Duplex with Private Flag
For Sale
$399,900
2523 SE 138TH Ave, Portland, OR 97236
MultiFamily, Portland, OR
Property Size1,560 SF
Lot Size0.14 Acres
Price / SF$256.35
Days on Market53
Property Features for 2523 SE 138TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CM1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 1
Elementary school
Lincoln Park
Middle school
Ron Russell
High school
David Douglas
Directions
SE Division and SE 138th Ave. Flag lot, driveway right side of 2533 house
Subdivision
_143
Standard status
Active
APN
R254028
Size
1,560 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
RHEA'S ADDITION, LOT 2
Tax Annual Amount
5711
Legal Description
RHEA'S ADDITION, LOT 2
Utilities
Heating system
Zoned
Amenities
covered front porch patio
fenced back yard
Building Details
Year built
1996
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
Keller Williams Realty Professionals
(503) 546-9955
Listed By:
Alexander Phan · License #200701028
(503) 860-8128
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 23 at 3:06AM
MLS# 184199120
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Duplex zoned CM1 offering two rented sides, each with two bedrooms and one bathroom. The property sits on a private flag lot, and both sides feature covered front porch patio areas and fenced back yards. Each unit has been remodeled and is in good interior condition.
Built in 1996, the duplex totals 1,560 square feet and is improved with a composition roof. Heating is described as zoned. Addressed at 2523 SE 138TH Ave in Portland, this is an appointment-only showing; please do not disturb tenants.
The configuration is straightforward for an owner-operator or an investor seeking a duplex with two similarly sized, remodeled units and outdoor space on both sides.
Built in 1996, the duplex totals 1,560 square feet and is improved with a composition roof. Heating is described as zoned. Addressed at 2523 SE 138TH Ave in Portland, this is an appointment-only showing; please do not disturb tenants.
The configuration is straightforward for an owner-operator or an investor seeking a duplex with two similarly sized, remodeled units and outdoor space on both sides.
Key Highlights
- Zoned CM1 commercial mixed use
- Private flag lot; appointment‑only showings
- Two rented sides, each two bedrooms and one bathroom
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
$21,740
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
5.44%
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%
$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
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
$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 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%
$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 5.44%
Second Best
Apartment 5plus
$286.1K
$250.4K – $333.8K
NOI $20,030 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$438.1K
$383.3K – $511.1K
NOI $30,666 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
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 - Duplex zoned CM1 with two remodeled, rented two-bedroom one-bath units, private flag lot, and fenced back 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 $399,900.
What are key features of this property?
This property features: Zoned CM1 commercial mixed use; Private flag lot; appointment‑only showings; Two rented sides, each two bedrooms and one bathroom
