Two-Unit Townhome-Style
New
For Sale
$824,900
5228 SE Hull AVE, Milwaukie, OR 97267
Both residences include private outdoor areas, attached garages, and separate laundry facilities.
Property Size2,610 SF
Price / SF$316.05
Days on Market5
Property Features for 5228 SE Hull AVE
General Information
Standard status
Active
Size
2,610 SF
Property subtype
Multi-Family
Building Details
Year Built
2005
Listing Agency:
Neath The Wind Realty, Inc.
Listed By:
NW Pacific Realty
(503) 783-9401
Source:
Nwpacificrealty
Added: Sep 30
Changed: Oct 3
Last Checked: Oct 4 at 9:54AM
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 Neath The Wind Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 2005, this duplex contains two townhome-style residences, each with 3 bedrooms, 2.5 bathrooms, approximately 1,228 square feet, and an attached single-car garage. The layouts place living and dining areas, an oak-cabinet kitchen, a half bath, and laundry on the main level, with three bedrooms and two full bathrooms upstairs. Covered front porches, rear patios, and separately fenced backyards provide outdoor space for each home. One residence has stainless steel appliances, including a new dishwasher, microwave, stove/oven, and refrigerator, along with a new kitchen sink, washer and dryer, and window blinds.
The property is tenant-occupied and professionally managed. Signed leases provide combined scheduled rent of $4,499 per month, with tenants responsible for utilities. The prior owner reported county due diligence toward separating the units for individual ownership, but feasibility and remaining approvals require confirmation with the county.
The property is tenant-occupied and professionally managed. Signed leases provide combined scheduled rent of $4,499 per month, with tenants responsible for utilities. The prior owner reported county due diligence toward separating the units for individual ownership, but feasibility and remaining approvals require confirmation with the county.
Key Highlights
- Two residences, each with 3 bedrooms, 2.5 bathrooms, and approximately 1,228 square feet
- Approximately 2,457 square feet of combined living area
- Attached single‑car garage for each residence
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
$33,512
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
4.06%
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%
$670,240
$670.2K
Cap Rate 7%
$478,743
$478.7K
Cap Rate 9%
$372,356
$372.4K
Market Conditions
NOI Build-Up for 2,610 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
$64.2K $24.60/SF
− Vacancy
−$3.3K −$1.25/SF
EGI
$60.9K $23.35/SF
− OpEx
−$27.4K −$10.51/SF
NOI
$33.5K $12.84/SF
Area
Clackamas County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$670,240
Cap Rate 7%
$478,743
Cap Rate 9%
$372,356
Alternative Uses
Best Use
Apartment 5plus
$478.7K
$418.9K – $558.5K
NOI $33,512 @ 7.0% cap · market cap 4.06%
Second Best
Multifamily LT 5
$468.3K
$409.8K – $546.4K
NOI $32,784 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$704.5K
$616.4K – $821.9K
NOI $49,315 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
413
Businesses Nearby
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Business Placement
Demographics for 97267, OR
31,851
Population
12,983
Households
2.5
Avg Household Size
45
Median Age
35%
College-Educated
93%
High-School Grad
7.2 sq mi
ZIP Area
4,424
Density / Sq Mi
$85,178
Median Household Income
$47,236
Median Earnings
$1,607
Median Rent
$489,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences include private outdoor areas, attached garages, and separate laundry facilities.
Where is this duplex located?
The property is located at 5228 SE Hull AVE Milwaukie, OR.
What is the asking price?
The asking price for this property is $824,900.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms, 2.5 bathrooms, and approximately 1,228 square feet; Approximately 2,457 square feet of combined living area; Attached single‑car garage for each residence
