Single-Level Duplex with
For Sale
$514,995
10238 Northeast Morris Court, Portland, OR 97220
Two two-bedroom units include private outdoor areas and individual parking garages.
Property Size1,750 SF
Price / SF$294.28
Days on Market1030
Property Features for 10238 Northeast Morris Court
General Information
Standard status
Active
Size
1,750 SF
Total Parking Spaces
4
Property subtype
Multi Family
Zoning
R2
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,046
Amenities
fireplace
private patio
backyard
landscaping
garage
off-street parking
RV parking
Cable
1
Crawl Space
Composition
Lap Siding
Building Details
Year Built
1967
Buildings
1
Stories
1
Listing Agency:
RE/MAX Equity Group
(503) 351-4989
Listed By:
Kevin Smallbeck · License #981000145
(503) 351-4989
Source:
Compass
Added: Nov 6, 2023
Changed: Aug 30
Last Checked: Aug 30 at 3:29PM
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 RE/MAX Equity Group
Investment Insights
Based on property information with market context.
Built in 1967, this 1,750-square-foot duplex contains two one-level units, each with two bedrooms and one bathroom. Both residences feature a fireplace, private patio, backyard space, and a single-car garage. Off-street parking and RV parking add further utility. The property also includes crawl-space access, composition roofing, and lap siding.
Located at 10238 Northeast Morris Court in Portland, the duplex offers access to transit and freeways. The oversized lot includes room identified for a potential Tiny Home, subject to buyer verification of feasibility and applicable local regulations. R2 zoning is reported for the property.
Located at 10238 Northeast Morris Court in Portland, the duplex offers access to transit and freeways. The oversized lot includes room identified for a potential Tiny Home, subject to buyer verification of feasibility and applicable local regulations. R2 zoning is reported for the property.
Key Highlights
- Two‑unit duplex with 1,750 square feet of total property size
- Each unit includes 2 bedrooms and 1 bathroom
- Single‑car garage provided 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
$24,387
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
4.74%
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%
$487,740
$487.7K
Cap Rate 7%
$348,386
$348.4K
Cap Rate 9%
$270,967
$271.0K
Market Conditions
NOI Build-Up for 1,750 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
$36.8K $21.00/SF
− Vacancy
−$1.9K −$1.09/SF
EGI
$34.8K $19.91/SF
− OpEx
−$10.5K −$5.97/SF
NOI
$24.4K $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%
$487,740
Cap Rate 7%
$348,386
Cap Rate 9%
$270,967
Alternative Uses
Best Use
Multifamily LT 5
$348.4K
$304.8K – $406.5K
NOI $24,387 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$321.0K
$280.9K – $374.5K
NOI $22,470 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$491.4K
$430.0K – $573.4K
NOI $34,401 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
307
Businesses Nearby
Explore this area
Business Placement
Demographics for 97220, OR
29,357
Population
12,177
Households
2.4
Avg Household Size
39
Median Age
35%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
3,914
Density / Sq Mi
$68,976
Median Household Income
$41,696
Median Earnings
$1,412
Median Rent
$427,700
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 - Two two-bedroom units include private outdoor areas and individual parking garages.
Where is this duplex located?
The property is located at 10238 Northeast Morris Court Portland, OR.
What is the asking price?
The asking price for this property is $514,995.
What are key features of this property?
This property features: Two‑unit duplex with 1,750 square feet of total property size; Each unit includes 2 bedrooms and 1 bathroom; Single‑car garage provided for each unit
