Duplex with Separate Living
New
For Sale
$649,000
2225 N HUMBOLDT St, Portland, OR 97217
MultiFamily, Portland, OR
Property Size2,417 SF
Lot Size0.12 Acres
Price / SF$268.51
Days on Market6
Property Features for 2225 N HUMBOLDT St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bathroom 3, Bedroom 4, Bedroom 2
Subdivision
OVERLOOK
View
Territorial
Elementary school
Beach
Middle school
Ockley Green
High school
Jefferson
Directions
Interstate 5, west on Alberta, south on Gary, west on Humboldt, house on the right
Standard status
Active
APN
R119531
Size
2,417 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
BRAINARD TR, BLOCK 2, LOT 15
Tax Annual Amount
6421
Legal Description
BRAINARD TR, BLOCK 2, LOT 15
Utilities
Heating system
Forced Air
Building Details
Year built
1921
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Mathew Wray
(503) 858-0587
Added: Sep 17
Changed: Sep 22
Last Checked: Sep 22 at 7:06PM
MLS# 114449775
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 duplex provides 2,417 square feet on a 0.12-acre lot, with a classic Foursquare-style main residence and a fully separate, mechanically permitted living space above the detached XL garage. The second space includes vaulted ceilings, a mini-split, its own water heater and laundry, a full bedroom with balcony, and a large living room and kitchen. The property also retains a 2-car garage, long driveway, basement, Trex-style deck, and fully fenced backyard with mature flowering plants.
Interior features in the main residence include built-ins, a central fireplace, hardwood floors, updated kitchen and bathrooms, double-pane windows, a high-efficiency furnace, and mini-splits. Located at 2225 N HUMBOLDT St in Portland, the property is near Adidas HQ, Kaiser, transit, Madrona park, and neighborhood events. R5 zoning applies.
Interior features in the main residence include built-ins, a central fireplace, hardwood floors, updated kitchen and bathrooms, double-pane windows, a high-efficiency furnace, and mini-splits. Located at 2225 N HUMBOLDT St in Portland, the property is near Adidas HQ, Kaiser, transit, Madrona park, and neighborhood events. R5 zoning applies.
Key Highlights
- 2‑unit duplex with a separate, mechanically permitted living space
- 2,417 square feet on a 0.12‑acre lot
- Detached XL garage with 2‑car capacity, long driveway, and basement
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
2
Residential units
Yes
Paved road access
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
Check the figures for this property
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 - Independent second living space offers private laundry, a dedicated water heater, and a full bedroom with balcony.
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‑unit duplex with a separate, mechanically permitted living space; 2,417 square feet on a 0.12‑acre lot; Detached XL garage with 2‑car capacity, long driveway, and basement
