Duplex with Separate
For Sale
$649,000
5331 NE 28th Ave, Portland, OR 97211
Two residential units provide distinct layouts, private storage, laundry areas, and access to a substantial shared yard.
Property Size2,244 SF
Price / SF$289.22
Days on Market77
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Property Features for 5331 NE 28th Ave
General Information
Standard status
Active
Size
2,244 SF
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
storage
laundry
yard
Building Details
Year Built
1909
Listing Agency:
Windermere Realty Trust
Listed By:
Aimee Virnig · License #200409137
(503) 284-7755
Source:
Rosecityrealtygroup
Added: Jul 31
Changed: Oct 5
Last Checked: Oct 11 at 10:32AM
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 two-unit property contains an upper residence with two bedrooms, two bathrooms, hardwood flooring, and two bedroom suites offering separation within the layout. The lower residence includes two bedrooms, one bathroom, hardwood floors, and a larger kitchen connected to the backyard. Each unit has its own basement storage, laundry area, and electrical service.
The building sits along an alley and includes a large yard, with potential for off-street parking subject to buyer investigation. Improvements include a roof installed in 2023, exterior painting completed in 2022, interior painting noted for 2026, and updated windows throughout most of the property. Heating consists of forced-air gas in the lower unit and zonal electric systems upstairs. The property is near Alberta, Killingworth, Fernhill Park, Kennedy School, New Seasons, and local bars and restaurants.
The building sits along an alley and includes a large yard, with potential for off-street parking subject to buyer investigation. Improvements include a roof installed in 2023, exterior painting completed in 2022, interior painting noted for 2026, and updated windows throughout most of the property. Heating consists of forced-air gas in the lower unit and zonal electric systems upstairs. The property is near Alberta, Killingworth, Fernhill Park, Kennedy School, New Seasons, and local bars and restaurants.
Key Highlights
- Duplex with two separate residential units
- Upper unit: 2 bedrooms, 2 bathrooms, and two bedroom suites
- Lower unit: 2 bedrooms, 1 bathroom, and a kitchen opening to the backyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,271
Cap Rate
4.82%
Suggested Prices Based on Cap Rates
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
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 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 4.82%
Second Best
Apartment 5plus
$411.6K
$360.2K – $480.2K
NOI $28,813 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$630.2K
$551.4K – $735.2K
NOI $44,112 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units provide distinct layouts, private storage, laundry areas, and access to a substantial shared yard.
Where is this duplex located?
The property is located at 5331 NE 28th Ave Portland, OR.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Duplex with two separate residential units; Upper unit: 2 bedrooms, 2 bathrooms, and two bedroom suites; Lower unit: 2 bedrooms, 1 bathroom, and a kitchen opening to the backyard
