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    Duplex For Sale with Vacant Unit Title is generated by Realmo AI

    231 SE ELLIOTT Ave, Gresham, OR 97080

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    For Sale
    $599,000

    MULTI_FAMILY - Gresham, OR

    Property size:
    2,454 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $244/SF
    Added:
    Jun 5, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 5 at 10:06 pm

    Property Features for 231 SE ELLIOTT Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    LDR
    Bedrooms
    6
    Bathrooms
    6
    Rooms
    Bedroom 5, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 4, Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 6, Bedroom 2, Bedroom 6, Bathroom 3
    Standard status
    Active
    APN
    R491403
    Size
    2,454 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Description
    PARTITION PLAT 2000-20, LOT 2
    Tax Annual Amount
    6727

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    2001
    Floors in Building
    2
    Number of units
    2
    Roof type
    Composition

    We can help!

    Listing Contact
    Tim Jackson
    Tim Jackson

    Listing agent Tim Jackson

    Listing office Premiere Property Group, LLC 10135 SE Sunnyside Rd Ste 150, Lake Oswego, OR

    Listing date Jun 5, 2026

    MLS# 267644677 Listing URL

    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.

    HighLights

    • 2001‑built duplex near downtown Gresham with a spacious 3‑bedroom, 2.5‑bath layout on each side
    • Vacant unit ready for owner‑occupant or house‑hack use; extensive updates include interior paint, new water heater, deep clean, carpet cleaning, and new blinds
    • Brand new decks on both units and fenced yards
    • Heating: forced air; roof: composition
    • Current tenant on unit 231 is described as long‑standing by the landlord

    Overview

    Built in 2001, this well-maintained duplex in Gresham features a spacious 3-bedroom, two-and-a-half-bath layout on each side. Both units have brand new decks, and each side includes a fenced yard area. One unit is currently vacant and has undergone extensive updates, including interior paint, a new water heater, a deep clean, carpet cleaning, and new blinds, making it move-in ready for an owner-occupant or for a streamlined transition into the rental rotation.

    The property is positioned near the heart of downtown Gresham, with an existing long-term tenant in place on the other side. According to the listing, the tenant on the occupied side has been long standing and the landlord considers the tenant a strong fit. The listing also notes that rent levels have nearby comps for over $2,000 per side.

    From a tenant and buyer perspective, the duplex setup supports flexible ownership goals: you can house-occupy one side while renting the other, or run both units as income-producing residences. With multiple bedroom and bath offerings per unit, the configuration may appeal to renters seeking more room and outdoor space attached to each side.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $48.6k $19.80
    − Vacancy −$2.0k −$0.83
    EGI $46.5k $18.97
    − OpEx −$14.0k −$5.69
    NOI $32.6k $13.28
    2,454 SF · lease $19.80/SF/yr · vacancy 4.20% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $465.5K
    $407.3K – $543.1K (±1% cap)
    NOI $32,584 @ 7.0% cap · market cap 5.44%
    Second Best
    Apartment 5plus
    $418.5K
    $366.2K – $488.2K (±1% cap)
    NOI $29,292 @ 7.0% cap · market cap 4.89%
    Theoretical Best
    Office A
    $560.8K
    $490.7K – $654.2K (±1% cap)
    NOI $39,254 @ 7.0% cap · market cap 6.55%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Storage Facility Catering Service Bed & Breakfast Restaurant Cosmetic Store Adult Day Care (Bike/Boat/Book/etc) Store Supermarket Clothing & Fashion Store Travel Agency

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gresham
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.425033
    Latitude
    45.495908

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    FAQs

    What type of property is this?
    Duplex - Well-maintained 2001 duplex near downtown Gresham offers two spacious 3-bedroom units and one currently vacant side.
    Where is this duplex located?
    The property is located at 231 SE ELLIOTT Ave Gresham, OR.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: 2001‑built duplex near downtown Gresham with a spacious 3‑bedroom, 2.5‑bath layout on each side; Vacant unit ready for owner‑occupant or house‑hack use; extensive updates include interior paint, new water heater, deep clean, carpet cleaning, and new blinds; Brand new decks on both units and fenced yards
    (503) 957-7981
    We can help!
    Listing Contact
    Tim Jackson
    Tim Jackson
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    231 SE ELLIOTT Ave, Gresham, OR 97080
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