Tenant-Occupied
For Sale
$499,990
21123 Se Morrison St, Gresham, OR 97030
Split-level rental with an attached garage and private backyard in Gresham.
Property Size1,972 SF
Price / SF$253.54
Days on Market55
Property Features for 21123 Se Morrison St
General Information
Standard status
Active
Size
1,972 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Building Details
Year Built
1975
Buildings
1
Construction
split-level
Tenancy
Single
Listing Agency:
Premiere Property Group, LLC
(503) 519-3702
Listed By:
Thomas Cardelli
Source:
Livingoregoncoast
Added: Jul 8
Changed: Aug 31
Last Checked: Aug 30 at 6:12PM
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
Investment Insights
Based on property information with market context.
This tenant-occupied duplex is configured as a split-level residence with 2 bedrooms and 1.5 bathrooms. The layout separates living areas across multiple levels, while the main living space receives natural light. An attached garage provides covered parking and storage, and the backyard offers outdoor space for recreation, gardening, or entertaining. The property was built in 1975.
Located at 21123 SE Morrison St in Gresham, the home is near shopping, dining, schools, parks, public transportation, and major commuter routes. Existing residents have expressed interest in remaining at the property. Interior access is restricted, with inspection contingent on an accepted offer.
Located at 21123 SE Morrison St in Gresham, the home is near shopping, dining, schools, parks, public transportation, and major commuter routes. Existing residents have expressed interest in remaining at the property. Interior access is restricted, with inspection contingent on an accepted offer.
Key Highlights
- 2‑bedroom, 1.5‑bathroom split‑level duplex
- Currently occupied by tenants who would like to remain
- Attached garage provides parking and storage
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
$26,184
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
5.24%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,760
Businesses Nearby
Explore this area
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
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 - Split-level rental with an attached garage and private backyard in Gresham.
Where is this duplex located?
The property is located at 21123 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: 2‑bedroom, 1.5‑bathroom split‑level duplex; Currently occupied by tenants who would like to remain; Attached garage provides parking and storage
