Updated Duplex with
For Sale
$779,000
2036 2036/2038 Se Morrison St, Portland, OR 97214
Separate entrances, utilities, kitchens, and laundry support flexible owner-occupant or rental arrangements.
Property Size2,315 SF
Price / SF$336.50
Days on Market88
Property Features for 2036 2036/2038 Se Morrison St
General Information
Standard status
Active
Size
2,315 SF
Property subtype
Multi-Family
Zoning
CM2
Units
Unit Mix
1 x 3BD/1BA, 1 x 2BD/1BA
Multifamily Units
2
Building Details
Year Built
1909
Buildings
1
Listing Agency:
Kelly Right Real Estate of Portland, LLC
Listed By:
Jacob Serrill · License #201228311
(503) 719-6056
Source:
Wyndeekono
Added: Jul 20
Changed: Oct 9
Last Checked: Oct 7 at 5:09PM
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 Kelly Right Real Estate of Portland, LLC
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Investment Insights
Based on property information with market context.
This updated duplex at 2036/2038 SE Morrison St includes a 3BD/1BA main-level residence and a 2BD/1BA daylight basement ADU. Each unit has its own entrance, kitchen, laundry, and electric meter, creating a clearly separated setup for occupancy or leasing. Fresh interior finishes have been added throughout the property.
Zoned CM2 and fully permitted for year-round rental use, the property supports a range of residential income configurations, including living in one unit while renting the other or leasing both residences. The duplex is positioned in Portland’s Buckman neighborhood, just blocks from Belmont, Hawthorne, and central city amenities.
Zoned CM2 and fully permitted for year-round rental use, the property supports a range of residential income configurations, including living in one unit while renting the other or leasing both residences. The duplex is positioned in Portland’s Buckman neighborhood, just blocks from Belmont, Hawthorne, and central city amenities.
Key Highlights
- 5BD/2BA duplex with a 3BD/1BA main‑level unit and 2BD/1BA daylight basement ADU
- Separate entrances, kitchens, laundry, and electric meters for both units
- Zoned CM2 and fully permitted for year‑round rental use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,261
Cap Rate
4.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$645,220
$645.2K
Cap Rate 7%
$460,871
$460.9K
Cap Rate 9%
$358,456
$358.5K
Market Conditions
NOI Build-Up for 2,315 SF
Gross rent
$48.6K $21.00/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$46.1K $19.91/SF
− OpEx
−$13.8K −$5.97/SF
NOI
$32.3K $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 Rate 5%
$645,220
Cap Rate 7%
$460,871
Cap Rate 9%
$358,456
Alternative Uses
Best Use
Multifamily LT 5
$460.9K
$403.3K – $537.7K
NOI $32,261 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$424.6K
$371.6K – $495.4K
NOI $29,725 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$650.1K
$568.9K – $758.5K
NOI $45,508 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,585
Businesses Nearby
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Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Separate entrances, utilities, kitchens, and laundry support flexible owner-occupant or rental arrangements.
Where is this duplex located?
The property is located at 2036 2036/2038 Se Morrison St Portland, OR.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: 5BD/2BA duplex with a 3BD/1BA main‑level unit and 2BD/1BA daylight basement ADU; Separate entrances, kitchens, laundry, and electric meters for both units; Zoned CM2 and fully permitted for year‑round rental use
