Vintage Duplex with Two
For Sale
$1,050,000
2338 Northwest Hoyt Street, Portland, OR 97210
Duplex offers two separate residences, including a lower unit with basement bath and exterior entrance plus upper unit with dedicated decks.
Property Size3,462 SF
Price / SF$303.29
Days on Market225
Property Features for 2338 Northwest Hoyt Street
General Information
Standard status
Active
Size
3,462 SF
Property subtype
Multi Family
Zoning
RM2
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$15,750
Amenities
fireplace
updated appliances
private back porch
private decks
shared laundry
common entry
Other
3
Exterior Entry, Finished, Full Basement
Composition
Asbestos, Wood Siding
Building Details
Year Built
1890
Listing Agency:
MORE Realty
Listed By:
Tatyana Gavrilyuk · License #201219777
(971) 258-4621
Source:
Compass
Added: Jan 26
Changed: Aug 8
Last Checked: Jul 22 at 1:14PM
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 MORE Realty
Investment Insights
Based on property information with market context.
This vintage duplex provides two distinct living areas with flexible interior layouts. The lower unit includes three bedrooms and two bathrooms, featuring a main-level bedroom and bath along with a full bath in the basement. The basement level also has an exterior entrance, and the unit includes a fireplace, updated appliances, a private back porch, and a fenced yard. The upper unit has two bedrooms, one bathroom, a dedicated office, and two private decks for outdoor space.
The property uses a shared laundry setup with a common entry. It is positioned in the heart of Portland’s NW Alphabet District, just steps from NW 23rd.
Recent major updates include a new roof installed in 2021, and an oil tank that was professionally decommissioned in 2006. Please do not disturb tenants.
The property uses a shared laundry setup with a common entry. It is positioned in the heart of Portland’s NW Alphabet District, just steps from NW 23rd.
Recent major updates include a new roof installed in 2021, and an oil tank that was professionally decommissioned in 2006. Please do not disturb tenants.
Key Highlights
- Duplex with 2 separate residences in Portland’s NW Alphabet District
- Lower unit: approx. 2,100 SF with 3 bedrooms and 2 bathrooms, including basement full bath with exterior entrance
- Upper unit: 2 bedrooms, 1 bathroom, plus a dedicated office and two private decks
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
$48,245
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
4.59%
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%
$964,900
$964.9K
Cap Rate 7%
$689,214
$689.2K
Cap Rate 9%
$536,056
$536.1K
Market Conditions
NOI Build-Up for 3,462 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
$72.7K $21.00/SF
− Vacancy
−$3.8K −$1.09/SF
EGI
$68.9K $19.91/SF
− OpEx
−$20.7K −$5.97/SF
NOI
$48.2K $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%
$964,900
Cap Rate 7%
$689,214
Cap Rate 9%
$536,056
Alternative Uses
Best Use
Multifamily LT 5
$689.2K
$603.1K – $804.1K
NOI $48,245 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$635.0K
$555.7K – $740.9K
NOI $44,452 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$972.2K
$850.7K – $1.13M
NOI $68,055 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
4,698
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex offers two separate residences, including a lower unit with basement bath and exterior entrance plus upper unit with dedicated decks.
Where is this duplex located?
The property is located at 2338 Northwest Hoyt Street Portland, OR.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Duplex with 2 separate residences in Portland’s NW Alphabet District; Lower unit: approx. 2,100 SF with 3 bedrooms and 2 bathrooms, including basement full bath with exterior entrance; Upper unit: 2 bedrooms, 1 bathroom, plus a dedicated office and two private decks
