Townhome-Style
New
For Sale
$824,900
5228 SE HULL Ave, Milwaukie, OR 97267
MultiFamily, Milwaukie, OR
Property Size2,610 SF
Lot Size0.16 Acres
Price / SF$316.05
Days on Market6
Property Features for 5228 SE HULL Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MR1
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 2, Bedroom 6, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Bathroom 6, Bedroom 3, Bedroom 5
Elementary school
Candy Lane
Middle school
Gardiner
High school
Oregon City
Directions
Jennings S on Addie, W on Hull
Subdivision
_145
Standard status
Active
APN
05013080
Size
2,610 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
PARTITION PLAT 2005-125 PARCEL 2
Tax Annual Amount
7560
Legal Description
PARTITION PLAT 2005-125 PARCEL 2
Utilities
Heating system
Forced Air
Amenities
covered front porches
rear patios
separately fenced backyards
individual laundry areas
Building Details
Year built
2005
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Tree City Real Estate
Listed By:
Lizbeth Abbott
(503) 757-1869
Added: Sep 29
Changed: Sep 30
Last Checked: Oct 4 at 6:06PM
MLS# 355435792
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2005 duplex contains two townhome-style residences, each arranged with living and dining areas on the main floor and three bedrooms and two full bathrooms upstairs. Each unit also has a half bath, an attached single-car garage, and its own laundry area. Covered front porches, rear patios, and separately fenced backyards provide outdoor space for each residence. Unit 5228 has stainless steel appliances, including a refrigerator, dishwasher, microwave, and stove/oven, along with a new kitchen sink, washer and dryer, and window blinds.
The property occupies 0.16 acres in Milwaukie and is zoned MR1. Both units are tenant-occupied and professionally managed, with tenants responsible for utilities.
The property occupies 0.16 acres in Milwaukie and is zoned MR1. Both units are tenant-occupied and professionally managed, with tenants responsible for utilities.
Key Highlights
- Two townhome‑style residences, each with 3 bedrooms, 2 full bathrooms, and a half bath
- Attached single‑car garage for each unit
- 0.16‑acre property zoned MR1
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
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
413
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 have three bedrooms, two full bathrooms, a half bath, and an attached single-car garage.
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 townhome‑style residences, each with 3 bedrooms, 2 full bathrooms, and a half bath; Attached single‑car garage for each unit; 0.16‑acre property zoned MR1
