Two-Unit Residential Income
New
For Sale
$599,900
2235 SE 53RD Ave, Hillsboro, OR 97123
MultiFamily, Hillsboro, OR
Property Size2,140 SF
Lot Size0.16 Acres
Price / SF$280.33
Days on Market2
Property Features for 2235 SE 53RD Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
resid
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bathroom 4, Bedroom 2, Bedroom 4
Subdivision
Brookwood/ Golden Acres
Elementary school
Tamarack
Middle school
South Meadows
High school
Hillsboro
Directions
TV Hwy to Imlay or Brookwood to Drake to 53rd
Standard status
Active
APN
R977027
Size
2,140 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
GOLDEN ACRES NO.4, LOT 121, ACRES 0.16
Tax Annual Amount
4547
Legal Description
GOLDEN ACRES NO.4, LOT 121, ACRES 0.16
Utilities
Heating system
Forced Air
Building Details
Year built
1978
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
John L. Scott
(503) 645-7433
Listed By:
Pat Griffith · License #891200192
(503) 939-9090
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 9:06PM
MLS# 450864679
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 contains 2,140 square feet across two residential units on a 0.16-acre parcel. Each unit has its own gas furnace, with both heating systems replaced within the last 3 years. The property also includes forced-air heating, a composition roof, and residential zoning. Built in 1978, the asset is occupied by long-term tenants.
The property is located in Hillsboro, Oregon, in Washington County. Its configuration, separate heating systems, and existing tenancy provide a straightforward residential income profile. Interior inspection is subject to offer terms.
The property is located in Hillsboro, Oregon, in Washington County. Its configuration, separate heating systems, and existing tenancy provide a straightforward residential income profile. Interior inspection is subject to offer terms.
Key Highlights
- Duplex with 2,140 square feet of total building area
- Two residential units with separate gas furnaces
- Both furnaces replaced within 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
Property Profile
Current Use
Lease Details
2
Residential units
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
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 - Two residences feature separate gas furnaces and established long-term tenancy.
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: Duplex with 2,140 square feet of total building area; Two residential units with separate gas furnaces; Both furnaces replaced within the last 3 years
