Updated Duplex with Private
2451 SE SALMON ST Portland, OR 97214
For Sale
$1,085,000
Two side-by-side residences share a common wall, with separate entrances, utilities, and full basements.
Property Size4,050 SF
Price / SF$267.90
Days on Market153
Property Features for 2451 SE SALMON ST
General Information
Standard status
Active
Size
4,050 SF
Property subtype
Multi-Family
Building Details
Year Built
1927
Listing Agency:
Town Center Realty
(480) 299-0229
Listed By:
Brandy Ingebretson Alexander Altomare
(480) 299-0229
Source:
Premierepropertygroup
Added: Feb 27
Changed: Jul 23
Last Checked: Jul 28 at 3:13AM
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 Town Center Realty
Investment Insights
Based on property information with market context.
This updated duplex features two distinct homes that share one common wall, with each unit having its own entrance, address, separate utilities, and a full basement. Both sides have undergone extensive recent improvements, including electrical, plumbing, HVAC, kitchen cabinetry and appliances, fully renovated bathrooms, and updated landscaping. A new roof and gutters were installed in 2025, supporting a move-in-ready condition.
The property is located in Portland’s SE Salmon area, positioned between Hawthorne and Belmont along the SE Salmon Neighborhood Greenway. Daily convenience is supported by nearby cafés, restaurants, shops, and transit, with Walk Score 96 and Bike Score 97.
A detached two-car garage with a separate meter provides additional flexibility for parking and related use, including space that may support an office or studio, or other possibilities that require buyer due diligence.
The property is located in Portland’s SE Salmon area, positioned between Hawthorne and Belmont along the SE Salmon Neighborhood Greenway. Daily convenience is supported by nearby cafés, restaurants, shops, and transit, with Walk Score 96 and Bike Score 97.
A detached two-car garage with a separate meter provides additional flexibility for parking and related use, including space that may support an office or studio, or other possibilities that require buyer due diligence.
Key Highlights
- Two side‑by‑side residences share one common wall, each with its own entrance and address.
- Separate utilities for each home plus full basements in both units.
- 2‑unit setup: Unit 1 is 2 beds/1 bath; Unit 2 is 2 beds/2 baths.
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 | $85.1k | $21.00 |
| − Vacancy | −$4.4k | −$1.09 |
| EGI | $80.6k | $19.91 |
| − OpEx | −$24.2k | −$5.97 |
| NOI | $56.4k | $13.94 |
4,050 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$806.3K
$705.5K – $940.7K
NOI $56,439 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$742.9K
$650.0K – $866.7K
NOI $52,002 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$1.14M
$995.2K – $1.33M
NOI $79,614 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two side-by-side residences share a common wall, with separate entrances, utilities, and full basements.
Where is this duplex located?
The property is located at 2451 SE SALMON ST Portland, OR.
What is the asking price?
The asking price for this property is $1,085,000.
What are key features of this property?
This property features: Two side‑by‑side residences share one common wall, each with its own entrance and address.; Separate utilities for each home plus full basements in both units.; 2‑unit setup: Unit 1 is 2 beds/1 bath; Unit 2 is 2 beds/2 baths.
