Duplex with Wraparound
New
For Sale
$950,000
2246 NW GLISAN ST, Portland, OR 97210
Two distinct residences are leased and feature updated kitchens with gas cooking.
Property Size4,250 SF
Days on Market4
Property Features for 2246 NW GLISAN ST
General Information
Standard status
Active
Size
4,250 SF
Property subtype
MULTI_FAMILY
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$18,019
Amenities
wraparound porch
bay windows
hardwood floors
fireplaces
private deck
in-unit laundry
shared rear patio and garden
basement storage
gas cooking
Building Details
Building Size
4,250 SF
Year Built
1912
Buildings
1
Listing Agency:
Windermere Realty Trust
Listed By:
Brian Bostick · License #200405045
(503) 998-8040
Source:
Eleeterealestate
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 9:49AM
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 Windermere Realty Trust
Investment Insights
Based on property information with market context.
Built in 1912, this 4,250-square-foot duplex at 2246 NW Glisan St contains two residences, each with its own exterior entrance and fireplace. The upper unit has three bedrooms, two bathrooms, a private deck, in-unit laundry, cosmetic updates and updated mechanical systems. The lower unit includes two bedrooms, two bathrooms and spacious living areas. Both kitchens have gas cooking. A wraparound porch, bay windows and hardwood floors contribute to the building’s period character; shared outdoor space, basement storage and a new flat roof round out the property. Four or more off-street parking spaces are available.
Both residences are currently rented. The property is in Portland’s Nob Hill area, near Trader Joe’s and the shops, restaurants, cafés and coffee shops along NW 23rd. One residence has a long-term tenant.
Both residences are currently rented. The property is in Portland’s Nob Hill area, near Trader Joe’s and the shops, restaurants, cafés and coffee shops along NW 23rd. One residence has a long-term tenant.
Key Highlights
- 4,250‑square‑foot duplex built in 1912
- Upper unit: 3 bedrooms, 2 bathrooms, private deck and in‑unit laundry
- Lower unit: 2 bedrooms, 2 bathrooms and spacious living areas
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
$59,226
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
6.23%
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%
$1,184,520
$1.2M
Cap Rate 7%
$846,086
$846.1K
Cap Rate 9%
$658,067
$658.1K
Market Conditions
NOI Build-Up for 4,250 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
$89.3K $21.00/SF
− Vacancy
−$4.6K −$1.09/SF
EGI
$84.6K $19.91/SF
− OpEx
−$25.4K −$5.97/SF
NOI
$59.2K $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%
$1,184,520
Cap Rate 7%
$846,086
Cap Rate 9%
$658,067
Alternative Uses
Best Use
Multifamily LT 5
$846.1K
$740.3K – $987.1K
NOI $59,226 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$779.6K
$682.1K – $909.5K
NOI $54,570 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,545 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,209
Businesses Nearby
Explore this area
Business Placement
Demographics for 97210, OR
13,016
Population
7,910
Households
1.6
Avg Household Size
38
Median Age
76%
College-Educated
97%
High-School Grad
8.9 sq mi
ZIP Area
1,462
Density / Sq Mi
$87,942
Median Household Income
$66,429
Median Earnings
$1,577
Median Rent
$991,500
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 distinct residences are leased and feature updated kitchens with gas cooking.
Where is this duplex located?
The property is located at 2246 NW GLISAN ST Portland, OR.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 4,250‑square‑foot duplex built in 1912; Upper unit: 3 bedrooms, 2 bathrooms, private deck and in‑unit laundry; Lower unit: 2 bedrooms, 2 bathrooms and spacious living areas
