Modern Dual-Dwelling Investment
3223 SE 122ND Ave Portland, OR 97236
For Sale
$680,000
MULTI_FAMILY - Portland, OR
Property Size2,326 SF
Price / SF$292.35
Days on Market225
Property Features for 3223 SE 122ND Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
6
Bathrooms
5
Rooms
Bedroom 4, Bedroom 2, Bathroom 4, Bathroom 3, Bedroom 1, Bathroom 5, Bedroom 6, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 5
Standard status
Active
APN
R333880
Size
2,326 SF
Taxes and HOA fees
Tax Description
SECTION 10 1S 2E, TL 3800 0.17 ACRES
Tax Annual Amount
7702
Utilities
Heating system
Forced Air, Zoned
Building Details
Year built
2018
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Li Lanz Properties, LLC
(503) 936-4154
Listed By:
Li Lanz · License #200308290
(503) 936-4154
Added: Dec 17, 2025
Changed: Jul 18
Last Checked: Jul 30 at 6:06AM
MLS# 659121540
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 modern dual-dwelling property, constructed in 2018, offers flexibility and income potential. The main home includes 4 bedrooms, 2.5 baths, and 1,572 square feet of living space. It features solid surface countertops, a primary suite with dual sinks and a walk-in closet, a private patio, and an attached garage. The detached ADU provides an additional 754 square feet, with 2 bedrooms, 1.5 baths, washer/dryer hookups, a private patio, and a dedicated garage. The property is located in Portland, OR, within Multnomah County. The total property size is 2,326 square feet. The zoning is R5. This property presents an investment opportunity with multiple use options, including multigenerational living, owner-occupancy of one unit with rental of the other, or leasing of both units for maximum return.
Key Highlights
- Modern dual‑dwelling built in 2018 with forced air heat and zoned HVAC, plus a composition roof
- Main home: 4 bedrooms, 2.5 baths, and 1,572 sq ft with solid surface countertops, a spacious primary suite, dual sinks, and a walk‑in closet
- Main home includes a private patio and attached garage
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 | $48.8k | $21.00 |
| − Vacancy | −$2.5k | −$1.09 |
| EGI | $46.3k | $19.91 |
| − OpEx | −$13.9k | −$5.97 |
| NOI | $32.4k | $13.94 |
2,326 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$463.1K
$405.2K – $540.2K
NOI $32,414 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$426.7K
$373.3K – $497.8K
NOI $29,866 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$653.2K
$571.6K – $762.1K
NOI $45,724 @ 7.0% cap · market cap 6.72%
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 - Two homes on one lot, great for rental income.
Where is this duplex located?
The property is located at 3223 SE 122ND Ave Portland, OR.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Modern dual‑dwelling built in 2018 with forced air heat and zoned HVAC, plus a composition roof; Main home: 4 bedrooms, 2.5 baths, and 1,572 sq ft with solid surface countertops, a spacious primary suite, dual sinks, and a walk‑in closet; Main home includes a private patio and attached garage
