Two-Unit Duplex with
New
For Sale
$525,000
1506 NE EMERSON ST, Portland, OR 97211
One residence is leased month to month; the second is vacant, with both offering separate laundry and outdoor areas.
Property Size1,544 SF
Days on Market5
Property Features for 1506 NE EMERSON ST
General Information
Standard status
Active
Size
1,544 SF
Property subtype
MULTI_FAMILY
Site & Location
Neighborhood
Vernon
Public Transit
Yes
Utilities to Site
Yes
Units
Multifamily Units
2
Individually Metered Utilities
electricity, gas
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$3,750
Amenities
wall-mounted air conditioning
washer/dryer
outdoor patio
storage shed
Building Details
Building Size
1,544 SF
Year Built
1951
Buildings
1
Listing Agency:
Opt
Listed By:
Jamie McWilliams · License #200603370
(503) 309-6901
Source:
Eleeterealestate
Added: Oct 28
Changed: Oct 31
Last Checked: Oct 31 at 3:13AM
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 Opt
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Investment Insights
Based on property information with market context.
Built in 1951, this duplex contains two similarly configured residences, each with two bedrooms, hardwood flooring, a living room, dining area, kitchen, wall-mounted air conditioning, forced-air gas heat, and its own washer and dryer. Both units have patio areas. One includes an attached garage and additional parking; the other has off-street parking and a storage shed. One unit is occupied under a month-to-month lease, while the other is vacant. Electrical and gas service are separately metered, and water service is divided between the units.
The property is two blocks from NE Alberta Street and near shops and dining along NE Alberta Street and Killingsworth Street. It is served by a bus line and has a Walk Score of 94 out of 100 and a Bike Score of 100 out of 100.
Vinyl windows are installed throughout except for the large picture windows. The roof and furnaces were replaced in 2017, and the water heaters were replaced in 2022.
The property is two blocks from NE Alberta Street and near shops and dining along NE Alberta Street and Killingsworth Street. It is served by a bus line and has a Walk Score of 94 out of 100 and a Bike Score of 100 out of 100.
Vinyl windows are installed throughout except for the large picture windows. The roof and furnaces were replaced in 2017, and the water heaters were replaced in 2022.
Key Highlights
- Two residences, each with two bedrooms and its own washer and dryer
- One unit occupied on a month‑to‑month lease; the other is vacant
- Separate electrical and gas meters, with water service divided between units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,517
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$430,340
$430.3K
Cap Rate 7%
$307,386
$307.4K
Cap Rate 9%
$239,078
$239.1K
Market Conditions
NOI Build-Up for 1,544 SF
Gross rent
$32.4K $21.00/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$30.7K $19.91/SF
− OpEx
−$9.2K −$5.97/SF
NOI
$21.5K $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%
$430,340
Cap Rate 7%
$307,386
Cap Rate 9%
$239,078
Alternative Uses
Best Use
Multifamily LT 5
$307.4K
$269.0K – $358.6K
NOI $21,517 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$283.2K
$247.8K – $330.4K
NOI $19,825 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$433.6K
$379.4K – $505.9K
NOI $30,352 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,128
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - One residence is leased month to month; the second is vacant, with both offering separate laundry and outdoor areas.
Where is this duplex located?
The property is located at 1506 NE EMERSON ST Portland, OR.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two residences, each with two bedrooms and its own washer and dryer; One unit occupied on a month‑to‑month lease; the other is vacant; Separate electrical and gas meters, with water service divided between units
