Victorian Duplex with Private
For Sale
$750,000
2606 SE Pine St, Portland, OR 97214
Two separately accessed homes feature individual A/C systems, tall ceilings, oversized windows, and shared laundry.
Property Size1,528 SF
Price / SF$490.84
Days on Market9
Property Features for 2606 SE Pine St
General Information
Standard status
Active
Size
1,528 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
private entrances
air conditioning
shared laundry
basement storage
Building Details
Year Built
1900
Construction
Victorian
Listing Agency:
Constant Commercial Real Estate Inc
(503) 222-0282
Listed By:
Cory Carlson · License #201226331
Source:
Kingdomreal
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 30 at 7:23PM
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 Constant Commercial Real Estate Inc
Investment Insights
Based on property information with market context.
Built in 1900, this Portland duplex contains two two-bedroom, one-bath residences with efficient, similarly arranged interiors. The 792-square-foot upper unit is occupied, while the 736-square-foot lower unit is vacant and includes bamboo flooring, a bay window, open dining space, a peninsula kitchen, dishwasher, updated bathroom finishes, and built-in storage. Each residence has a private entrance and its own A/C system. Basement storage is assigned to each unit, with laundry shared between them.
The property occupies a corner lot in Kerns, near the SE 28th Avenue restaurant and coffee corridor and minutes from the Central Eastside. Exterior character includes fish-scale shingles, decorative brackets, and a scalloped frieze, with mature shade trees and low-maintenance grounds surrounding the building.
The property occupies a corner lot in Kerns, near the SE 28th Avenue restaurant and coffee corridor and minutes from the Central Eastside. Exterior character includes fish-scale shingles, decorative brackets, and a scalloped frieze, with mature shade trees and low-maintenance grounds surrounding the building.
Key Highlights
- Two‑bedroom, one‑bath units measuring 792 sq ft up and 736 down
- 1900‑built Victorian duplex on a corner lot in Kerns
- Private entrance and dedicated A/C system for each unit
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
$21,294
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
2.84%
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%
$425,880
$425.9K
Cap Rate 7%
$304,200
$304.2K
Cap Rate 9%
$236,600
$236.6K
Market Conditions
NOI Build-Up for 1,528 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
$32.1K $21.00/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$30.4K $19.91/SF
− OpEx
−$9.1K −$5.97/SF
NOI
$21.3K $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%
$425,880
Cap Rate 7%
$304,200
Cap Rate 9%
$236,600
Alternative Uses
Best Use
Multifamily LT 5
$304.2K
$266.2K – $354.9K
NOI $21,294 @ 7.0% cap · market cap 2.84%
Second Best
Apartment 5plus
$280.3K
$245.2K – $327.0K
NOI $19,619 @ 7.0% cap · market cap 2.62%
Theoretical Best
Office A
$429.1K
$375.5K – $500.6K
NOI $30,037 @ 7.0% cap · market cap 4.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,927
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
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 separately accessed homes feature individual A/C systems, tall ceilings, oversized windows, and shared laundry.
Where is this duplex located?
The property is located at 2606 SE Pine St Portland, OR.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath units measuring 792 sq ft up and 736 down; 1900‑built Victorian duplex on a corner lot in Kerns; Private entrance and dedicated A/C system for each unit
