central city amenities. It is zoned CM2 and permitted for year-round rental use. The level site is served by public water and is located on a bus line.
Key Highlights
- 2,315 SF duplex with 5BD/2BA total configuration
- 3BD/1BA main‑level unit plus 2BD/1BA daylight basement ADU
- Separate entrances, kitchens, laundry, and electric meters for each unit
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
$32,261
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
4.14%
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%
$645,220
$645.2K
Cap Rate 7%
$460,871
$460.9K
Cap Rate 9%
$358,456
$358.5K
Market Conditions
NOI Build-Up for 2,315 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
$48.6K $21.00/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$46.1K $19.91/SF
− OpEx
−$13.8K −$5.97/SF
NOI
$32.3K $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%
$645,220
Cap Rate 7%
$460,871
Cap Rate 9%
$358,456
Alternative Uses
Best Use
Multifamily LT 5
$460.9K
$403.3K – $537.7K
NOI $32,261 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$424.6K
$371.6K – $495.4K
NOI $29,725 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$650.1K
$568.9K – $758.5K
NOI $45,508 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,585
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
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 - Two separately metered units support owner occupancy, long-term leasing, or short-term stays.
Where is this duplex located?
The property is located at 2036/2038 SE MORRISON ST Portland, OR.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: 2,315 SF duplex with 5BD/2BA total configuration; 3BD/1BA main‑level unit plus 2BD/1BA daylight basement ADU; Separate entrances, kitchens, laundry, and electric meters for each unit
