Craftsman Duplex with
For Sale
$1,745,000
2324 Southwest Cactus Drive, Portland, OR 97205
Craftsman duplex built in 1910 and converted in 1956, featuring large picture windows and private decks.
Property Size4,595 SF
Price / SF$379.76
Days on Market403
Property Features for 2324 Southwest Cactus Drive
General Information
Standard status
Active
Size
4,595 SF
Total Parking Spaces
6
Property subtype
Multi Family
Zoning
RM2
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$18,186
Amenities
4
Partially Finished
Concrete Perimeter
Composition
Wood Siding
Building Details
Year Built
1910
Year Renovated
1956
Construction
Craftsman
Tenancy
Multi
Listing Agency:
Windermere Realty Trust
(503) 781-3366
Listed By:
Dan Volkmer · License #780101749
(503) 781-3366
Source:
Compass
Added: Jul 6, 2025
Changed: Aug 8
Last Checked: Jul 23 at 10:27AM
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.
This Craftsman duplex was built in 1910 and converted to a duplex in 1956, while retaining original architectural elements and details. The apartments are described as spacious and full of old-world charm, with panoramic views through large picture windows and access to decks.
The property is offered as part of a portfolio together with 839 SW Green, an adjacent property below, for a total of 7 units. The two properties have been historically owned as a package due to shared water and sewer line infrastructure, and some leases at 839 SW Green also use the parking lot adjacent to the SW Cactus property. Income and expense totals are provided for both properties combined, while property taxes are reflected for each individual property.
Viewing interiors are available on Thursdays between 11:00 AM and 3:00 PM with 24 hours notice; otherwise, interior access is subject to an accepted offer. The property notes a strong rental history with long-term tenants and is reported as the first time it has been presented to the public market in 50 years. The address is 2324 Southwest Cactus Drive, Portland, OR 97205.
The property is offered as part of a portfolio together with 839 SW Green, an adjacent property below, for a total of 7 units. The two properties have been historically owned as a package due to shared water and sewer line infrastructure, and some leases at 839 SW Green also use the parking lot adjacent to the SW Cactus property. Income and expense totals are provided for both properties combined, while property taxes are reflected for each individual property.
Viewing interiors are available on Thursdays between 11:00 AM and 3:00 PM with 24 hours notice; otherwise, interior access is subject to an accepted offer. The property notes a strong rental history with long-term tenants and is reported as the first time it has been presented to the public market in 50 years. The address is 2324 Southwest Cactus Drive, Portland, OR 97205.
Key Highlights
- Craftsman duplex built in 1910 and converted to a duplex in 1956, preserving original architectural elements
- 4‑story building with partially finished basement and concrete perimeter foundation
- Wood siding exterior with composition roof
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
$64,034
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
3.67%
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%
$1,280,680
$1.3M
Cap Rate 7%
$914,771
$914.8K
Cap Rate 9%
$711,489
$711.5K
Market Conditions
NOI Build-Up for 4,595 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
$96.5K $21.00/SF
− Vacancy
−$5.0K −$1.09/SF
EGI
$91.5K $19.91/SF
− OpEx
−$27.4K −$5.97/SF
NOI
$64.0K $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%
$1,280,680
Cap Rate 7%
$914,771
Cap Rate 9%
$711,489
Alternative Uses
Best Use
Multifamily LT 5
$914.8K
$800.4K – $1.07M
NOI $64,034 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$842.9K
$737.5K – $983.3K
NOI $59,000 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,327 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,669
Businesses Nearby
Explore this area
Business Placement
Demographics for 97205, OR
8,593
Population
6,727
Households
1.3
Avg Household Size
39
Median Age
61%
College-Educated
97%
High-School Grad
0.9 sq mi
ZIP Area
9,548
Density / Sq Mi
$58,943
Median Household Income
$51,002
Median Earnings
$1,381
Median Rent
$693,600
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 - Craftsman duplex built in 1910 and converted in 1956, featuring large picture windows and private decks.
Where is this duplex located?
The property is located at 2324 Southwest Cactus Drive Portland, OR.
What is the asking price?
The asking price for this property is $1,745,000.
What are key features of this property?
This property features: Craftsman duplex built in 1910 and converted to a duplex in 1956, preserving original architectural elements; 4‑story building with partially finished basement and concrete perimeter foundation; Wood siding exterior with composition roof
