Restored
New
For Sale
$775,000
138 NE 18TH Ave, Portland, OR 97232
MultiFamily, Portland, OR
Property Size3,281 SF
Lot Size0.09 Acres
Price / SF$236.21
Days on Market1
Property Features for 138 NE 18TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RH
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1
Subdivision
Kerns / Buckman
Elementary school
Buckman
Middle school
Hosford
High school
Cleveland
Directions
Corner of NE 18th & Davis - DO NOT DISTURB TENANTS
Standard status
Active
APN
R123182
Size
3,281 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
BUCKMANS 2ND ADD, BLOCK 3, W 19' OF N 58' OF LOT 4, N 58' OF LOT
Tax Annual Amount
7641
Legal Description
BUCKMANS 2ND ADD, BLOCK 3, W 19' OF N 58' OF LOT 4, N 58' OF LOT
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1907
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
Windermere Realty Trust · Windermere Real Estate
(503) 220-1144
Listed By:
Dan Volkmer · License #780101749
(503) 781-3366
Added: Oct 5
Last Checked: Oct 5 at 11:06PM
MLS# 395319921
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This restored duplex was built in 1907 and contains 3,281 square feet on a 0.09-acre lot. The main-floor unit received enhancements during the period of owner occupancy. Building features include forced-air heating, central air conditioning, and a composition roof.
Separate gas, electrical, and water meters serve the property. The zoning designation is RH.
Separate gas, electrical, and water meters serve the property. The zoning designation is RH.
Key Highlights
- 3,281 square feet across two residential units
- Built in 1907 on a 0.09‑acre lot
- Separate gas, electrical, and water meters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,723
Cap Rate
5.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$914,460
$914.5K
Cap Rate 7%
$653,186
$653.2K
Cap Rate 9%
$508,033
$508.0K
Market Conditions
NOI Build-Up for 3,281 SF
Gross rent
$68.9K $21.00/SF
− Vacancy
−$3.6K −$1.09/SF
EGI
$65.3K $19.91/SF
− OpEx
−$19.6K −$5.97/SF
NOI
$45.7K $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 Rate 5%
$914,460
Cap Rate 7%
$653,186
Cap Rate 9%
$508,033
Alternative Uses
Best Use
Multifamily LT 5
$653.2K
$571.5K – $762.1K
NOI $45,723 @ 7.0% cap · market cap 5.90%
Second Best
Apartment 5plus
$601.8K
$526.6K – $702.1K
NOI $42,128 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$921.4K
$806.2K – $1.07M
NOI $64,497 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,601
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - RH-zoned property with separate gas, electrical, and water meters.
Where is this duplex located?
The property is located at 138 NE 18TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 3,281 square feet across two residential units; Built in 1907 on a 0.09‑acre lot; Separate gas, electrical, and water meters
