Two-Unit Duplex with
For Sale
$575,100
3815 SE 64TH Ave, Portland, OR 97206
MultiFamily, Portland, OR
Property Size2,760 SF
Price / SF$208.37
Days on Market81
Property Features for 3815 SE 64TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1
Subdivision
FOSTER - POWELL
Elementary school
Creston
Middle school
Hosford
High school
Franklin
Directions
SE Powell; S on SE 64th Ave to Property
Standard status
Active
APN
R204966
Size
2,760 SF
Taxes and HOA fees
Tax Description
LAURELWOOD PK, BLOCK 9, LOT 23
Tax Annual Amount
4962
Legal Description
LAURELWOOD PK, BLOCK 9, LOT 23
Utilities
Heating system
Forced Air
Amenities
shared laundry
storage space
fenced backyard
Building Details
Year built
1924
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Stephen FitzMaurice
(971) 803-1590
Added: Jun 29
Changed: Sep 17
Last Checked: Sep 17 at 8:06PM
MLS# 182232773
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.
Built in 1924, this 2,760-square-foot duplex contains two residential units, each arranged with two bedrooms, one bathroom, a living area, and a functional kitchen. Interior details include wood flooring, while forced-air heating serves the property. Shared laundry and storage are located in the basement. A separate studio provides additional flexible space, and the exterior has been recently painted.
The property occupies a landscaped, fully fenced backyard and is located at 3815 SE 64th Ave in Portland, Oregon 97206. R5 zoning applies. A composition roof completes the building, and tenants are currently in place.
The property occupies a landscaped, fully fenced backyard and is located at 3815 SE 64th Ave in Portland, Oregon 97206. R5 zoning applies. A composition roof completes the building, and tenants are currently in place.
Key Highlights
- 1924‑built duplex with 2,760 square feet
- Two units, each with 2 bedrooms and 1 bathroom
- Separate studio space included
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
$40,531
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
7.05%
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%
$810,620
$810.6K
Cap Rate 7%
$579,014
$579.0K
Cap Rate 9%
$450,344
$450.3K
Market Conditions
NOI Build-Up for 2,760 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
$61.3K $22.20/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$57.9K $20.98/SF
− OpEx
−$17.4K −$6.29/SF
NOI
$40.5K $14.69/SF
Area
ZIP 97206
Vacancy
5.50%
Lease Rate
$22.20 /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%
$810,620
Cap Rate 7%
$579,014
Cap Rate 9%
$450,344
Alternative Uses
Best Use
Multifamily LT 5
$579.0K
$506.6K – $675.5K
NOI $40,531 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$519.2K
$454.3K – $605.7K
NOI $36,341 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$775.1K
$678.2K – $904.3K
NOI $54,255 @ 7.0% cap · market cap 9.43%
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
797
Businesses Nearby
Explore this area
Business Placement
Demographics for 97206, OR
51,072
Population
22,348
Households
2.3
Avg Household Size
38
Median Age
49%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
7,857
Density / Sq Mi
$94,233
Median Household Income
$54,254
Median Earnings
$1,693
Median Rent
$480,500
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
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Frequently Asked Questions
What type of property is this?
Duplex - Classic multifamily property with two residential units, shared basement amenities, and a separate studio space.
Where is this duplex located?
The property is located at 3815 SE 64TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $575,100.
What are key features of this property?
This property features: 1924‑built duplex with 2,760 square feet; Two units, each with 2 bedrooms and 1 bathroom; Separate studio space included
