Classic Duplex with Attic
For Sale
Contact for pricing
1917-1919 NE 10th Ave, Portland, OR 97212
Two rented residences feature original millwork, separate entrances, covered outdoor areas, and tandem off-street parking.
Property Size3,438 SF
Price / SF$261.75
Days on Market117
Property Features for 1917-1919 NE 10th Ave
General Information
Standard status
Active
Size
3,438 SF
Total Parking Spaces
22
Property subtype
Multifamily
Zoning
RM2
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
covered front porch
covered patio
off-street parking
laundry hookups
Building Details
Year Built
1908
Buildings
1
Stories
3
Units
2
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Jeff Stephens · License #201237728
Source:
Crexi
Added: May 8
Changed: Aug 30
Last Checked: Sep 1 at 2:09AM
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.
This RM2-zoned duplex, built in 1908, contains two currently rented residences with distinct private front and rear entrances. The main-level unit at 1917 provides approximately 1,360 square feet, while the upper residence at 1919 includes 1,377 square feet plus 700 square feet of wood-paneled attic area with closets. Interior details include hardwood flooring, formal dining rooms with built-in cabinetry, leaded glass features, storage cabinetry, and two-part kitchens with butler’s pantries.
The property also offers a 1,340-square-foot unfinished basement with notable ceiling height and two laundry-hookup locations. Exterior features include vinyl siding, a metal shingle roof, a covered front porch, covered rear patio space, and tandem driveway parking. Located at 1917-1919 NE 10th Ave in Portland’s Irvington neighborhood.
The property also offers a 1,340-square-foot unfinished basement with notable ceiling height and two laundry-hookup locations. Exterior features include vinyl siding, a metal shingle roof, a covered front porch, covered rear patio space, and tandem driveway parking. Located at 1917-1919 NE 10th Ave in Portland’s Irvington neighborhood.
Key Highlights
- Two‑unit duplex at 1917‑1919 NE 10th Ave, Portland, OR 97212
- Main‑level residence measures approximately 1,360 square feet
- Upper residence includes 1,377 square feet plus 700 square feet of attic space
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
$47,911
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%
$958,220
$958.2K
Cap Rate 7%
$684,443
$684.4K
Cap Rate 9%
$532,344
$532.3K
Market Conditions
NOI Build-Up for 3,438 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
$72.2K $21.00/SF
− Vacancy
−$3.8K −$1.09/SF
EGI
$68.4K $19.91/SF
− OpEx
−$20.5K −$5.97/SF
NOI
$47.9K $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%
$958,220
Cap Rate 7%
$684,443
Cap Rate 9%
$532,344
Alternative Uses
Best Use
Multifamily LT 5
$684.4K
$598.9K – $798.5K
NOI $47,911 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$630.6K
$551.8K – $735.7K
NOI $44,144 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$965.5K
$844.8K – $1.13M
NOI $67,583 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,579
Businesses Nearby
Explore this area
Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
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 rented residences feature original millwork, separate entrances, covered outdoor areas, and tandem off-street parking.
Where is this duplex located?
The property is located at 1917-1919 NE 10th Ave 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‑unit duplex at 1917‑1919 NE 10th Ave, Portland, OR 97212; Main‑level residence measures approximately 1,360 square feet; Upper residence includes 1,377 square feet plus 700 square feet of attic space
