Historic Duplex with Two-Car
For Sale
$685,000
2237 NE 14th Ave, Portland, OR 97212
Two residences feature updated kitchens, refreshed bathrooms, hardwood floors, and access to shared outdoor space.
Property Size2,200 SF
Price / SF$311.36
Days on Market22
Property Features for 2237 NE 14th Ave
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Amenities
hardwood floors
updated kitchens
refreshed bathrooms
shared backyard
built-ins
french doors
Building Details
Year Built
1902
Buildings
1
Listing Agency:
Keller Williams PDX Central
(503) 927-3663
Listed By:
Emily Hetrick · License #200106001
Source:
Rosecityrealtygroup
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 30 at 7:28PM
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 PDX Central
Investment Insights
Based on property information with market context.
Built in 1902, this 2,200-square-foot duplex includes a vacant main-level residence with two bedrooms and access to an unfinished basement. The upper unit offers one bedroom, a generous living area, built-ins, and oak flooring. Both residences retain original character while incorporating updated kitchens with butcher block countertops and refreshed bathrooms with subway tile.
The property includes a shared backyard with mature plantings, an oversized two-car garage with upper-level attic space, and a recently installed driveway with substantial off-street parking. Located at 2237 NE 14th Ave in Portland’s Irvington area, the duplex is one block from Irvington Elementary School and near Irving Park, Whole Foods, Broadway amenities, and other inner Northeast Portland destinations.
The property includes a shared backyard with mature plantings, an oversized two-car garage with upper-level attic space, and a recently installed driveway with substantial off-street parking. Located at 2237 NE 14th Ave in Portland’s Irvington area, the duplex is one block from Irvington Elementary School and near Irving Park, Whole Foods, Broadway amenities, and other inner Northeast Portland destinations.
Key Highlights
- 2,200‑square‑foot duplex built in 1902
- Main‑level 2‑bedroom unit is vacant; upper residence has 1 bedroom
- Updated kitchens with butcher block countertops and refreshed bathrooms with subway tile
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
$30,658
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
4.48%
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%
$613,160
$613.2K
Cap Rate 7%
$437,971
$438.0K
Cap Rate 9%
$340,644
$340.6K
Market Conditions
NOI Build-Up for 2,200 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
$46.2K $21.00/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$43.8K $19.91/SF
− OpEx
−$13.1K −$5.97/SF
NOI
$30.7K $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%
$613,160
Cap Rate 7%
$437,971
Cap Rate 9%
$340,644
Alternative Uses
Best Use
Multifamily LT 5
$438.0K
$383.2K – $511.0K
NOI $30,658 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$403.5K
$353.1K – $470.8K
NOI $28,248 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$617.8K
$540.6K – $720.8K
NOI $43,247 @ 7.0% cap · market cap 6.31%
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
3,921
Businesses Nearby
Explore this area
Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
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 - Two residences feature updated kitchens, refreshed bathrooms, hardwood floors, and access to shared outdoor space.
Where is this duplex located?
The property is located at 2237 NE 14th Ave Portland, OR.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 2,200‑square‑foot duplex built in 1902; Main‑level 2‑bedroom unit is vacant; upper residence has 1 bedroom; Updated kitchens with butcher block countertops and refreshed bathrooms with subway tile
