Corner-Lot Duplex with Off-Street
For Sale
$514,995
5215 North Willis Boulevard, Portland, OR 97203
Two residential units occupy a corner parcel with parking available away from the street.
Property Size1,519 SF
Price / SF$339.04
Days on Market584
Property Features for 5215 North Willis Boulevard
General Information
Standard status
Active
Size
1,519 SF
Property subtype
Multi Family
Zoning
R5
Additional Details
Cap Rate
5.3%
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,167
Amenities
1
Crawl Space
Composition
Vinyl Siding, Wood Siding
Building Details
Year Built
1956
Buildings
1
Listing Agency:
RE/MAX Equity Group
(503) 351-4989
Listed By:
Kevin Smallbeck · License #981000145
(503) 351-4989
Source:
Compass
Added: Jan 25, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:22PM
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 RE/MAX Equity Group
Investment Insights
Based on property information with market context.
Built in 1956, this duplex contains 1,519 SF and includes two residential units, a crawl space, and off-street parking serving both residences. The property has vinyl and wood siding, a composition exterior, and a brand-new 30-year roof. It is zoned R5 and is managed by RMS Property Management.
The property is located at 5215 North Willis Boulevard in Portland’s NoPo/St. Johns area, near schools and the center of St. Johns. Public transportation, parks, and local amenities are identified as nearby. The property has a reported net cap rate of 5.3% and an established rental history.
The property is located at 5215 North Willis Boulevard in Portland’s NoPo/St. Johns area, near schools and the center of St. Johns. Public transportation, parks, and local amenities are identified as nearby. The property has a reported net cap rate of 5.3% and an established rental history.
Key Highlights
- Two‑unit duplex on a corner lot
- Brand‑new 30‑year roof
- 1,519 SF property built in 1956
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
$21,168
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
4.11%
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%
$423,360
$423.4K
Cap Rate 7%
$302,400
$302.4K
Cap Rate 9%
$235,200
$235.2K
Market Conditions
NOI Build-Up for 1,519 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
$31.9K $21.00/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$30.2K $19.91/SF
− OpEx
−$9.1K −$5.97/SF
NOI
$21.2K $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%
$423,360
Cap Rate 7%
$302,400
Cap Rate 9%
$235,200
Alternative Uses
Best Use
Multifamily LT 5
$302.4K
$264.6K – $352.8K
NOI $21,168 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$278.6K
$243.8K – $325.1K
NOI $19,504 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$426.6K
$373.3K – $497.7K
NOI $29,860 @ 7.0% cap · market cap 5.80%
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
482
Businesses Nearby
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
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 residential units occupy a corner parcel with parking available away from the street.
Where is this duplex located?
The property is located at 5215 North Willis Boulevard Portland, OR.
What is the asking price?
The asking price for this property is $514,995.
What are key features of this property?
This property features: Two‑unit duplex on a corner lot; Brand‑new 30‑year roof; 1,519 SF property built in 1956
