Flexible Duplex with Separate
For Sale
$899,900
16473 NW Liberty St, Portland, OR 97229
Two independent residences offer adaptable living, rental, or multigenerational use with shared ownership and operational flexibility.
Property Size3,018 SF
Price / SF$298.18
Days on Market10
Property Features for 16473 NW Liberty St
General Information
Standard status
Active
Size
3,018 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/3.5BA, 1 x 2BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
central air conditioning
covered porch
covered balcony
fenced rear yard
turfed lawn
Building Details
Year Built
2026
Buildings
1
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Leon Simms · License #860900098
Source:
Rosecityrealtygroup
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 11:17AM
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 MORE Realty
Investment Insights
Based on property information with market context.
Built in 2026, this duplex contains two self-contained residences connected by a lockout door. Unit A offers 2,000 square feet with four bedrooms and 3 1/2 baths, including two en-suite bedrooms, a bedroom with direct access to a full bath, and a fourth bedroom or bonus room opening to a covered porch and fenced rear yard. Unit B provides 1,000 square feet of single-level living with two bedrooms, two baths, vaulted ceilings, and a covered balcony.
The residences can function independently or be combined into a 3,000-square-foot, six-bedroom, 5 1/2-bath home with two kitchens, living areas, and garages. Both kitchens feature gas cooking, quartz counters, and high-end appliances. The property also includes two single-car garages, central air conditioning, window coverings, and washers and dryers. Most stairways can accommodate a chairlift system. There is no HOA or rental restriction, and the property is near Bethany Village and Hwy. 26.
The residences can function independently or be combined into a 3,000-square-foot, six-bedroom, 5 1/2-bath home with two kitchens, living areas, and garages. Both kitchens feature gas cooking, quartz counters, and high-end appliances. The property also includes two single-car garages, central air conditioning, window coverings, and washers and dryers. Most stairways can accommodate a chairlift system. There is no HOA or rental restriction, and the property is near Bethany Village and Hwy. 26.
Key Highlights
- Two separate residences with a full lockout door and option to combine into one home
- Unit A: 2,000 Sq. Ft., 4 bedrooms, 3 1/2 baths, covered porch, and fenced rear yard
- Unit B: 1,000 Sq. Ft., 2 bedrooms, 2 baths, vaulted ceilings, and covered balcony
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
$44,180
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
4.91%
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%
$883,600
$883.6K
Cap Rate 7%
$631,143
$631.1K
Cap Rate 9%
$490,889
$490.9K
Market Conditions
NOI Build-Up for 3,018 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
$67.0K $22.20/SF
− Vacancy
−$3.9K −$1.29/SF
EGI
$63.1K $20.91/SF
− OpEx
−$18.9K −$6.27/SF
NOI
$44.2K $14.64/SF
Area
ZIP 97229
Vacancy
5.80%
Lease Rate
$22.20 /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%
$883,600
Cap Rate 7%
$631,143
Cap Rate 9%
$490,889
Alternative Uses
Best Use
Multifamily LT 5
$631.1K
$552.3K – $736.3K
NOI $44,180 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$583.5K
$510.6K – $680.8K
NOI $40,846 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$814.6K
$712.8K – $950.4K
NOI $57,024 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 97229, OR
73,602
Population
28,312
Households
2.6
Avg Household Size
38
Median Age
69%
College-Educated
98%
High-School Grad
19.7 sq mi
ZIP Area
3,736
Density / Sq Mi
$159,863
Median Household Income
$83,904
Median Earnings
$1,948
Median Rent
$728,800
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 - Two independent residences offer adaptable living, rental, or multigenerational use with shared ownership and operational flexibility.
Where is this duplex located?
The property is located at 16473 NW Liberty 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: Two separate residences with a full lockout door and option to combine into one home; Unit A: 2,000 Sq. Ft., 4 bedrooms, 3 1/2 baths, covered porch, and fenced rear yard; Unit B: 1,000 Sq. Ft., 2 bedrooms, 2 baths, vaulted ceilings, and covered balcony
