Remodeled Two-Unit
For Sale
$380,000
Pending
2523 SE 138TH AVE, Portland, OR 97236
CM1-zoned property with two occupied residences, covered porches, and fenced rear yards.
Property Size1,560 SF
Days on Market107
Property Features for 2523 SE 138TH AVE
General Information
Standard status
Pending
Size
1,560 SF
Property subtype
MULTI_FAMILY
Zoning
CM1
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,711
Building Details
Building Size
1,560 SF
Year Built
1996
Tenancy
Multi
Listing Agency:
Keller Williams Realty Professionals
Listed By:
Alexander Phan · License #200701028
(503) 860-8128
Source:
Eleeterealestate
Added: Jul 2
Changed: Oct 3
Last Checked: Oct 15 at 6:46AM
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 Keller Williams Realty Professionals
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Investment Insights
Based on property information with market context.
This 1,560-square-foot duplex was built in 1996 and contains two separately rented residences. Each unit offers two bedrooms, one bathroom, a covered front porch patio, and a fenced backyard. Both sides have been remodeled and are described as being in good interior condition.
The property sits on a private flag lot at 2523 SE 138th Ave in Portland, Oregon, and carries CM1 commercial mixed-use zoning. Access is appointment-only, with advance scheduling required before entering the property. The reported Home Energy Score is 3, with an HES report available through the listed registry link.
The property sits on a private flag lot at 2523 SE 138th Ave in Portland, Oregon, and carries CM1 commercial mixed-use zoning. Access is appointment-only, with advance scheduling required before entering the property. The reported Home Energy Score is 3, with an HES report available through the listed registry link.
Key Highlights
- Two‑unit duplex with each side offering 2 bedrooms and 1 bathroom
- 1,560 square feet; built in 1996
- Both units remodeled and currently rented
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,740
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$434,800
$434.8K
Cap Rate 7%
$310,571
$310.6K
Cap Rate 9%
$241,556
$241.6K
Market Conditions
NOI Build-Up for 1,560 SF
Gross rent
$32.8K $21.00/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$31.1K $19.91/SF
− OpEx
−$9.3K −$5.97/SF
NOI
$21.7K $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 Rate 5%
$434,800
Cap Rate 7%
$310,571
Cap Rate 9%
$241,556
Alternative Uses
Best Use
Multifamily LT 5
$310.6K
$271.8K – $362.3K
NOI $21,740 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$286.1K
$250.4K – $333.8K
NOI $20,030 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$438.1K
$383.3K – $511.1K
NOI $30,666 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 97236, OR
40,193
Population
13,736
Households
2.9
Avg Household Size
36
Median Age
21%
College-Educated
81%
High-School Grad
7.7 sq mi
ZIP Area
5,220
Density / Sq Mi
$68,582
Median Household Income
$38,131
Median Earnings
$1,436
Median Rent
$414,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - CM1-zoned property with two occupied residences, covered porches, and fenced rear yards.
Where is this duplex located?
The property is located at 2523 SE 138TH AVE Portland, OR.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Two‑unit duplex with each side offering 2 bedrooms and 1 bathroom; 1,560 square feet; built in 1996; Both units remodeled and currently rented
