Duplex with Two Bed, One Bath
For Sale
$479,900
2133 Northtree Dr NE, Keizer, OR 97303
MULTI_FAMILY - Keizer, OR
Property Size1,786 SF
Lot Size0.21 Acres
Price / SF$268.70
Days on Market48
Property Features for 2133 Northtree Dr NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RS
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1
Elementary school
Gubser
Middle school
Whiteaker
High school
McNary
Directions
From Lockhaven, North on McLeod, Right on Northtree
Subdivision
_178
Standard status
Active
APN
556386
Size
1,786 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
NORTHTREE ESTATES, BLOCK 1, LOT 17, ACRES 0.206
Tax Annual Amount
3716
Legal Description
NORTHTREE ESTATES, BLOCK 1, LOT 17, ACRES 0.206
Utilities
Heating system
Forced Air
Amenities
fireplace
fenced backyard
Building Details
Year built
1974
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
HomeSmart Realty Group · HomeSmart International
(971) 599-5865
Listed By:
Ande Hofmann
(503) 881-3888
Added: Jun 26
Changed: Aug 5
Last Checked: Aug 12 at 5:06AM
MLS# 465980029
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex includes two units, each with two bedrooms and one bathroom. Both units feature a fireplace, fenced backyard, and a single-car, attached garage. The home has forced-air heating, a composition roof, and was built in 1974.
The property is located in a residential neighborhood and is described as convenient to schools, Keizer Station, and I-5. Updates noted include new carpet and new exterior paint.
One unit is described as having passed section 8 requirements.
The property is located in a residential neighborhood and is described as convenient to schools, Keizer Station, and I-5. Updates noted include new carpet and new exterior paint.
One unit is described as having passed section 8 requirements.
Key Highlights
- Two units, each with two bedrooms and one bathroom
- Fireplace in both units
- Fenced backyards and single‑car, attached garages for each unit
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
Multi-tenant
Tenancy
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 - Duplex on a 0.21-acre lot with two 2-bedroom, 1-bath units, attached single-car garages, fireplace, and fenced backyards.
Where is this duplex located?
The property is located at 2133 Northtree Dr NE 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 units, each with two bedrooms and one bathroom; Fireplace in both units; Fenced backyards and single‑car, attached garages for each unit
