Updated Two-Unit
For Sale
$479,900
2133 Northtree Dr, Keizer, OR 97303
Two matching residences offer fireplaces, private fenced yards, and attached garages.
Property Size1,786 SF
Days on Market66
Property Features for 2133 Northtree Dr
General Information
Standard status
Active
Size
1,786 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Zoning
RS
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,716
Amenities
fireplace
fenced backyard
Building Details
Building Size
1,786 SF
Year Built
1974
Stories
1
Units
2
Listing Agency:
HomeSmart Realty Group
(503) 881-3888
Listed By:
Ande Hofmann
(503) 881-3888
Source:
Metanars
Added: Jun 26
Changed: Aug 29
Last Checked: Aug 23 at 5:41AM
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 HomeSmart Realty Group
Investment Insights
Based on property information with market context.
Built in 1974, this duplex contains 1,786 square feet and offers two residences with the same practical layout: two bedrooms, one bathroom, a fireplace, a fenced backyard, and an attached single-car garage. Recent improvements include new carpet and fresh exterior paint.
The property is located at 2133 Northtree Dr NE in Keizer, with access to nearby schools, Keizer Station, and I-5. The Northtree unit has passed Section 8 requirements, adding a documented housing-program qualification to one side of the property.
The property is located at 2133 Northtree Dr NE in Keizer, with access to nearby schools, Keizer Station, and I-5. The Northtree unit has passed Section 8 requirements, adding a documented housing-program qualification to one side of the property.
Key Highlights
- Two‑unit duplex with 1,786 square feet, built in 1974
- Both units include 2 bedrooms, 1 bath, and a fireplace
- Each residence has a fenced backyard and attached single‑car garage
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
$13,592
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
2.83%
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%
$271,840
$271.8K
Cap Rate 7%
$194,171
$194.2K
Cap Rate 9%
$151,022
$151.0K
Market Conditions
NOI Build-Up for 1,786 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
$20.8K $11.64/SF
− Vacancy
−$1.4K −$0.77/SF
EGI
$19.4K $10.87/SF
− OpEx
−$5.8K −$3.26/SF
NOI
$13.6K $7.61/SF
Area
Marion County, OR
Vacancy
6.60%
Lease Rate
$11.64 /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%
$271,840
Cap Rate 7%
$194,171
Cap Rate 9%
$151,022
Alternative Uses
Best Use
Multifamily LT 5
$194.2K
$169.9K – $226.5K
NOI $13,592 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$180.5K
$157.9K – $210.5K
NOI $12,632 @ 7.0% cap · market cap 2.63%
Theoretical Best
Specialty Retail
$420.0K
$367.5K – $490.1K
NOI $29,403 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Explore this area
Business Placement
Demographics for 97303, OR
41,441
Population
15,740
Households
2.6
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
24.9 sq mi
ZIP Area
1,664
Density / Sq Mi
$81,057
Median Household Income
$45,034
Median Earnings
$1,361
Median Rent
$396,700
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 matching residences offer fireplaces, private fenced yards, and attached garages.
Where is this duplex located?
The property is located at 2133 Northtree Dr Keizer, OR.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,786 square feet, built in 1974; Both units include 2 bedrooms, 1 bath, and a fireplace; Each residence has a fenced backyard and attached single‑car garage
