Occupied Duplex Near MAX
New
For Sale
$525,000
220 SE 28TH Ave, Hillsboro, OR 97123
MultiFamily, Hillsboro, OR
Property Size2,096 SF
Price / SF$250.48
Days on Market5
Property Features for 220 SE 28TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
4
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 8, Bathroom 4, Bathroom 10, Bathroom 9, Bathroom 6, Bathroom 11, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 2, Bathroom 1, Bathroom 12, Bedroom 4, Bedroom 1, Bathroom 7, Bathroom 5
Elementary school
Brookwood
Middle school
South Meadows
High school
Hillsboro
Directions
E MAIN ST, TURN SOUTH ONTO SE 28TH AVE
Subdivision
_152
Standard status
Active
APN
R311512
Size
2,096 SF
Taxes and HOA fees
Tax Description
VIRGINIA PLACE, LOT PT 8, ACRES 0.16
Tax Annual Amount
3888
Legal Description
VIRGINIA PLACE, LOT PT 8, ACRES 0.16
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1973
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Modern Realty
(971) 340-6636
Listed By:
Santino Filipelli · License #201011066
(971) 200-9977
Added: Sep 18
Last Checked: Sep 22 at 6:06PM
MLS# 409652724
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 Hillsboro duplex contains 2096 square feet and has both units occupied by longtime tenants. The property was built in 1973 and includes forced-air heating, window-unit cooling, and a composition roof. Residential zoning supports its multifamily configuration.
Located at 220 SE 28TH Ave, the property is near shopping, dining, and everyday services. Turner Creek Park offers trails, sports courts, and outdoor recreation nearby, while the Hillsboro Airport/Fairgrounds MAX station provides transit access to the broader Portland metro area. Downtown Hillsboro adds restaurants, shops, and community amenities.
Located at 220 SE 28TH Ave, the property is near shopping, dining, and everyday services. Turner Creek Park offers trails, sports courts, and outdoor recreation nearby, while the Hillsboro Airport/Fairgrounds MAX station provides transit access to the broader Portland metro area. Downtown Hillsboro adds restaurants, shops, and community amenities.
Key Highlights
- Duplex with both units occupied by longtime tenants
- 2096 square feet of property size
- 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
Multi-tenant
Tenancy
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 - Two occupied units with forced-air heating, window-unit cooling, and convenient access to shopping, services, parks, and MAX transit.
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: Duplex with both units occupied by longtime tenants; 2096 square feet of property size; Built in 1973
