Duplex With Separate
For Sale
$675,000
5331 5333 NE 28TH Ave, Portland, OR 97211
MultiFamily, Portland, OR
Property Size2,244 SF
Price / SF$300.80
Days on Market82
Property Features for 5331 5333 NE 28TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2.5H
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 1
Subdivision
CONCORDIA / ALBERTA
Elementary school
Vernon
Middle school
Vernon
High school
Leodis McDaniel
Directions
Between Killingsworth and Alberta on NE 28th
Standard status
Active
APN
R186401
Size
2,244 SF
Taxes and HOA fees
Tax Description
INA PK, BLOCK 4, LOT 13
Tax Annual Amount
4244
Legal Description
INA PK, BLOCK 4, LOT 13
Utilities
Heating system
Forced Air
Amenities
laundry
yard
Building Details
Year built
1909
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
Windermere Realty Trust · Windermere Real Estate
(503) 284-7755
Listed By:
Aimee Virnig · License #200409137
(503) 803-7678
Added: Jun 3
Changed: Aug 23
Last Checked: Aug 23 at 4:06PM
MLS# 619679942
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 1909 duplex contains 2,244 square feet across two residences. The upper unit includes two bedrooms and two bathrooms, with hardwood flooring and two separate bedroom suites. The lower residence provides two bedrooms, one bathroom, hardwood floors, and a kitchen connected to the backyard. Each unit has its own basement storage, laundry area, and electrical service.
The property is located at 5331–5333 NE 28th Ave in Portland’s 97211 ZIP code, near Alberta, Killingworth, Fernhill Park, Kennedy School, New Seasons, and local bars. An alley borders the property and may support off-street parking potential, subject to verification. The roof was replaced in 2023, exterior painting was completed in 2022, interior painting is identified for 2026, and most windows have been updated. Heating includes forced-air gas in the lower unit and zonal electric heat upstairs. Zoning is R2.5H.
The property is located at 5331–5333 NE 28th Ave in Portland’s 97211 ZIP code, near Alberta, Killingworth, Fernhill Park, Kennedy School, New Seasons, and local bars. An alley borders the property and may support off-street parking potential, subject to verification. The roof was replaced in 2023, exterior painting was completed in 2022, interior painting is identified for 2026, and most windows have been updated. Heating includes forced-air gas in the lower unit and zonal electric heat upstairs. Zoning is R2.5H.
Key Highlights
- 2,244‑square‑foot duplex built in 1909
- Upper unit: 2 bedrooms, 2 bathrooms, hardwood floors, and two separate bedroom suites
- Lower unit: 2 bedrooms, 1 bathroom, hardwood floors, and backyard‑connected kitchen
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
$31,271
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
4.63%
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%
$625,420
$625.4K
Cap Rate 7%
$446,729
$446.7K
Cap Rate 9%
$347,456
$347.5K
Market Conditions
NOI Build-Up for 2,244 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
$47.1K $21.00/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$44.7K $19.91/SF
− OpEx
−$13.4K −$5.97/SF
NOI
$31.3K $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%
$625,420
Cap Rate 7%
$446,729
Cap Rate 9%
$347,456
Alternative Uses
Best Use
Multifamily LT 5
$446.7K
$390.9K – $521.2K
NOI $31,271 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$411.6K
$360.2K – $480.2K
NOI $28,813 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$630.2K
$551.4K – $735.2K
NOI $44,112 @ 7.0% cap · market cap 6.54%
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
872
Businesses Nearby
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
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 offer individual laundry, electrical systems, and basement storage, with a shared backyard and alley access.
Where is this duplex located?
The property is located at 5331 5333 NE 28TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,244‑square‑foot duplex built in 1909; Upper unit: 2 bedrooms, 2 bathrooms, hardwood floors, and two separate bedroom suites; Lower unit: 2 bedrooms, 1 bathroom, hardwood floors, and backyard‑connected kitchen
