Duplex with Separate Living
New
For Sale
$649,000
2225 N Humboldt St, Portland, OR 97217
Two independent living areas retain a two-car garage, driveway parking, and a fenced backyard with mature plantings.
Property Size2,417 SF
Lot Size0.40 Acres
Price / SF$268.51
Days on Market3
Property Features for 2225 N Humboldt St
General Information
Standard status
Active
Size
2,417 SF
Lot size
0.40 Acres
Property subtype
Multi-Family
Occupancy
78%
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Furnished
Yes
Business Included
Yes
Building Details
Year Built
1921
Year Renovated
2023
Buildings
1
Listing Agency:
Keller Williams Realty Portland Premiere
Listed By:
Mathew Wray
(503) 496-5151
Source:
Kingdomreal
Added: Sep 20
Last Checked: Sep 21 at 12:07PM
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 Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
This 2,417-square-foot duplex combines a classic Foursquare residence with a fully separate living area above the detached two-car garage. The upper space includes vaulted ceilings, a mini-split system, dedicated water heating and laundry, a full bedroom with balcony, plus a living room and kitchen. Its mechanically permitted configuration supports independent occupancy and flexible use.
The main home features built-ins, a central fireplace, hardwood floors, modernized bathrooms and kitchen, double-pane windows, and a high-efficiency furnace supplemented by mini-splits. A deck extends from the primary living areas to a fenced backyard with mature flowering plants. The property also includes a long driveway and sits on a dead-end street in Portland’s Overlook neighborhood, near transit, Adidas HQ, Kaiser, and Madrona Park. The reported Home Energy Score is 5.
The main home features built-ins, a central fireplace, hardwood floors, modernized bathrooms and kitchen, double-pane windows, and a high-efficiency furnace supplemented by mini-splits. A deck extends from the primary living areas to a fenced backyard with mature flowering plants. The property also includes a long driveway and sits on a dead-end street in Portland’s Overlook neighborhood, near transit, Adidas HQ, Kaiser, and Madrona Park. The reported Home Energy Score is 5.
Key Highlights
- 2,417‑square‑foot duplex with two independent living areas
- Separate living space above the two‑car garage with bedroom, balcony, kitchen, laundry, and living room
- Fully permitted secondary living area with its own water heater and mini‑split
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
$33,682
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
5.19%
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%
$673,640
$673.6K
Cap Rate 7%
$481,171
$481.2K
Cap Rate 9%
$374,244
$374.2K
Market Conditions
NOI Build-Up for 2,417 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
$50.8K $21.00/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$48.1K $19.91/SF
− OpEx
−$14.4K −$5.97/SF
NOI
$33.7K $13.94/SF
Area
Portland, OR
Vacancy
5.20%
Lease Rate
$21.00 /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%
$673,640
Cap Rate 7%
$481,171
Cap Rate 9%
$374,244
Alternative Uses
Best Use
Multifamily LT 5
$481.2K
$421.0K – $561.4K
NOI $33,682 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$443.3K
$387.9K – $517.2K
NOI $31,034 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$678.8K
$593.9K – $791.9K
NOI $47,513 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
78%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
641
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two independent living areas retain a two-car garage, driveway parking, and a fenced backyard with mature plantings.
Where is this duplex located?
The property is located at 2225 N Humboldt St Portland, OR.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 2,417‑square‑foot duplex with two independent living areas; Separate living space above the two‑car garage with bedroom, balcony, kitchen, laundry, and living room; Fully permitted secondary living area with its own water heater and mini‑split
