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 Market11
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) 645-7433
Source:
Theoregonhomefinder
Added: Aug 29
Changed: Sep 7
Last Checked: Sep 8 at 8:31AM
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
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 = 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
$25,423
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
4.62%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
849
Businesses Nearby
Explore this area
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
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 - 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
