Duplex with Original Hardwood
For Sale
$850,000
3136 NE COUCH St, Portland, OR 97232
MultiFamily, Portland, OR
Property Size2,472 SF
Lot Size0.10 Acres
Price / SF$343.85
Days on Market196
Property Features for 3136 NE COUCH St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2.5
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 1
Subdivision
KERNS
View
Territorial
Elementary school
Sunnyside Envir
Middle school
Sunnyside Envir
High school
Franklin
Directions
Burnside, north on 32nd and west on Couch.
Standard status
Active
APN
R177733
Size
2,472 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
HAWTHORNES 1ST ADD, BLOCK 21, LOT 4 TL 19300
Tax Annual Amount
12856
Legal Description
HAWTHORNES 1ST ADD, BLOCK 21, LOT 4 TL 19300
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Amenities
shared backyard
full basement
off street parking
original hardwood floors
Building Details
Year built
1926
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
John L. Scott
(503) 645-7433
Listed By:
Cathleen Clark Thomas
(503) 756-1431
Added: Mar 5
Changed: Sep 13
Last Checked: Sep 17 at 11:06PM
MLS# 387681244
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.
Built in 1926, this duplex contains two 2-bedroom, 1-bath residences within 2,472 square feet. Both units feature original hardwood flooring and strong natural light, while a shared backyard provides outdoor space for residents. A full basement adds substantial storage for bicycles, outdoor equipment, and household belongings, and off-street parking supports daily convenience.
The property occupies a 0.1-acre lot in Portland’s Kerns neighborhood, near Laurelhurst Park and the dining, coffee, and craft beer establishments around NE 28th Avenue and Burnside. R2.5 zoning and existing tenants provide a defined residential income profile, with the two-unit configuration also offering flexibility for an owner-occupant.
The property occupies a 0.1-acre lot in Portland’s Kerns neighborhood, near Laurelhurst Park and the dining, coffee, and craft beer establishments around NE 28th Avenue and Burnside. R2.5 zoning and existing tenants provide a defined residential income profile, with the two-unit configuration also offering flexibility for an owner-occupant.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per unit
- 2,472 square feet on a 0.1‑acre lot
- Built in 1926 with original hardwood flooring
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
$34,449
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
4.05%
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%
$688,980
$689.0K
Cap Rate 7%
$492,129
$492.1K
Cap Rate 9%
$382,767
$382.8K
Market Conditions
NOI Build-Up for 2,472 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
$51.9K $21.00/SF
− Vacancy
−$2.7K −$1.09/SF
EGI
$49.2K $19.91/SF
− OpEx
−$14.8K −$5.97/SF
NOI
$34.4K $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%
$688,980
Cap Rate 7%
$492,129
Cap Rate 9%
$382,767
Alternative Uses
Best Use
Multifamily LT 5
$492.1K
$430.6K – $574.2K
NOI $34,449 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$453.4K
$396.8K – $529.0K
NOI $31,740 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$694.2K
$607.4K – $809.9K
NOI $48,594 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,832
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching residential units offer established occupancy, private outdoor space, basement storage, and off-street parking in NE Portland.
Where is this duplex located?
The property is located at 3136 NE COUCH St Portland, OR.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per unit; 2,472 square feet on a 0.1‑acre lot; Built in 1926 with original hardwood flooring
