Charming Duplex Near Reed
For Sale
$299,900
5181 SE 28th AVE #7, Portland, OR 97202
Duplex in Reed neighborhood, ideal for student housing or investment.
Property Size858 SF
Price / SF$349.53
Days on Market578
Property Features for 5181 SE 28th AVE #7
General Information
Standard status
Active
Size
858 SF
Property subtype
Condominium
Site & Location
Neighborhood
Reed
Amenities
Mini Split
Dishwasher
Free-Standing Range
Microwave
Solid Surface Countertop
Stainless Steel Appliance
Composition
Building Details
Building Size
858 SF
Year Built
2025
Stories
2
Listing Agency:
Keller Williams Realty Portland Premiere
Listed By:
Darryl Bodle II · License #199910100
(503) 709-4632
Source:
Kw
Added: Apr 4, 2025
Changed: Oct 25
Last Checked: Nov 1 at 10:12AM
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
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Investment Insights
Based on property information with market context.
Located in the Reed neighborhood, this property is near Reed College and offers convenient access to restaurants, parks, and the Crystal Springs Rhododendron Garden. The property features a kitchen with cabinetry, backsplash, floating shelves, and accent lighting. The open-concept design connects the kitchen to the dining and living areas, which include an accent wall with built-ins and ambient lighting. The lower level includes a guest bath with tile work. Upstairs, the primary suite and secondary bedroom feature perimeter lighting, ceilings, and windows that provide natural light. The property includes a private, fenced yard with a patio. The neighborhoods of Woodstock, Brooklyn and Westmoreland are less than a mile away. The property is suitable for student housing or as an investment property. The property size is 858 square feet.
Key Highlights
- Prime location in the desirable Reed neighborhood, steps from Reed College.
- Open‑concept design with chef's kitchen featuring rich cabinetry, backsplash, floating shelves, and accent lighting.
- Primary suite and spacious secondary bedroom with perimeter lighting, soaring ceilings, and oversized windows.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,467
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$249,340
$249.3K
Cap Rate 7%
$178,100
$178.1K
Cap Rate 9%
$138,522
$138.5K
Market Conditions
NOI Build-Up for 858 SF
Gross rent
$19.0K $22.20/SF
− Vacancy
−$1.2K −$1.44/SF
EGI
$17.8K $20.76/SF
− OpEx
−$5.3K −$6.23/SF
NOI
$12.5K $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 Rate 5%
$249,340
Cap Rate 7%
$178,100
Cap Rate 9%
$138,522
Alternative Uses
Best Use
Multifamily LT 5
$178.1K
$155.8K – $207.8K
NOI $12,467 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$165.4K
$144.7K – $192.9K
NOI $11,576 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$204.7K
$179.1K – $238.8K
NOI $14,329 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
906
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Duplex in Reed neighborhood, ideal for student housing or investment.
Where is this duplex located?
The property is located at 5181 SE 28th AVE #7 Portland, OR.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Prime location in the desirable Reed neighborhood, steps from Reed College.; Open‑concept design with **chef's kitchen featuring rich cabinetry, backsplash, floating shelves, and accent lighting.**; Primary suite and spacious secondary bedroom with perimeter lighting, soaring ceilings, and oversized windows.**
