Side-by-Side Duplex with
New
For Sale
$600,000
5508 NE Fremont St, Portland, OR 97213
Two independently arranged units offer private garages, driveway parking, owned solar arrays, and flexible occupancy potential.
Property Size3,522 SF
Price / SF$170.36
Days on Market4
Property Features for 5508 NE Fremont St
General Information
Standard status
Active
Size
3,522 SF
Property subtype
Multi-Family
Building Details
Year Built
1954
Listing Agency:
Lovejoy Real Estate
Listed By:
Jennifer Turner · License #SA674368000
(503) 312-4642
Source:
Foxrealestategroups
Added: Sep 14
Changed: Sep 16
Last Checked: Sep 17 at 12:45AM
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 Lovejoy Real Estate
Investment Insights
Based on property information with market context.
Built in 1954, this 3,522-square-foot duplex contains two separately arranged residences, each with 2 bedrooms, 1 bathroom, and a lower-level family room. Every unit includes an attached one-car garage and one additional driveway parking space. The property was designed as a duplex from the outset rather than converted from a single-family home, with each side configured for independent use.
Both residences are occupied by long-term tenants on month-to-month agreements. The current arrangement supports continued rental use, while the month-to-month terms may also provide flexibility for an owner-occupant subject to applicable notice requirements. Each unit has an owned solar array, eliminating leased-system payments, and the roof is approximately 10 years old. New exterior paint adds to the recent property improvements.
Both residences are occupied by long-term tenants on month-to-month agreements. The current arrangement supports continued rental use, while the month-to-month terms may also provide flexibility for an owner-occupant subject to applicable notice requirements. Each unit has an owned solar array, eliminating leased-system payments, and the roof is approximately 10 years old. New exterior paint adds to the recent property improvements.
Key Highlights
- Purpose‑built duplex with two independently arranged units
- Each unit has 2 bedrooms, 1 bathroom, and a lower‑level family room
- Attached one‑car garage plus one driveway parking space per unit
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
$49,081
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
8.18%
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%
$981,620
$981.6K
Cap Rate 7%
$701,157
$701.2K
Cap Rate 9%
$545,344
$545.3K
Market Conditions
NOI Build-Up for 3,522 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
$74.0K $21.00/SF
− Vacancy
−$3.8K −$1.09/SF
EGI
$70.1K $19.91/SF
− OpEx
−$21.0K −$5.97/SF
NOI
$49.1K $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%
$981,620
Cap Rate 7%
$701,157
Cap Rate 9%
$545,344
Alternative Uses
Best Use
Multifamily LT 5
$701.2K
$613.5K – $818.0K
NOI $49,081 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$646.0K
$565.3K – $753.7K
NOI $45,222 @ 7.0% cap · market cap 7.54%
Theoretical Best
Office A
$989.1K
$865.4K – $1.15M
NOI $69,235 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
810
Businesses Nearby
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Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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 - Two independently arranged units offer private garages, driveway parking, owned solar arrays, and flexible occupancy potential.
Where is this duplex located?
The property is located at 5508 NE Fremont St Portland, OR.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Purpose‑built duplex with two independently arranged units; Each unit has 2 bedrooms, 1 bathroom, and a lower‑level family room; Attached one‑car garage plus one driveway parking space per unit
