Updated Two-Unit
For Sale
$179,000
Pending
203 Ne Second St, Oakland, OR 97462
Two residential units feature updated kitchens, bathrooms, and ductless HVAC systems.
Property Size1,398 SF
Days on Market29
Property Features for 203 Ne Second St
General Information
Standard status
Pending
Size
1,398 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x studio
Multifamily Units
2
Amenities
common laundry area
Building Details
Year Built
1900
Buildings
1
Listing Agency:
The Neil Company Real Estate
(541) 673-4417
Listed By:
Jacob Gilman
Source:
Portlandoregonhomelistings
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 29 at 10:27AM
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 The Neil Company Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this duplex contains two residential units with a combined 1,398 square feet. The lower residence measures approximately 771 square feet and includes one bedroom, one full bathroom, an updated kitchen, and access to a covered patio. Upstairs, a 627-square-foot studio offers an open living area and original wood flooring.
Both units have updated kitchens and bathrooms, while ductless HVAC systems provide heating and cooling. The property also includes a shared laundry area, new exterior paint, and a newer roof. Positioned on a level corner lot at 203 NE Second St in Oakland, the duplex has an established rental history and an in-town setting within Historic Oakland.
Both units have updated kitchens and bathrooms, while ductless HVAC systems provide heating and cooling. The property also includes a shared laundry area, new exterior paint, and a newer roof. Positioned on a level corner lot at 203 NE Second St in Oakland, the duplex has an established rental history and an in-town setting within Historic Oakland.
Key Highlights
- Two‑unit duplex totaling 1,398 square feet
- Lower unit: approximately 771 sqft with 1 bedroom and 1 full bathroom
- Upper unit: 627 sqft studio with original wood floors
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
$7,169
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
4.01%
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%
$143,380
$143.4K
Cap Rate 7%
$102,414
$102.4K
Cap Rate 9%
$79,656
$79.7K
Market Conditions
NOI Build-Up for 1,398 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
$11.1K $7.92/SF
− Vacancy
−$830 −$0.59/SF
EGI
$10.2K $7.33/SF
− OpEx
−$3.1K −$2.20/SF
NOI
$7.2K $5.13/SF
Area
Douglas County, OR
Vacancy
7.50%
Lease Rate
$7.92 /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%
$143,380
Cap Rate 7%
$102,414
Cap Rate 9%
$79,656
Alternative Uses
Best Use
Multifamily LT 5
$102.4K
$89.6K – $119.5K
NOI $7,169 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$96.1K
$84.1K – $112.2K
NOI $6,729 @ 7.0% cap · market cap 3.76%
Theoretical Best
Specialty Retail
$242.0K
$211.7K – $282.3K
NOI $16,937 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Explore this area
Business Placement
Demographics for 97462, OR
4,130
Population
1,797
Households
2.3
Avg Household Size
52
Median Age
26%
College-Educated
94%
High-School Grad
219.7 sq mi
ZIP Area
19
Density / Sq Mi
$65,032
Median Household Income
$38,338
Median Earnings
$1,205
Median Rent
$377,700
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 residential units feature updated kitchens, bathrooms, and ductless HVAC systems.
Where is this duplex located?
The property is located at 203 Ne Second St Oakland, OR.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,398 square feet; Lower unit: approximately 771 sqft with 1 bedroom and 1 full bathroom; Upper unit: 627 sqft studio with original wood floors
