Duplex with Private
For Sale
$499,000
1704 NE 81ST Ave, Portland, OR 97213
MultiFamily, Portland, OR
Property Size1,560 SF
Lot Size0.12 Acres
Price / SF$319.87
Days on Market669
Property Features for 1704 NE 81ST Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1
Elementary school
Jason Lee
Middle school
Roseway Heights
High school
Leodis McDaniel
Directions
NE Schuyler to NE 81st
Subdivision
_142
Standard status
Active
APN
R194142
Size
1,560 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
JONESMORE, BLOCK 54, LOT 10&11
Tax Annual Amount
5449
Legal Description
JONESMORE, BLOCK 54, LOT 10&11
Utilities
Heating system
Baseboard
Amenities
in-unit washer and dryer
Building Details
Year built
1962
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Lillie Barr
(503) 313-8806
Added: Nov 18, 2024
Changed: Sep 18
Last Checked: Sep 18 at 10:06AM
MLS# 24387918
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.
This duplex contains two occupied units, each arranged with two bedrooms and one bathroom. Both residences include an in-unit washer and dryer, plus a private one-car garage. The property provides 1,560 square feet of building area on a 0.12-acre lot and was constructed in 1962. Baseboard heating and a composition roof are among the existing building features.
Located in NE Portland, the property is zoned RM1. The layout and existing occupancy provide an established residential income configuration, while the interiors may benefit from cosmetic improvements and light TLC over time.
Located in NE Portland, the property is zoned RM1. The layout and existing occupancy provide an established residential income configuration, while the interiors may benefit from cosmetic improvements and light TLC over time.
Key Highlights
- Two occupied units, each with 2 bedrooms and 1 bathroom
- Private 1‑car garage assigned to each unit
- In‑unit washer and dryer in both residences
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
$21,740
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
4.36%
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%
$434,800
$434.8K
Cap Rate 7%
$310,571
$310.6K
Cap Rate 9%
$241,556
$241.6K
Market Conditions
NOI Build-Up for 1,560 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
$32.8K $21.00/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$31.1K $19.91/SF
− OpEx
−$9.3K −$5.97/SF
NOI
$21.7K $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%
$434,800
Cap Rate 7%
$310,571
Cap Rate 9%
$241,556
Alternative Uses
Best Use
Multifamily LT 5
$310.6K
$271.8K – $362.3K
NOI $21,740 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$286.1K
$250.4K – $333.8K
NOI $20,030 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$438.1K
$383.3K – $511.1K
NOI $30,666 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 occupied residences offer two bedrooms, one bathroom, laundry, and dedicated garage space per unit.
Where is this duplex located?
The property is located at 1704 NE 81ST Ave Portland, OR.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two occupied units, each with 2 bedrooms and 1 bathroom; Private 1‑car garage assigned to each unit; In‑unit washer and dryer in both residences
