Victorian Duplex with
3206 South Kelly Avenue Portland, OR 97239
For Sale
$450,000
Legal Victorian duplex offers high ceilings, fir floors, and ductless heating and cooling with shared outdoor and basement space.
Property Size2,238 SF
Price / SF$201.07
Days on Market63
Property Features for 3206 South Kelly Avenue
General Information
Standard status
Active
Size
2,238 SF
Property subtype
Multi Family
Building Details
Year Built
1889
Listing Agency:
Coldwell Banker Bain
(503) 423-7453
Listed By:
Lori Hamilton · License #200608069
(503) 423-7453
Source:
Compass
Added: May 27
Changed: Jul 10
Last Checked: Jul 28 at 2:36PM
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 Coldwell Banker Bain
Investment Insights
Based on property information with market context.
This legal Victorian duplex features high ceilings, fir floors, double-pane windows, and skylights that bring in natural light. Both bathrooms include tile floors, and each unit has a clawfoot tub with a shower. The property also offers ductless heating and cooling for year-round comfort, plus a shared fenced back yard and a full basement.
The home is described as just steps from the pedestrian bridge, with convenience to OHSU, PSU, and downtown Portland. The remarks also note easy access to South Waterfront restaurants and shops, as well as Tillicum Crossing and waterfront trails.
With separate laundry arrangements, the upper unit includes in-unit laundry, while the main level unit has laundry in the basement. This configuration supports flexible living or rental use, making the property suitable for an owner-occupant looking to offset expenses or an investor seeking a steady, long-term rental setup within a duplex format.
The home is described as just steps from the pedestrian bridge, with convenience to OHSU, PSU, and downtown Portland. The remarks also note easy access to South Waterfront restaurants and shops, as well as Tillicum Crossing and waterfront trails.
With separate laundry arrangements, the upper unit includes in-unit laundry, while the main level unit has laundry in the basement. This configuration supports flexible living or rental use, making the property suitable for an owner-occupant looking to offset expenses or an investor seeking a steady, long-term rental setup within a duplex format.
Key Highlights
- Legal Victorian duplex with 2 stories and a full basement
- Ductless heating and cooling, high ceilings, and fir floors
- Double‑pane windows and skylights for natural light
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.0k | $21.00 |
| − Vacancy | −$2.4k | −$1.09 |
| EGI | $44.6k | $19.91 |
| − OpEx | −$13.4k | −$5.97 |
| NOI | $31.2k | $13.94 |
2,238 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$445.5K
$389.9K – $519.8K
NOI $31,188 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$410.5K
$359.2K – $478.9K
NOI $28,736 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$628.5K
$549.9K – $733.2K
NOI $43,994 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Legal Victorian duplex offers high ceilings, fir floors, and ductless heating and cooling with shared outdoor and basement space.
Where is this duplex located?
The property is located at 3206 South Kelly Avenue Portland, OR.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Legal Victorian duplex with 2 stories and a full basement; Ductless heating and cooling, high ceilings, and fir floors; Double‑pane windows and skylights for natural light
