Two-Unit Property with
For Sale
$499,900
35 Northeast 157th Avenue, Portland, OR 97230
RM1-zoned residential property with fireplaces, patios, parking, and access to MAX transit.
Property Size1,728 SF
Price / SF$289.29
Days on Market263
Property Features for 35 Northeast 157th Avenue
General Information
Standard status
Active
Size
1,728 SF
Total Parking Spaces
4
Property subtype
Multi Family
Zoning
RM1
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$19,200
Taxes and HOA fees
Annual Taxes
$5,162
Amenities
fireplace
shared shop
covered patio
uncovered patio
storage units
stackable washer/dryer
security system
1
Crawl Space
Concrete Perimeter
Composition
Brick, T111Siding
Building Details
Year Built
1970
Buildings
1
Listing Agency:
Keller Williams PDX Central
(503) 720-1931
Listed By:
Brent Maxson · License #920400264
(503) 720-1931
Source:
Compass
Added: Dec 10, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:54PM
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 Keller Williams PDX Central
Investment Insights
Based on property information with market context.
This RM1-zoned duplex contains two 864-square-foot units, each arranged with two bedrooms, one bathroom, a fireplace, and included appliances. Both residences have stackable washers and dryers, Milgard windows, and kitchen garden-box windows. Shared improvements include a shop with interior storage rooms, two additional exterior storage units, and a backyard with covered and uncovered patios. Parking is available both on site and along the street.
Built in 1970, the property received several updates in 2020, including new carpet with 10-pound moisture-barrier pad, insulation beneath the entire duplex, and replacement gutters. A 16-channel camera security system with a 1TB NVR, installed in 2025, is included. The property is located at 35 Northeast 157th Avenue in Portland, approximately 5 blocks from MAX transit.
Built in 1970, the property received several updates in 2020, including new carpet with 10-pound moisture-barrier pad, insulation beneath the entire duplex, and replacement gutters. A 16-channel camera security system with a 1TB NVR, installed in 2025, is included. The property is located at 35 Northeast 157th Avenue in Portland, approximately 5 blocks from MAX transit.
Key Highlights
- Two 864‑square‑foot units, each with 2 bedrooms, 1 bathroom, and a fireplace
- RM1 zoning with a two‑unit residential configuration
- 2020 updates included carpet, 10‑pound moisture‑barrier pad, floor insulation, and gutters
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
$24,081
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
4.82%
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%
$481,620
$481.6K
Cap Rate 7%
$344,014
$344.0K
Cap Rate 9%
$267,567
$267.6K
Market Conditions
NOI Build-Up for 1,728 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
$36.3K $21.00/SF
− Vacancy
−$1.9K −$1.09/SF
EGI
$34.4K $19.91/SF
− OpEx
−$10.3K −$5.97/SF
NOI
$24.1K $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%
$481,620
Cap Rate 7%
$344,014
Cap Rate 9%
$267,567
Alternative Uses
Best Use
Multifamily LT 5
$344.0K
$301.0K – $401.4K
NOI $24,081 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$317.0K
$277.3K – $369.8K
NOI $22,187 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$485.3K
$424.6K – $566.2K
NOI $33,969 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
597
Businesses Nearby
Explore this area
Business Placement
Demographics for 97230, OR
41,562
Population
17,190
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
13.9 sq mi
ZIP Area
2,990
Density / Sq Mi
$70,582
Median Household Income
$41,102
Median Earnings
$1,511
Median Rent
$435,800
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 - RM1-zoned residential property with fireplaces, patios, parking, and access to MAX transit.
Where is this duplex located?
The property is located at 35 Northeast 157th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two 864‑square‑foot units, each with 2 bedrooms, 1 bathroom, and a fireplace; RM1 zoning with a two‑unit residential configuration; 2020 updates included carpet, 10‑pound moisture‑barrier pad, floor insulation, and gutters
