Updated
New
For Sale
$734,900
3328 SE WASHINGTON St, Portland, OR 97214
MultiFamily, Portland, OR
Property Size2,844 SF
Lot Size0.08 Acres
Price / SF$258.40
Days on Market1
Property Features for 3328 SE WASHINGTON St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 1
Subdivision
SUNNYSIDE
Elementary school
Sunnyside Env
Middle school
Sunnyside Env
High school
Franklin
Directions
SE Stark, south on SE 33rd, East to property on south side of street
Standard status
Active
APN
R280381
Size
2,844 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
SUNNYSIDE & PLAT 2 & 3, BLOCK 7, LOT 10, POTENTIAL ADDITIONAL TAX
Tax Annual Amount
4755
Legal Description
SUNNYSIDE & PLAT 2 & 3, BLOCK 7, LOT 10, POTENTIAL ADDITIONAL TAX
Utilities
Heating system
Forced Air
Amenities
attached garage
fenced backyard
Building Details
Year built
1892
Floors in Building
2
Number of units
2
Listing Agency:
H & H Preferred Real Estate
(971) 221-3109
Listed By:
Valerie Hunter · License #200110149
(541) 419-7253
Added: Oct 1
Last Checked: Oct 1 at 9:06PM
MLS# 519951479
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 two-unit property contains 2,844 square feet on a 0.08-acre lot and was built in 1892. Interior work includes remodeled kitchens and bathrooms, new LVP flooring and carpet, and fresh paint inside and out. A replacement roof and new furnaces serve both units. An attached garage and fenced backyard add further site features. The property is zoned R5.
Shops, restaurants, cafes, transit, and everyday services are described as within walking distance, with Laurelhurst Park nearby. The listing gives the property a 92 Walk Score and a 100 Bike Score.
Shops, restaurants, cafes, transit, and everyday services are described as within walking distance, with Laurelhurst Park nearby. The listing gives the property a 92 Walk Score and a 100 Bike Score.
Key Highlights
- Two‑unit property with 2,844 square feet
- 0.08‑acre lot; zoned R5
- New roof and furnaces in both residences
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
$39,633
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
5.39%
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%
$792,660
$792.7K
Cap Rate 7%
$566,186
$566.2K
Cap Rate 9%
$440,367
$440.4K
Market Conditions
NOI Build-Up for 2,844 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
$59.7K $21.00/SF
− Vacancy
−$3.1K −$1.09/SF
EGI
$56.6K $19.91/SF
− OpEx
−$17.0K −$5.97/SF
NOI
$39.6K $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%
$792,660
Cap Rate 7%
$566,186
Cap Rate 9%
$440,367
Alternative Uses
Best Use
Multifamily LT 5
$566.2K
$495.4K – $660.6K
NOI $39,633 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$521.7K
$456.5K – $608.6K
NOI $36,517 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$798.7K
$698.8K – $931.8K
NOI $55,907 @ 7.0% cap · market cap 7.61%
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
2,092
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Each residence has refreshed kitchens and bathrooms, along with a new furnace.
Where is this duplex located?
The property is located at 3328 SE WASHINGTON St Portland, OR.
What is the asking price?
The asking price for this property is $734,900.
What are key features of this property?
This property features: Two‑unit property with 2,844 square feet; 0.08‑acre lot; zoned R5; New roof and furnaces in both residences
