Two-Unit Craftsman
New
For Sale
$699,000
2326 NE 48TH Ave, Portland, OR 97213
MultiFamily, Portland, OR
Property Size3,337 SF
Lot Size0.12 Acres
Price / SF$209.47
Days on Market4
Property Features for 2326 NE 48TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2.5
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1
Subdivision
HOLLYWOOD/ROSE CITY
Elementary school
Rose City Park
Middle school
Roseway Heights
High school
Leodis McDaniel
Directions
Sandy Blvd & NE 48th Ave
Standard status
Active
APN
R259309
Size
3,337 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
ROSE CITY PK, BLOCK 25, LOT 13
Tax Annual Amount
8378
Legal Description
ROSE CITY PK, BLOCK 25, LOT 13
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
fireplace
washer/dryer units
fresh landscaping
Building Details
Year built
1921
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Keller Williams PDX Central · Keller Williams Realty
(503) 548-4848
Listed By:
C. Morgan Davis · License #960500095
(503) 539-1919
Added: Oct 1
Changed: Oct 2
Last Checked: Oct 4 at 10:06PM
MLS# 163814378
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.
Built in 1921, this 3,337-square-foot Craftsman duplex in Portland’s Hollywood District has two residential units, each with a kitchen and washer and dryer. The main-floor residence features two bedrooms, an office area, a fireplace, hardwood floors, and a dining room with a built-in hutch. Its kitchen has quartz counters and updated flooring. Upstairs, the unit includes bedrooms, a kitchen, an updated bathroom, and storage. An unfinished basement with an exterior entrance and high ceiling adds additional interior space.
The property sits on a 0.12-acre lot and is zoned R2.5. An oversized garage and large driveway accommodate parking for up to five vehicles. The building has forced-air heat, central air, a composition roof, and appliances included. The furnace and air conditioning were updated two years ago; the roof dates to 2014. Front and rear landscaping has also been refreshed.
The property sits on a 0.12-acre lot and is zoned R2.5. An oversized garage and large driveway accommodate parking for up to five vehicles. The building has forced-air heat, central air, a composition roof, and appliances included. The furnace and air conditioning were updated two years ago; the roof dates to 2014. Front and rear landscaping has also been refreshed.
Key Highlights
- Two residential units, each with a kitchen and washer and dryer
- 3,337‑square‑foot building on a 0.12‑acre lot; zoned R2.5
- Parking for up to 5 vehicles with an oversized garage and large driveway
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
$46,503
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
6.65%
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%
$930,060
$930.1K
Cap Rate 7%
$664,329
$664.3K
Cap Rate 9%
$516,700
$516.7K
Market Conditions
NOI Build-Up for 3,337 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
$70.1K $21.00/SF
− Vacancy
−$3.6K −$1.09/SF
EGI
$66.4K $19.91/SF
− OpEx
−$19.9K −$5.97/SF
NOI
$46.5K $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%
$930,060
Cap Rate 7%
$664,329
Cap Rate 9%
$516,700
Alternative Uses
Best Use
Multifamily LT 5
$664.3K
$581.3K – $775.1K
NOI $46,503 @ 7.0% cap · market cap 6.65%
Second Best
Apartment 5plus
$612.1K
$535.6K – $714.1K
NOI $42,847 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$937.1K
$820.0K – $1.09M
NOI $65,598 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,768
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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 kitchens and separate living spaces support an owner-occupant arrangement or rental use.
Where is this duplex located?
The property is located at 2326 NE 48TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two residential units, each with a kitchen and washer and dryer; 3,337‑square‑foot building on a 0.12‑acre lot; zoned R2.5; Parking for up to 5 vehicles with an oversized garage and large driveway
