Townhome-Style
For Sale
$400,000
Pending
2522 NE MULTNOMAH ST, Portland, OR 97232
Two separate residences offer three-bedroom layouts, private laundry, full kitchens, and paved off-street parking.
Property Size2,596 SF
Lot Size0.09 Acres
Days on Market8
Property Features for 2522 NE MULTNOMAH ST
General Information
Standard status
Pending
Size
2,596 SF
Total Parking Spaces
6
Lot size
0.09 Acres
Property subtype
MULTI_FAMILY
Zoning
R2.5
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Asking Price
$400,000
Taxes and HOA fees
Annual Taxes
$6,773
Amenities
in-unit washer/dryer
dishwasher
Building Details
Building Size
2,596 SF
Year Built
1980
Buildings
1
Tenancy
Multi
Listing Agency:
ELEETE Real Estate
(503) 468-4018
Listed By:
Lee Davies · License #851200114
(503) 468-4018
Source:
Eleeterealestate
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 11:30AM
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 ELEETE Real Estate
Investment Insights
Based on property information with market context.
Built in 1980, this duplex contains two townhome-style residences of approximately 1,200 square feet each. Both units offer three bedrooms, two bathrooms, full kitchens, dishwashers, in-unit washers and dryers, and layouts designed for independent living. The property includes six paved off-street parking spaces on a level 3,924-square-foot lot and is in average overall condition, with no known deferred major capital items.
The duplex is located at 2522 NE Multnomah St in Portland, with access to I-84, TriMet, Lloyd Center, Fred Meyer, Providence Medical Center, and downtown Portland. City utilities serve the property. The R2.5 zoning is identified as legally conforming and allows duplex, triplex, fourplex, and multi-dwelling structures. The property is reported at 100% occupancy and is offered with existing leased fee status.
The duplex is located at 2522 NE Multnomah St in Portland, with access to I-84, TriMet, Lloyd Center, Fred Meyer, Providence Medical Center, and downtown Portland. City utilities serve the property. The R2.5 zoning is identified as legally conforming and allows duplex, triplex, fourplex, and multi-dwelling structures. The property is reported at 100% occupancy and is offered with existing leased fee status.
Key Highlights
- Two 3‑bedroom, 2‑bathroom townhome‑style units, approximately 1,200 sq. ft. each
- Six paved off‑street parking spaces
- Level 3,924 sq. ft. R2.5 lot
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
$36,177
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
9.04%
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%
$723,540
$723.5K
Cap Rate 7%
$516,814
$516.8K
Cap Rate 9%
$401,967
$402.0K
Market Conditions
NOI Build-Up for 2,596 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
$54.5K $21.00/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$51.7K $19.91/SF
− OpEx
−$15.5K −$5.97/SF
NOI
$36.2K $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%
$723,540
Cap Rate 7%
$516,814
Cap Rate 9%
$401,967
Alternative Uses
Best Use
Multifamily LT 5
$516.8K
$452.2K – $603.0K
NOI $36,177 @ 7.0% cap · market cap 9.04%
Second Best
Apartment 5plus
$476.2K
$416.7K – $555.6K
NOI $33,333 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$729.0K
$637.9K – $850.5K
NOI $51,031 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,931
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
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 separate residences offer three-bedroom layouts, private laundry, full kitchens, and paved off-street parking.
Where is this duplex located?
The property is located at 2522 NE MULTNOMAH ST Portland, OR.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bathroom townhome‑style units, approximately 1,200 sq. ft. each; Six paved off‑street parking spaces; Level 3,924 sq. ft. R2.5 lot
