Tenant-Occupied Duplex with
For Sale
$589,000
1462 NE Thomas Ct, Hillsboro, OR 97124
Both residences offer three-bedroom, two-bath layouts with attached garages and current tenant occupancy.
Property Size2,088 SF
Price / SF$282.09
Days on Market41
Property Features for 1462 NE Thomas Ct
General Information
Standard status
Active
Size
2,088 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1999
Buildings
1
Tenancy
Multi
Listing Agency:
Oregon First
(971) 505-1318
Listed By:
Yi Liu
Source:
Kingdomreal
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 28 at 1:00PM
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 Oregon First
Investment Insights
Based on property information with market context.
Built in 1999, this duplex contains two tenant-occupied residences, each offering approximately 1,044 square feet with three bedrooms, two bathrooms, and an attached garage. The property is positioned as an income-producing asset, with tenants responsible for all utilities and no HOA. Each residence has earned a Home Energy Score of 9, documenting the reported energy-efficiency rating.
The property is located in Hillsboro near Intel’s Jones Farm and Ronler Acres campuses. Downtown Hillsboro, Highway 26, shopping, dining, parks, and other major employers are also accessible from the property. The existing two-unit configuration and established occupancy provide a straightforward residential income profile.
The property is located in Hillsboro near Intel’s Jones Farm and Ronler Acres campuses. Downtown Hillsboro, Highway 26, shopping, dining, parks, and other major employers are also accessible from the property. The existing two-unit configuration and established occupancy provide a straightforward residential income profile.
Key Highlights
- Two‑unit duplex with both residences currently tenant occupied
- Each unit measures approximately 1,044 square feet with 3 bedrooms and 2 bathrooms
- Attached garage included with each residence
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
$31,359
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
5.32%
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%
$627,180
$627.2K
Cap Rate 7%
$447,986
$448.0K
Cap Rate 9%
$348,433
$348.4K
Market Conditions
NOI Build-Up for 2,088 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
$47.4K $22.68/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$44.8K $21.46/SF
− OpEx
−$13.4K −$6.44/SF
NOI
$31.4K $15.02/SF
Area
Hillsboro, OR
Vacancy
5.40%
Lease Rate
$22.68 /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%
$627,180
Cap Rate 7%
$447,986
Cap Rate 9%
$348,433
Alternative Uses
Best Use
Multifamily LT 5
$448.0K
$392.0K – $522.7K
NOI $31,359 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$394.8K
$345.4K – $460.6K
NOI $27,633 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$560.7K
$490.6K – $654.2K
NOI $39,249 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
460
Businesses Nearby
Explore this area
Business Placement
Demographics for 97124, OR
53,487
Population
22,176
Households
2.4
Avg Household Size
35
Median Age
47%
College-Educated
93%
High-School Grad
45.1 sq mi
ZIP Area
1,186
Density / Sq Mi
$107,063
Median Household Income
$54,463
Median Earnings
$1,918
Median Rent
$518,500
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 - Both residences offer three-bedroom, two-bath layouts with attached garages and current tenant occupancy.
Where is this duplex located?
The property is located at 1462 NE Thomas Ct Hillsboro, OR.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently tenant occupied; Each unit measures approximately 1,044 square feet with 3 bedrooms and 2 bathrooms; Attached garage included with each residence
