Craftsman Duplex with Two-Car
For Sale
$875,000
2333 NE Schuyler St, Portland, OR 97212
Two-unit property with a vacant main-level residence and an occupied upper apartment.
Property Size3,605 SF
Price / SF$242.72
Days on Market28
Property Features for 2333 NE Schuyler St
General Information
Standard status
Active
Size
3,605 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
gas fireplaces
hardwood floors
covered front porch
lush yard
mature trees
full basement
laundry
storage
radon mitigation system
2nd floor central air
EV car charger
Building Details
Year Built
1907
Buildings
1
Construction
Craftsman
Tenancy
Single
Listing Agency:
eXp Realty, LLC
(503) 504-2369
Listed By:
Andrew Harris
Source:
Wyndeekono
Added: Aug 4
Changed: Aug 28
Last Checked: Aug 30 at 7:01PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1907, this Craftsman duplex at 2333 NE Schuyler St includes a 1br/1ba main-level apartment and a 2br/2ba upper residence. Original wood detailing, hardwood floors, and gas fireplaces provide period character, while the main-level unit is currently vacant and the upper unit is occupied. A covered front porch, landscaped yard, and mature trees add outdoor appeal.
The property is in Portland’s Irvington neighborhood, one block from NE Broadway’s shops, restaurants, and cafes. A full basement with high ceilings, exterior access, laundry, and storage expands the functional space. Additional features include a 2-car garage, radon mitigation system, 2nd-floor central air, and an EV car charger. The property has a 93 Walk Score and 100 Bike Score, with highly rated schools in the surrounding area.
The property is in Portland’s Irvington neighborhood, one block from NE Broadway’s shops, restaurants, and cafes. A full basement with high ceilings, exterior access, laundry, and storage expands the functional space. Additional features include a 2-car garage, radon mitigation system, 2nd-floor central air, and an EV car charger. The property has a 93 Walk Score and 100 Bike Score, with highly rated schools in the surrounding area.
Key Highlights
- 1907 Craftsman duplex in Portland’s Irvington neighborhood
- Main‑level 1br/1ba unit is vacant; upper unit offers 2br/2ba
- Full basement has high ceilings, exterior access, laundry, and storage
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
$50,238
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
5.74%
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%
$1,004,760
$1.0M
Cap Rate 7%
$717,686
$717.7K
Cap Rate 9%
$558,200
$558.2K
Market Conditions
NOI Build-Up for 3,605 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
$75.7K $21.00/SF
− Vacancy
−$3.9K −$1.09/SF
EGI
$71.8K $19.91/SF
− OpEx
−$21.5K −$5.97/SF
NOI
$50.2K $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%
$1,004,760
Cap Rate 7%
$717,686
Cap Rate 9%
$558,200
Alternative Uses
Best Use
Multifamily LT 5
$717.7K
$628.0K – $837.3K
NOI $50,238 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$661.3K
$578.6K – $771.5K
NOI $46,288 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$1.01M
$885.8K – $1.18M
NOI $70,866 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,323
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-unit property with a vacant main-level residence and an occupied upper apartment.
Where is this duplex located?
The property is located at 2333 NE Schuyler St Portland, OR.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 1907 Craftsman duplex in Portland’s Irvington neighborhood; Main‑level 1br/1ba unit is vacant; upper unit offers 2br/2ba; Full basement has high ceilings, exterior access, laundry, and storage
