Cool Duplex with Big
For Sale
$695,000
5331-5333 Northeast 28th Avenue, Portland, OR 97211
Two separate units with hardwood floors, dedicated laundry and storage, and a large yard with alley access.
Property Size2,244 SF
Price / SF$309.71
Days on Market59
Property Features for 5331-5333 Northeast 28th Avenue
General Information
Standard status
Active
Size
2,244 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1909
Tenancy
Multi
Listing Agency:
Windermere Realty Trust
(503) 803-7678
Listed By:
Aimee Virnig · License #200409137
(503) 803-7678
Source:
Compass
Added: Jun 3
Changed: Jul 10
Last Checked: Jul 30 at 11:40AM
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 Windermere Realty Trust
Investment Insights
Based on property information with market context.
This duplex offers two independent residences. The upper unit is a 2-bedroom, 2-bath layout with hardwood floors and a notably separated two-bedroom configuration, creating a two-suite feel. The lower unit is also 2-bedroom, 1-bath, with hardwood floors and a larger kitchen that opens to the backyard. Both units include separate basement storage, in-unit laundry, and separate electrical. Heating differs by unit, with the lower unit using forced-air gas and the upper unit using zonal electric heat. Updates include a roof installed in 2023, recent exterior paint from 2022, and interior painting planned/marked for 2026, along with updated windows in most areas. The property sits on an alley, which may support off-street parking potential, and it includes a big yard.
Location-wise, it is positioned for convenience to Alberta, Killingworth, Fernhill Park, Kennedy School, and New Seasons, along with nearby restaurants and bars. The surrounding area is walk-and-ride friendly, with everyday services and local destinations within reach.
For buyers or operators, the separate basements, laundry, and electrical support straightforward unit separation and everyday tenant convenience. The upper layout may also provide flexibility for use as a one-bedroom/one-bath setup, subject to buyer due diligence regarding any short-term rental use. Overall, it’s a functional, updated duplex with outdoor space and multiple options for how to run the property.
Location-wise, it is positioned for convenience to Alberta, Killingworth, Fernhill Park, Kennedy School, and New Seasons, along with nearby restaurants and bars. The surrounding area is walk-and-ride friendly, with everyday services and local destinations within reach.
For buyers or operators, the separate basements, laundry, and electrical support straightforward unit separation and everyday tenant convenience. The upper layout may also provide flexibility for use as a one-bedroom/one-bath setup, subject to buyer due diligence regarding any short-term rental use. Overall, it’s a functional, updated duplex with outdoor space and multiple options for how to run the property.
Key Highlights
- 3‑story duplex built in 1909 with two separate units, hardwood floors, and dedicated basement storage
- Upper unit: 2 bed, 2 bath with hardwood floors and separated bedroom setup (2 suites)
- Lower unit: 2 bed, 1 bath with a larger kitchen opening to the backyard
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.1k | $21.00 |
| − Vacancy | −$2.5k | −$1.09 |
| EGI | $44.7k | $19.91 |
| − OpEx | −$13.4k | −$5.97 |
| NOI | $31.3k | $13.94 |
2,244 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$446.7K
$390.9K – $521.2K
NOI $31,271 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$411.6K
$360.2K – $480.2K
NOI $28,813 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$630.2K
$551.4K – $735.2K
NOI $44,112 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
883
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 separate units with hardwood floors, dedicated laundry and storage, and a large yard with alley access.
Where is this duplex located?
The property is located at 5331-5333 Northeast 28th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 3‑story duplex built in 1909 with two separate units, hardwood floors, and dedicated basement storage; Upper unit: 2 bed, 2 bath with hardwood floors and separated bedroom setup (2 suites); Lower unit: 2 bed, 1 bath with a larger kitchen opening to the backyard
