Two-Unit Duplex with Unfinished
For Sale
$500,000
3604 SE 7TH AVE, Portland, OR 97202
One unit is partly finished, while the second requires substantial interior work before completion.
Property Size2,376 SF
Days on Market9
Property Features for 3604 SE 7TH AVE
General Information
Standard status
Active
Size
2,376 SF
Property subtype
MULTI_FAMILY
Property Condition
Severity
Repairs Needed
Evidence
Some TLC is still needed
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,769
Building Details
Building Size
2,376 SF
Year Built
1949
Listing Agency:
Summa Real Estate Group
Listed By:
Angie Hobson · License #201234540
(503) 349-9410
Source:
Eleeterealestate
Added: Oct 8
Changed: Oct 11
Last Checked: Oct 15 at 8:09AM
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 Summa Real Estate Group
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Investment Insights
Based on property information with market context.
This vacant duplex contains two units planned for three bedrooms and two bathrooms apiece, for a potential total of six bedrooms and four bathrooms. The 2,376-square-foot property was built in 1949. One unit is largely complete, with hardwood floors and an updated kitchen, though a gutted bathroom remains unfinished. The second unit needs significant finishing. A separate 1,107-square-foot unfinished basement is not included in the stated building area. The property’s current condition requires cash or rehab financing.
The property is in Portland’s Brooklyn neighborhood, with access to the MAX Orange Line, public transit, and nearby parks. It has a 92 Bike Score and a 79 Walk Score. A management-company pro forma projects a 6.67% cap rate and 9.0 GRM; the vacant property has no actual rental income or operating history.
The property is in Portland’s Brooklyn neighborhood, with access to the MAX Orange Line, public transit, and nearby parks. It has a 92 Bike Score and a 79 Walk Score. A management-company pro forma projects a 6.67% cap rate and 9.0 GRM; the vacant property has no actual rental income or operating history.
Key Highlights
- Two units are each laid out for 3 bedrooms and 2 bathrooms
- 2,376 square feet of stated building area
- Separate 1,107‑square‑foot unfinished basement, excluded from stated building area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,523
Cap Rate
6.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$690,460
$690.5K
Cap Rate 7%
$493,186
$493.2K
Cap Rate 9%
$383,589
$383.6K
Market Conditions
NOI Build-Up for 2,376 SF
Gross rent
$52.7K $22.20/SF
− Vacancy
−$3.4K −$1.44/SF
EGI
$49.3K $20.76/SF
− OpEx
−$14.8K −$6.23/SF
NOI
$34.5K $14.53/SF
Area
ZIP 97202
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$690,460
Cap Rate 7%
$493,186
Cap Rate 9%
$383,589
Alternative Uses
Best Use
Multifamily LT 5
$493.2K
$431.5K – $575.4K
NOI $34,523 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$457.9K
$400.7K – $534.3K
NOI $32,055 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$566.8K
$496.0K – $661.3K
NOI $39,679 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
865
Businesses Nearby
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Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
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
Frequently Asked Questions
What type of property is this?
Duplex - One unit is partly finished, while the second requires substantial interior work before completion.
Where is this duplex located?
The property is located at 3604 SE 7TH AVE Portland, OR.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two units are each laid out for 3 bedrooms and 2 bathrooms; 2,376 square feet of stated building area; Separate 1,107‑square‑foot unfinished basement, excluded from stated building area
