Updated Duplex with In-Unit
For Sale
$749,900
3910 SE 32 AVE SE, Portland, OR 97202
Updated R2.5 duplex features two units, hardwood floors, and in-unit washer and dryer in each residence.
Property Size2,599 SF
Days on Market46
Property Features for 3910 SE 32 AVE SE
General Information
Standard status
Active
Size
2,599 SF
Property subtype
MULTI_FAMILY
Zoning
R2.5
Additional Details
Furnished
Yes
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,035
Amenities
hardwood floors
in-unit laundry
mini splits
backyard landscaping
paver patio/driveway
fencing
Building Details
Building Size
2,599 SF
Year Built
1911
Tenancy
Multi
Listing Agency:
Real Broker
(503) 847-0065
Listed By:
Jason Wasinger
(503) 847-0065
Source:
Eleeterealestate
Added: Jul 10
Changed: Aug 23
Last Checked: Aug 24 at 1:59PM
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 Real Broker
Investment Insights
Based on property information with market context.
This extensively updated duplex is zoned R2.5 and offers two separate residences with hardwood floors throughout. The main level includes 2 bedrooms and 1 bath, an open-concept kitchen with quartz countertops, stainless steel appliances, and in-unit laundry. The upstairs unit provides a 1-bedroom, 1-bath layout with its own washer and dryer, plus ample storage. Recent improvements include mini splits, backyard landscaping, a paver patio/driveway, and fencing. A clean basement with a separate entrance is ready for storage and may support additional uses, subject to buyer diligence.
The property is located in the heart of Kenilworth, with convenient access to parks and local amenities, and is described as being just minutes from Gladstone, Division, Clinton, and Woodstock, with access to downtown Portland.
Both units were sold furnished. The generous backyard and basement present opportunities for additional development or space expansion, including potential uses permitted under current zoning, with all due diligence to be performed by the buyer with the City of Portland.
The property is located in the heart of Kenilworth, with convenient access to parks and local amenities, and is described as being just minutes from Gladstone, Division, Clinton, and Woodstock, with access to downtown Portland.
Both units were sold furnished. The generous backyard and basement present opportunities for additional development or space expansion, including potential uses permitted under current zoning, with all due diligence to be performed by the buyer with the City of Portland.
Key Highlights
- Updated R2.5‑zoned duplex in Kenilworth with two separate residences
- Main‑level unit: 2 bedrooms, 1 bath, hardwood floors, open‑concept kitchen with quartz countertops, stainless steel appliances, and in‑unit laundry
- Upstairs unit: 1 bedroom, 1 bath with hardwood floors, its own washer and dryer, and ample storage
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
$37,763
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
5.04%
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%
$755,260
$755.3K
Cap Rate 7%
$539,471
$539.5K
Cap Rate 9%
$419,589
$419.6K
Market Conditions
NOI Build-Up for 2,599 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
$57.7K $22.20/SF
− Vacancy
−$3.8K −$1.44/SF
EGI
$53.9K $20.76/SF
− OpEx
−$16.2K −$6.23/SF
NOI
$37.8K $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 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%
$755,260
Cap Rate 7%
$539,471
Cap Rate 9%
$419,589
Alternative Uses
Best Use
Multifamily LT 5
$539.5K
$472.0K – $629.4K
NOI $37,763 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$500.9K
$438.3K – $584.4K
NOI $35,064 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$620.0K
$542.5K – $723.4K
NOI $43,403 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,117
Businesses Nearby
Explore this area
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
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 - Updated R2.5 duplex features two units, hardwood floors, and in-unit washer and dryer in each residence.
Where is this duplex located?
The property is located at 3910 SE 32 AVE SE Portland, OR.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Updated R2.5‑zoned duplex in Kenilworth with two separate residences; Main‑level unit: 2 bedrooms, 1 bath, hardwood floors, open‑concept kitchen with quartz countertops, stainless steel appliances, and in‑unit laundry; Upstairs unit: 1 bedroom, 1 bath with hardwood floors, its own washer and dryer, and ample storage
