Tenant-Occupied
For Sale
$549,900
2216 23rd Ave, Forest Grove, OR 97116
Both units are occupied by long-term tenants near the University and Forest Grove’s historic downtown area.
Property Size1,980 SF
Price / SF$277.73
Days on Market55
Property Features for 2216 23rd Ave
General Information
Standard status
Active
Size
1,980 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1999
Buildings
1
Tenancy
Multi
Listing Agency:
John L. Scott
Listed By:
Pat Griffith · License #891200192
(503) 939-9090
Source:
Christiesrealestateevg
Added: Sep 6
Changed: Oct 25
Last Checked: Oct 7 at 3:02PM
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 John L. Scott
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Investment Insights
Based on property information with market context.
Built in 1999, this duplex contains 1,980 square feet and is currently occupied by two long-term tenants. The property offers two separate residential units within one building, with the possibility of occupying one side while leasing the other, subject to applicable terms and inspections.
Located at 2216 23rd Ave in Forest Grove, the property is within walking distance of the University and old town area. Interior inspection is required for offer evaluation, and access should be coordinated to avoid disturbing the occupants.
Located at 2216 23rd Ave in Forest Grove, the property is within walking distance of the University and old town area. Interior inspection is required for offer evaluation, and access should be coordinated to avoid disturbing the occupants.
Key Highlights
- 1,980‑square‑foot duplex built in 1999
- Both units occupied by long‑term tenants
- Within walking distance of the University and old town Forest Grove
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,423
Cap Rate
4.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$508,460
$508.5K
Cap Rate 7%
$363,186
$363.2K
Cap Rate 9%
$282,478
$282.5K
Market Conditions
NOI Build-Up for 1,980 SF
Gross rent
$48.7K $24.60/SF
− Vacancy
−$2.5K −$1.25/SF
EGI
$46.2K $23.35/SF
− OpEx
−$20.8K −$10.51/SF
NOI
$25.4K $12.84/SF
Area
Washington County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$508,460
Cap Rate 7%
$363,186
Cap Rate 9%
$282,478
Alternative Uses
Best Use
Apartment 5plus
$363.2K
$317.8K – $423.7K
NOI $25,423 @ 7.0% cap · market cap 4.62%
Second Best
Multifamily LT 5
$347.3K
$303.9K – $405.2K
NOI $24,311 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$534.5K
$467.7K – $623.5K
NOI $37,412 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
849
Businesses Nearby
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Business Placement
Demographics for 97116, OR
29,351
Population
10,229
Households
2.9
Avg Household Size
36
Median Age
33%
College-Educated
90%
High-School Grad
82.1 sq mi
ZIP Area
358
Density / Sq Mi
$87,308
Median Household Income
$42,330
Median Earnings
$1,397
Median Rent
$479,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Both units are occupied by long-term tenants near the University and Forest Grove’s historic downtown area.
Where is this duplex located?
The property is located at 2216 23rd Ave Forest Grove, OR.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 1,980‑square‑foot duplex built in 1999; Both units occupied by long‑term tenants; Within walking distance of the University and old town Forest Grove
