Duplex with Updated Gas
For Sale
$599,900
2235 SE 53RD AVE, Hillsboro, OR 97123
Both units have individual gas furnaces and established long-term tenants.
Property Size2,140 SF
Days on Market11
Property Features for 2235 SE 53RD AVE
General Information
Standard status
Active
Size
2,140 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$4,546
Building Details
Building Size
2,140 SF
Year Built
1978
Listing Agency:
John L. Scott
Listed By:
Pat Griffith · License #891200192
(503) 939-9090
Source:
Eleeterealestate
Added: Sep 1
Changed: Sep 9
Last Checked: Sep 10 at 5:45AM
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 1978, this duplex includes two separate units, each equipped with its own gas furnace. The furnaces were replaced within the last 3 years, providing updated heating equipment for both residences.
The property is located at 2235 SE 53RD AVE in Hillsboro, Oregon, and has long-term tenants in place. Offers are subject to interior inspection.
The property is located at 2235 SE 53RD AVE in Hillsboro, Oregon, and has long-term tenants in place. Offers are subject to interior inspection.
Key Highlights
- Two‑unit duplex at 2235 SE 53RD AVE, Hillsboro, OR 97123
- Each unit has its own gas furnace
- Gas furnaces replaced in the last 3 years
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
$32,140
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
5.36%
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%
$642,800
$642.8K
Cap Rate 7%
$459,143
$459.1K
Cap Rate 9%
$357,111
$357.1K
Market Conditions
NOI Build-Up for 2,140 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
$48.5K $22.68/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$45.9K $21.46/SF
− OpEx
−$13.8K −$6.44/SF
NOI
$32.1K $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%
$642,800
Cap Rate 7%
$459,143
Cap Rate 9%
$357,111
Alternative Uses
Best Use
Multifamily LT 5
$459.1K
$401.8K – $535.7K
NOI $32,140 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$404.6K
$354.0K – $472.0K
NOI $28,321 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$574.7K
$502.8K – $670.5K
NOI $40,227 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
358
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
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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 - Both units have individual gas furnaces and established long-term tenants.
Where is this duplex located?
The property is located at 2235 SE 53RD AVE Hillsboro, OR.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑unit duplex at 2235 SE 53RD AVE, Hillsboro, OR 97123; Each unit has its own gas furnace; Gas furnaces replaced in the last 3 years
