Side-by-Side Duplex with
New
For Sale
$600,000
5508 NE Fremont St, Portland, OR 97213
Residential Income, Portland, OR
Property Size3,522 SF
Lot Size0.17 Acres
Price / SF$170.36
Days on Market6
Property Features for 5508 NE Fremont St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 3
Subdivision
Rose City Park
Lot features
Corner Lot
High school district
Portland SD 1J
Standard status
Active
APN
R260325
Size
3,522 SF
Lot size
0.17 Acres
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
solar array
Building Details
Year built
1954
Floors in Building
2
Flooring type
Hardwood
Building materials
Wood Siding, Brick
Roof type
Asphalt
Listing Agency:
Lovejoy Real Estate
(503) 501-2490
Listed By:
Jennifer Turner · License #SA674368000
(503) 312-4642
Added: Sep 12
Changed: Sep 16
Last Checked: Sep 17 at 8:06AM
MLS# 11962532
Copyright © 2026 My State MLS. 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.
Built in 1954, this 3,522-square-foot duplex features two purpose-built, side-by-side residences rather than a single-family conversion. Each unit includes two bedrooms, one bathroom, a lower-level family room, an attached one-car garage, and one driveway parking space. Hardwood flooring, forced-air natural gas heating, wood siding, brick, and an asphalt roof are among the documented improvements. The exterior has been newly painted, and the roof is approximately 10 years old.
Both residences are occupied by month-to-month tenants, and each unit has its own owned solar array with no solar lease. The property sits on a 0.17-acre lot at 5508 NE Fremont St in Portland, Oregon. Public water serves the property. Its independent unit configuration supports either owner occupancy of one residence with continued rental use of the other or a two-unit hold strategy.
Both residences are occupied by month-to-month tenants, and each unit has its own owned solar array with no solar lease. The property sits on a 0.17-acre lot at 5508 NE Fremont St in Portland, Oregon. Public water serves the property. Its independent unit configuration supports either owner occupancy of one residence with continued rental use of the other or a two-unit hold strategy.
Key Highlights
- 3,522‑square‑foot purpose‑built duplex with two side‑by‑side units
- Each unit has 2 bedrooms, 1 bathroom, and a lower‑level family room
- Attached one‑car garage and one driveway parking space for each 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
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
810
Businesses Nearby
Explore this area
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
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 - Purpose-built two-unit property with independent layouts, owned solar arrays, and separate parking for each residence.
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: 3,522‑square‑foot purpose‑built duplex with two side‑by‑side units; Each unit has 2 bedrooms, 1 bathroom, and a lower‑level family room; Attached one‑car garage and one driveway parking space for each unit
