Occupied Two-Unit
New
For Sale
$525,000
220 Se 28th Ave, Hillsboro, OR 97123
Both residences are occupied by longtime tenants near shopping, dining, services, and outdoor recreation.
Property Size2,096 SF
Price / SF$250.48
Days on Market7
Property Features for 220 Se 28th Ave
General Information
Standard status
Active
Size
2,096 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1973
Listing Agency:
Modern Realty
Listed By:
Santino Filipelli · License #201011066
(971) 340-6636
Source:
Southwestwahomefinder
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 21 at 7:04AM
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 Modern Realty
Investment Insights
Based on property information with market context.
This duplex contains 2,096 square feet and was built in 1973. Both units are occupied by longtime tenants, providing an established rental setup at 220 SE 28th Ave in Hillsboro, Oregon.
The property is near shopping, dining, and everyday services, with Turner Creek Park offering trails, sports courts, and outdoor recreation. The Hillsboro Airport/Fairgrounds MAX station provides access to the broader Portland metro area, while downtown Hillsboro adds restaurants, shops, and community amenities.
The property is near shopping, dining, and everyday services, with Turner Creek Park offering trails, sports courts, and outdoor recreation. The Hillsboro Airport/Fairgrounds MAX station provides access to the broader Portland metro area, while downtown Hillsboro adds restaurants, shops, and community amenities.
Key Highlights
- 2,096‑square‑foot duplex
- Both units occupied by longtime tenants
- Built in 1973
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
$31,479
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
6.00%
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%
$629,580
$629.6K
Cap Rate 7%
$449,700
$449.7K
Cap Rate 9%
$349,767
$349.8K
Market Conditions
NOI Build-Up for 2,096 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
$47.5K $22.68/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$45.0K $21.46/SF
− OpEx
−$13.5K −$6.44/SF
NOI
$31.5K $15.02/SF
Area
Hillsboro, OR
Vacancy
5.40%
Lease Rate
$22.68 /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%
$629,580
Cap Rate 7%
$449,700
Cap Rate 9%
$349,767
Alternative Uses
Best Use
Multifamily LT 5
$449.7K
$393.5K – $524.7K
NOI $31,479 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$396.3K
$346.7K – $462.3K
NOI $27,739 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$562.9K
$492.5K – $656.7K
NOI $39,400 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Explore this area
Business Placement
Demographics for 97123, OR
48,369
Population
17,685
Households
2.7
Avg Household Size
37
Median Age
36%
College-Educated
87%
High-School Grad
55.7 sq mi
ZIP Area
868
Density / Sq Mi
$105,999
Median Household Income
$50,578
Median Earnings
$1,814
Median Rent
$489,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied by longtime tenants near shopping, dining, services, and outdoor recreation.
Where is this duplex located?
The property is located at 220 Se 28th Ave Hillsboro, OR.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,096‑square‑foot duplex; Both units occupied by longtime tenants; Built in 1973
