Updated Duplex with Private
For Sale
$589,999
4437 Se 66th Ave, Portland, OR 97206
Two remodeled units offer private driveways, fenced patios, and refreshed kitchens.
Property Size1,344 SF
Price / SF$438.99
Days on Market12
Property Features for 4437 Se 66th Ave
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
private fenced patio
tool shed
Building Details
Year Built
1965
Listing Agency:
Realty One Group Pacifica
(503) 205-0614
Listed By:
Robie Ranes
Source:
Portlandpropertylistings
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 10:37AM
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 Realty One Group Pacifica
Investment Insights
Based on property information with market context.
Built in 1965, this duplex contains two recently remodeled 2-bedroom, 1-bathroom units. Interior improvements include fresh paint, new laminate flooring, vinyl windows, screen doors, ceiling fans, and spacious bedroom closets. Both kitchens have updated layouts with substantial cabinet and counter space; Unit 4439 includes a brand-new range, dishwasher, microwave hood, and newer refrigerator, while Unit 4437 has also received recent kitchen improvements. Remodeled bathrooms feature subway-tile step-in showers.
Each residence has a private, fully fenced patio, a tool shed, and its own driveway, with additional on-street parking. A new roof and gutters were installed in 2024. The property is located near a library, parks, stores, restaurants, and pubs.
Each residence has a private, fully fenced patio, a tool shed, and its own driveway, with additional on-street parking. A new roof and gutters were installed in 2024. The property is located near a library, parks, stores, restaurants, and pubs.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units with recent remodeling
- New laminate flooring, fresh interior paint, vinyl windows, and ceiling fans
- Updated kitchens; Unit 4439 includes a brand‑new range, dishwasher, microwave hood, and newer refrigerator
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
$19,737
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
3.35%
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%
$394,740
$394.7K
Cap Rate 7%
$281,957
$282.0K
Cap Rate 9%
$219,300
$219.3K
Market Conditions
NOI Build-Up for 1,344 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
$29.8K $22.20/SF
− Vacancy
−$1.6K −$1.22/SF
EGI
$28.2K $20.98/SF
− OpEx
−$8.5K −$6.29/SF
NOI
$19.7K $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%
$394,740
Cap Rate 7%
$281,957
Cap Rate 9%
$219,300
Alternative Uses
Best Use
Multifamily LT 5
$282.0K
$246.7K – $329.0K
NOI $19,737 @ 7.0% cap · market cap 3.35%
Second Best
Apartment 5plus
$252.8K
$221.2K – $294.9K
NOI $17,696 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$377.4K
$330.3K – $440.3K
NOI $26,420 @ 7.0% cap · market cap 4.48%
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
931
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
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 - Two remodeled units offer private driveways, fenced patios, and refreshed kitchens.
Where is this duplex located?
The property is located at 4437 Se 66th Ave Portland, OR.
What is the asking price?
The asking price for this property is $589,999.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units with recent remodeling; New laminate flooring, fresh interior paint, vinyl windows, and ceiling fans; Updated kitchens; Unit 4439 includes a brand‑new range, dishwasher, microwave hood, and newer refrigerator
