Updated Duplex with End-Unit
New
For Sale
$615,000
2926 SE 125TH Ave, Portland, OR 97236
MULTI_FAMILY - Portland, OR
Property Size3,005 SF
Lot Size0.21 Acres
Price / SF$204.66
Days on Market5
Property Features for 2926 SE 125TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM1
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bathroom 4, Bedroom 3, Bathroom 6, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 5, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 5
Elementary school
Mill Park
Middle school
Ron Russell
High school
David Douglas
Directions
South of 125th and Division
Subdivision
_143
Standard status
Active
APN
R517053
Size
3,005 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
PARTITION PLAT 2001-108, LOT 2
Tax Annual Amount
6613
Legal Description
PARTITION PLAT 2001-108, LOT 2
Building Details
Year built
2003
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Andre Hage
(425) 923-7823
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 8:06PM
MLS# 673952230
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.
This 3,005-square-foot duplex sits on 0.21 acres and was built in 2003. Configured as an end unit, the property includes two separate residences with six bedrooms and six bathrooms across the improvements. One unit is occupied by a tenant who has remained in place for more than six years, while the second is vacant and ready for occupancy following extensive interior work. Updates to the vacant residence include new kitchen cabinetry, countertops, luxury vinyl plank flooring, bathroom tile flooring, and fresh paint. The exterior has also been repainted, and the roof is composition. RM1 zoning and the absence of an HOA add to the property's operating profile. The address is 2926 SE 125th Ave in Portland's 97236 postal area, with shopping, dining, parks, schools, and major commuter routes identified nearby. The property can support an owner-occupant arrangement or rental use of both units, as supported by the existing configuration and occupancy.
Key Highlights
- 3,005‑square‑foot duplex on a 0.21‑acre lot
- Built in 2003 with RM1 zoning and no HOA
- End‑unit configuration with two residences, six bedrooms, and six bathrooms
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
$41,876
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
6.81%
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%
$837,520
$837.5K
Cap Rate 7%
$598,229
$598.2K
Cap Rate 9%
$465,289
$465.3K
Market Conditions
NOI Build-Up for 3,005 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
$63.1K $21.00/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$59.8K $19.91/SF
− OpEx
−$17.9K −$5.97/SF
NOI
$41.9K $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%
$837,520
Cap Rate 7%
$598,229
Cap Rate 9%
$465,289
Alternative Uses
Best Use
Multifamily LT 5
$598.2K
$523.5K – $697.9K
NOI $41,876 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$551.2K
$482.3K – $643.1K
NOI $38,584 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$843.9K
$738.4K – $984.5K
NOI $59,071 @ 7.0% cap · market cap 9.61%
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
753
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 - Two-unit property with one renovated vacancy, an established tenant, and no HOA obligations.
Where is this duplex located?
The property is located at 2926 SE 125TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 3,005‑square‑foot duplex on a 0.21‑acre lot; Built in 2003 with RM1 zoning and no HOA; End‑unit configuration with two residences, six bedrooms, and six bathrooms
