Updated Duplex with Separate
For Sale
$749,900
3910 SE 32 Ave SE, Portland, OR 97202
MultiFamily, Portland, OR
Property Size2,599 SF
Lot Size0.12 Acres
Price / SF$288.53
Days on Market53
Property Features for 3910 SE 32 Ave SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R 2.5
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 2
Subdivision
Kenilworth
Elementary school
Grout
Middle school
Hosford
High school
Cleveland
Directions
Gladstone to North on 32nd Ave
Standard status
Active
APN
R195646
Size
2,599 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
KENILWORTH, BLOCK 8, LOT 2
Tax Annual Amount
5035
Legal Description
KENILWORTH, BLOCK 8, LOT 2
Utilities
Cooling system
Window Unit(s)
Amenities
hardwood floors
open-concept kitchen
quartz countertops
stainless steel appliances
in-unit laundry
mini splits
backyard landscaping
paver patio
driveway
fencing
basement
Building Details
Year built
1911
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
Real Broker
(855) 450-0442
Listed By:
Jason Wasinger
(503) 847-0065
Added: Jul 10
Changed: Aug 31
Last Checked: Aug 31 at 10:06AM
MLS# 472087331
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 1911, this 2,599-square-foot duplex contains two furnished residences. The main-floor unit offers two bedrooms, one bathroom, hardwood flooring, an open kitchen with quartz counters and stainless steel appliances, plus in-unit laundry. The upper residence includes one bedroom, one bathroom, hardwood floors, a washer and dryer, and dedicated storage. Mini-split systems, landscaping, fencing, and improvements to the paver patio and driveway are among the recent updates.
The 0.12-acre property is zoned R 2.5 and includes a basement with a separate entrance, providing space for storage or possible workspace. A backyard and composition roof complete the property. The address is in Portland’s 97202 ZIP code, with access to nearby Gladstone, Division, Clinton, and Woodstock areas, as well as parks, coffee shops, restaurants, and downtown Portland.
The 0.12-acre property is zoned R 2.5 and includes a basement with a separate entrance, providing space for storage or possible workspace. A backyard and composition roof complete the property. The address is in Portland’s 97202 ZIP code, with access to nearby Gladstone, Division, Clinton, and Woodstock areas, as well as parks, coffee shops, restaurants, and downtown Portland.
Key Highlights
- Two furnished residential units totaling 2,599 square feet
- Main residence has 2 bedrooms, 1 bathroom, quartz kitchen counters, stainless appliances, and hardwood floors
- Upper unit includes 1 bedroom, 1 bathroom, private laundry, and 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
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 - R 2.5-zoned duplex with furnished units, private laundry, updated interiors, and a basement with its own entrance.
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: Two furnished residential units totaling 2,599 square feet; Main residence has 2 bedrooms, 1 bathroom, quartz kitchen counters, stainless appliances, and hardwood floors; Upper unit includes 1 bedroom, 1 bathroom, private laundry, and storage
