Craftsman
For Sale
$1,200,000
Pending
2112 Se Elliott Ave, Portland, OR 97214
The property combines two residences with shared storage and original Craftsman detailing.
Property Size5,000 SF
Days on Market411
Property Features for 2112 Se Elliott Ave
General Information
Standard status
Pending
Size
5,000 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 5BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,026
Building Details
Year Built
1912
Buildings
1
Construction
Craftsman
Tenancy
Multi
Listing Agency:
Think Real Estate
(503) 679-9243
Listed By:
Hope Beraka · License #200603056
(503) 679-9243
Source:
Exprealty
Added: Jul 8, 2025
Changed: Aug 20
Last Checked: Aug 21 at 12:57PM
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 Think Real Estate
Investment Insights
Based on property information with market context.
Built in 1912, this duplex contains more than 5,000 square feet across two distinct residences. The upper home occupies two floors with five bedrooms, two full bathrooms, an open living and dining area, a kitchen, and a covered east-facing sleeping porch. Its interiors feature refinished oak floors, wainscoting, built-ins, period light fixtures, and original trim. The ground-level apartment offers one bedroom, formal living and dining rooms, a fireplace, wood floors, a large kitchen with built-ins, and vintage bathroom finishes.
A full-height shared basement provides laundry, storage, and a separate exterior entrance. The property also includes a covered front porch and a backyard with established planting beds. It is located at 2112 SE Elliott Ave in Portland’s Ladd’s Addition Historic District, near Hawthorne and Division Streets, Abernethy Elementary, and Ladd Circle Park.
A full-height shared basement provides laundry, storage, and a separate exterior entrance. The property also includes a covered front porch and a backyard with established planting beds. It is located at 2112 SE Elliott Ave in Portland’s Ladd’s Addition Historic District, near Hawthorne and Division Streets, Abernethy Elementary, and Ladd Circle Park.
Key Highlights
- 1912 Craftsman duplex with more than 5,000 square feet
- Upper residence includes 5 bedrooms, 2 full bathrooms, and two floors
- Ground‑floor unit includes 1 bedroom, formal living and dining rooms, and a fireplace
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
$69,678
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
5.81%
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%
$1,393,560
$1.4M
Cap Rate 7%
$995,400
$995.4K
Cap Rate 9%
$774,200
$774.2K
Market Conditions
NOI Build-Up for 5,000 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
$105.0K $21.00/SF
− Vacancy
−$5.5K −$1.09/SF
EGI
$99.5K $19.91/SF
− OpEx
−$29.9K −$5.97/SF
NOI
$69.7K $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%
$1,393,560
Cap Rate 7%
$995,400
Cap Rate 9%
$774,200
Alternative Uses
Best Use
Multifamily LT 5
$995.4K
$871.0K – $1.16M
NOI $69,678 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$917.1K
$802.5K – $1.07M
NOI $64,200 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,289 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,279
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - The property combines two residences with shared storage and original Craftsman detailing.
Where is this duplex located?
The property is located at 2112 Se Elliott Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 1912 Craftsman duplex with more than 5,000 square feet; Upper residence includes 5 bedrooms, 2 full bathrooms, and two floors; Ground‑floor unit includes 1 bedroom, formal living and dining rooms, and a fireplace
