Flexible Duplex With Two
For Sale
$899,900
16473 NW liberty St, Portland, OR 97229
MULTI_FAMILY - Portland, OR
Property Size3,018 SF
Price / SF$298.18
Days on Market201
Property Features for 16473 NW liberty St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
r5
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 6, Bathroom 6, Bedroom 3, Bathroom 4, Bathroom 3, Bedroom 4, Bathroom 5, Bathroom 2, Bedroom 5
Subdivision
North Bethany
View
Territorial
Elementary school
Springville
Middle school
Stoller
High school
Westview
Directions
Bethany north straight to Earnst, left to 165th to Liberty
Standard status
Active
APN
R2202594
Size
3,018 SF
Taxes and HOA fees
Tax Description
Lot 5 Orchards at Abby Creek
Tax Annual Amount
3211
Legal Description
Lot 5 Orchards at Abby Creek
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
gas cooking
quartz counters
high-end appliances
central air conditioning
washer and dryers
chairlift system
covered balcony
fenced rear yard
low-maintenance landscape
Building Details
Year built
2026
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Leon Simms · License #860900098
(503) 201-8868
Added: Jan 22
Changed: Aug 11
Last Checked: Aug 11 at 7:06PM
MLS# 318404281
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.
Under construction for 2026, this duplex provides two distinct residences with a lockout door between them. Unit A includes 2,000 square feet, four bedrooms, three and one-half baths, two en-suite bedrooms, a bonus room with exterior access, a covered porch, and a fenced rear yard. Unit B offers 1,000 square feet of single-level living with two bedrooms, two baths, vaulted ceilings, and a covered balcony. Both residences include complete kitchens with gas cooking, quartz counters, and high-end appliances, along with washer and dryers and window coverings.
The property also includes two single-car garages, central air conditioning, forced-air heating, composition roofing, low-maintenance landscaping, and abundant on-street parking. R5 zoning, no rental restrictions, and no HOA provide additional operating flexibility. The property is near Bethany Village shopping and dining, schools, and access to Hwy. 26.
The property also includes two single-car garages, central air conditioning, forced-air heating, composition roofing, low-maintenance landscaping, and abundant on-street parking. R5 zoning, no rental restrictions, and no HOA provide additional operating flexibility. The property is near Bethany Village shopping and dining, schools, and access to Hwy. 26.
Key Highlights
- Two separate residences with a lockout door for independent or connected use
- Unit A: 2,000 square feet, 4 bedrooms, and 3 1/2 baths
- Unit B: 1,000 square feet, 2 bedrooms, and 2 baths on one level
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two independent residences connect through a lockout door, supporting separate occupancy or combined household use.
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 lockout door for independent or connected use; Unit A: 2,000 square feet, 4 bedrooms, and 3 1/2 baths; Unit B: 1,000 square feet, 2 bedrooms, and 2 baths on one level
