Tenant-Occupied
For Sale
$499,990
21121 SE Morrison St, Gresham, OR 97030
The split-level residence offers two bedrooms, one full bathroom, and a half bath.
Property Size1,972 SF
Price / SF$253.54
Days on Market89
Property Features for 21121 SE Morrison St
General Information
Standard status
Active
Size
1,972 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Zoning
R15
Site & Location
Neighborhood
Central City
Public Transit
Yes
Additional Details
Multifamily Units
1
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,495
Amenities
attached garage
backyard
Building Details
Building Size
1,972 SF
Year Built
1975
Buildings
1
Stories
2
Units
2
Listing Agency:
Premiere Property Group, LLC
(503) 670-9000
Listed By:
Thomas Cardelli
(503) 519-3702
Source:
Eaglecaprealty
Added: Aug 3
Changed: Oct 26
Last Checked: Oct 29 at 8:13PM
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 Premiere Property Group, LLC
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Investment Insights
Based on property information with market context.
This 1,972-square-foot split-level duplex was built in 1975 and includes two bedrooms, one full bathroom, and a half bath. The property has an attached garage and a backyard. It is currently occupied, and the residents have expressed a desire to stay.
Located at 21121 SE Morrison St in Gresham, the property is zoned R15.
Located at 21121 SE Morrison St in Gresham, the property is zoned R15.
Key Highlights
- 1,972 square feet
- Two bedrooms and 1.5 bathrooms
- Built in 1975
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,184
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$523,680
$523.7K
Cap Rate 7%
$374,057
$374.1K
Cap Rate 9%
$290,933
$290.9K
Market Conditions
NOI Build-Up for 1,972 SF
Gross rent
$39.0K $19.80/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$37.4K $18.97/SF
− OpEx
−$11.2K −$5.69/SF
NOI
$26.2K $13.28/SF
Area
Gresham, OR
Vacancy
4.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$523,680
Cap Rate 7%
$374,057
Cap Rate 9%
$290,933
Alternative Uses
Best Use
Multifamily LT 5
$374.1K
$327.3K – $436.4K
NOI $26,184 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$336.3K
$294.2K – $392.3K
NOI $23,539 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$450.6K
$394.3K – $525.7K
NOI $31,544 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,760
Businesses Nearby
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Business Placement
Demographics for 97030, OR
39,492
Population
16,500
Households
2.4
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,266
Density / Sq Mi
$61,793
Median Household Income
$40,352
Median Earnings
$1,604
Median Rent
$418,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - The split-level residence offers two bedrooms, one full bathroom, and a half bath.
Where is this duplex located?
The property is located at 21121 SE Morrison St Gresham, OR.
What is the asking price?
The asking price for this property is $499,990.
What are key features of this property?
This property features: 1,972 square feet; Two bedrooms and 1.5 bathrooms; Built in 1975
