Triplex with Heat
For Sale
$1,249,900
5135 SE MORRISON ST, Portland, OR 97215
R2.5-zoned triplex with heat-pump systems, crawl-space storage, and on-street parking.
Property Size2,904 SF
Days on Market10
Property Features for 5135 SE MORRISON ST
General Information
Standard status
Active
Size
2,904 SF
Property subtype
Residential Income
Zoning
R2.5
Net Operating Income
$62,465
Amenities
Heat Pump
Crawl Space
On Street
Building Details
Building Size
2,904 SF
Year Built
2026
Stories
2
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 709-4632
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Evrealestate
Added: Aug 11
Changed: Aug 17
Last Checked: Aug 19 at 7:05AM
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 Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
This triplex is identified with a 2026 year built and includes heat-pump systems, a crawl space, and on-street parking. The property carries R2.5 zoning and is located at 5135 SE Morrison St in Portland, Oregon.
Access is provided from SE Division St via SE 50th Ave and SE Morrison St, with the property reached at SE 51st Ave. The available information supports a straightforward multifamily configuration with residential zoning and practical exterior parking access.
Access is provided from SE Division St via SE 50th Ave and SE Morrison St, with the property reached at SE 51st Ave. The available information supports a straightforward multifamily configuration with residential zoning and practical exterior parking access.
Key Highlights
- Triplex property with R2.5 zoning
- 2026 year built
- Heat‑pump systems 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
$40,469
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
3.24%
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%
$809,380
$809.4K
Cap Rate 7%
$578,129
$578.1K
Cap Rate 9%
$449,656
$449.7K
Market Conditions
NOI Build-Up for 2,904 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
$61.0K $21.00/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$57.8K $19.91/SF
− OpEx
−$17.3K −$5.97/SF
NOI
$40.5K $13.94/SF
Area
Portland, OR
Vacancy
5.20%
Lease Rate
$21.00 /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%
$809,380
Cap Rate 7%
$578,129
Cap Rate 9%
$449,656
Alternative Uses
Best Use
Multifamily LT 5
$578.1K
$505.9K – $674.5K
NOI $40,469 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$532.7K
$466.1K – $621.5K
NOI $37,287 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$815.5K
$713.6K – $951.4K
NOI $57,086 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,324
Businesses Nearby
Explore this area
Business Placement
Demographics for 97215, OR
18,221
Population
7,855
Households
2.3
Avg Household Size
40
Median Age
64%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,922
Density / Sq Mi
$114,361
Median Household Income
$62,704
Median Earnings
$1,587
Median Rent
$658,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - R2.5-zoned triplex with heat-pump systems, crawl-space storage, and on-street parking.
Where is this triplex located?
The property is located at 5135 SE MORRISON ST Portland, OR.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: Triplex property with R2.5 zoning; 2026 year built; Heat‑pump systems included
