Victorian Duplex with Private
New
For Sale
$650,000
2616 SE Pine St, Portland, OR 97214
Two separately entered apartments combine period character with updated finishes and shared basement amenities.
Property Size1,393 SF
Price / SF$466.62
Days on Market6
Property Features for 2616 SE Pine St
General Information
Standard status
Active
Size
1,393 SF
Property subtype
Multi-Family
Building Details
Year Built
1898
Listing Agency:
Constant Commercial Real Estate Inc
(503) 222-0282
Listed By:
Cory Carlson · License #201226331
Source:
Apexgroupnw
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 30 at 6:53PM
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 1898, this two-unit Victorian property contains a 1 bed / 1 bath apartment on each level. The lower residence measures 740 sq ft and has been refreshed with new paint, wood-look flooring, a white shaker kitchen, pantry storage, an updated full bath, and a screened porch entry. The 650 sq ft upper unit retains period detailing that includes arched openings, picture rails, deep window casings, and bay windows in both the living room and kitchen. Each apartment has its own entrance.
The property includes a private driveway, detached garage, fenced yard, and mature trees. A full basement provides shared laundry along with workshop and storage areas. The lower unit is vacant, while the upper unit is occupied. The address is on SE Pine St in Portland’s Kerns area, near the SE 28th Avenue restaurant and coffee corridor and minutes from the Central Eastside.
The property includes a private driveway, detached garage, fenced yard, and mature trees. A full basement provides shared laundry along with workshop and storage areas. The lower unit is vacant, while the upper unit is occupied. The address is on SE Pine St in Portland’s Kerns area, near the SE 28th Avenue restaurant and coffee corridor and minutes from the Central Eastside.
Key Highlights
- Two‑unit Victorian property built in 1898
- Two 1 bed / 1 bath units measuring 740 sq ft and 650 sq ft
- Private entrances serve both apartments
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
$19,412
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
2.99%
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%
$388,240
$388.2K
Cap Rate 7%
$277,314
$277.3K
Cap Rate 9%
$215,689
$215.7K
Market Conditions
NOI Build-Up for 1,393 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
$29.3K $21.00/SF
− Vacancy
−$1.5K −$1.09/SF
EGI
$27.7K $19.91/SF
− OpEx
−$8.3K −$5.97/SF
NOI
$19.4K $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%
$388,240
Cap Rate 7%
$277,314
Cap Rate 9%
$215,689
Alternative Uses
Best Use
Multifamily LT 5
$277.3K
$242.7K – $323.5K
NOI $19,412 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$255.5K
$223.6K – $298.1K
NOI $17,886 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$391.2K
$342.3K – $456.4K
NOI $27,383 @ 7.0% cap · market cap 4.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 entered apartments combine period character with updated finishes and shared basement amenities.
Where is this duplex located?
The property is located at 2616 SE Pine St Portland, OR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑unit Victorian property built in 1898; Two 1 bed / 1 bath units measuring 740 sq ft and 650 sq ft; Private entrances serve both apartments
