Corner Lot Duplex with Two
For Sale
$725,000
135 NE 55TH AVE, Portland, OR 97213
Well-maintained duplex with private entrances, updated exterior components, and two unit layouts for diversified living or rental use.
Property Size2,700 SF
Price / SF$268.52
Days on Market179
Property Features for 135 NE 55TH AVE
General Information
Standard status
Active
Size
2,700 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
R-2.5
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,222
Amenities
Basement,Garage
CrawlSpace,FullBasement
Gas
UnitTypeType1,UnitTypeType2
2
3
Dishwasher,HardwoodFloors,Refrigerator,WasherDryer
Deck,Dishwasher,Refrigerator,WasherDryer
1
1165
2813
CornerLot,Level
PublicWater
1.0
0.13
Driveway,OnStreet
Paved
ConcretePerimeter,Slab
2700.0
WoodSiding
Building Details
Building Size
2,700 SF
Year Built
1950
Stories
1
Listing Agency:
Premiere Property Group, LLC
(503) 502-3161
Listed By:
Jennifer Lillie
(503) 502-3161
Source:
Premierepropertygroup
Added: Feb 26
Changed: Aug 21
Last Checked: Aug 23 at 2:53AM
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 Premiere Property Group, LLC
Investment Insights
Based on property information with market context.
This well-maintained duplex on a corner lot includes two separate units, each with its own private entrance. The exterior has been improved with a new roof installed in 2022 and vinyl windows installed in 2021. Fresh interior paint was completed in 2026 for unit 135, with paint completed in 2021 for unit 133. Unit 133 offers 2 bedrooms and 1 bathroom with refinished hardwood floors, a stacked washer and dryer, and in-unit amenities including a dishwasher, gas range, and refrigerator. Unit 133 also includes a fenced yard and a covered patio.
Unit 135 features 3 bedrooms and 2 bathrooms, with one bathroom on each level. The unit includes vaulted beam ceilings and a wood-burning fireplace, along with a private driveway, a 1-car garage, and a finished basement. Both units are configured for everyday living with practical floor plans and natural light.
The property’s two distinct layouts make it a strong fit for buyers looking for rental flexibility or an owner-occupant setup, with one unit live-in while the other supports income. For tenants, the combination of in-unit features, private access, and outdoor space in unit 133 can support comfortable day-to-day living.
Unit 135 features 3 bedrooms and 2 bathrooms, with one bathroom on each level. The unit includes vaulted beam ceilings and a wood-burning fireplace, along with a private driveway, a 1-car garage, and a finished basement. Both units are configured for everyday living with practical floor plans and natural light.
The property’s two distinct layouts make it a strong fit for buyers looking for rental flexibility or an owner-occupant setup, with one unit live-in while the other supports income. For tenants, the combination of in-unit features, private access, and outdoor space in unit 133 can support comfortable day-to-day living.
Key Highlights
- Duplex with two units: Unit 133 (2 bed/1 bath) and Unit 135 (3 bed/2 bath), each with its own private entrance
- Rents: Unit 133 at $1,165/month and Unit 135 at $2,813/month; Unit mix totals 2 and 3 bedrooms
- Updates include new roof (2022), vinyl windows (2021), and fresh paint (2026); exterior is wood siding
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
$37,626
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
5.19%
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%
$752,520
$752.5K
Cap Rate 7%
$537,514
$537.5K
Cap Rate 9%
$418,067
$418.1K
Market Conditions
NOI Build-Up for 2,700 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
$56.7K $21.00/SF
− Vacancy
−$2.9K −$1.09/SF
EGI
$53.8K $19.91/SF
− OpEx
−$16.1K −$5.97/SF
NOI
$37.6K $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%
$752,520
Cap Rate 7%
$537,514
Cap Rate 9%
$418,067
Alternative Uses
Best Use
Multifamily LT 5
$537.5K
$470.3K – $627.1K
NOI $37,626 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$495.3K
$433.4K – $577.8K
NOI $34,668 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$758.2K
$663.5K – $884.6K
NOI $53,076 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,415
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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 - Well-maintained duplex with private entrances, updated exterior components, and two unit layouts for diversified living or rental use.
Where is this duplex located?
The property is located at 135 NE 55TH AVE Portland, OR.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Duplex with two units: Unit 133 (2 bed/1 bath) and Unit 135 (3 bed/2 bath), each with its own private entrance; Rents: Unit 133 at $1,165/month and Unit 135 at $2,813/month; Unit mix totals 2 and 3 bedrooms; Updates include new roof (2022), vinyl windows (2021), and fresh paint (2026); exterior is wood siding
