Updated Duplex with Attached
For Sale
$899,900
1435 NE Mason St, Portland, OR 97211
Two vacant residences support owner-occupancy, separate leasing, or a combined rental strategy.
Property Size2,510 SF
Price / SF$358.53
Days on Market42
Property Features for 1435 NE Mason St
General Information
Standard status
Active
Size
2,510 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
fenced backyards
Building Details
Year Built
1949
Listing Agency:
Windermere Realty Trust
(503) 335-9898
Listed By:
Jim Arnal
Source:
Foxrealestategroups
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 12:23PM
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 Windermere Realty Trust
Investment Insights
Based on property information with market context.
Built in 1949, this 2510 SF duplex includes two vacant residences with attached garages, separate fenced backyards, and off-street parking on a large driveway. Both units have lower levels with bathrooms and bonus rooms. Interior improvements include refinished hardwood flooring, dual-paned vinyl windows, and fresh Benjamin Moore paint throughout.
The 1435 residence features a recently replaced kitchen with inset custom cabinetry, quartz countertops, and period detailing. The property is located three blocks from Whole Foods and the lower Fremont shops, placing daily retail and neighborhood shopping nearby. The two-unit configuration supports occupying one residence while leasing the other, leasing both units, or maintaining separate household use.
The 1435 residence features a recently replaced kitchen with inset custom cabinetry, quartz countertops, and period detailing. The property is located three blocks from Whole Foods and the lower Fremont shops, placing daily retail and neighborhood shopping nearby. The two-unit configuration supports occupying one residence while leasing the other, leasing both units, or maintaining separate household use.
Key Highlights
- 2510 SF duplex built in 1949
- Two vacant residences with attached garages
- Separate fenced backyards and off‑street driveway parking
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
$34,978
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
3.89%
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%
$699,560
$699.6K
Cap Rate 7%
$499,686
$499.7K
Cap Rate 9%
$388,644
$388.6K
Market Conditions
NOI Build-Up for 2,510 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
$52.7K $21.00/SF
− Vacancy
−$2.7K −$1.09/SF
EGI
$50.0K $19.91/SF
− OpEx
−$15.0K −$5.97/SF
NOI
$35.0K $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%
$699,560
Cap Rate 7%
$499,686
Cap Rate 9%
$388,644
Alternative Uses
Best Use
Multifamily LT 5
$499.7K
$437.2K – $583.0K
NOI $34,978 @ 7.0% cap · market cap 3.89%
Second Best
Apartment 5plus
$460.4K
$402.9K – $537.1K
NOI $32,228 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$704.9K
$616.8K – $822.4K
NOI $49,341 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,715
Businesses Nearby
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
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 vacant residences support owner-occupancy, separate leasing, or a combined rental strategy.
Where is this duplex located?
The property is located at 1435 NE Mason St Portland, OR.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 2510 SF duplex built in 1949; Two vacant residences with attached garages; Separate fenced backyards and off‑street driveway parking
