Duplex with Separate Living
5623 N GAY AVE Portland, OR 97217
For Sale
Contact for pricing
One side of a modern duplex offers three levels, plus an attached garage and a separately accessible, currently rented unit.
Property Size2,565 SF
Price / SF$300.16
Days on Market101
Property Features for 5623 N GAY AVE
General Information
Standard status
Active
Size
2,565 SF
Property subtype
Multifamily
Building Details
Year Built
2020
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
Source:
Crexi
Added: Apr 21
Changed: Jul 23
Last Checked: Jul 29 at 2:19PM
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 Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
This offering is for one side of a modern duplex with separate living quarters. The main home spans three levels with a great-room style layout connecting the kitchen, dining, and living areas, along with a half bathroom. The kitchen includes a full-size island with eat bar, stainless steel appliances, and extensive custom cabinetry, and the space opens to a covered deck and fully fenced yard. Upstairs provides three bedrooms and two bathrooms, including a primary ensuite with walk-in shower and walk-in closet, plus centrally located laundry.
The ground level includes an attached garage and a separate living quarters with one bedroom, one full bathroom, and exterior access. This lower unit is currently rented.
The property is located near Arbor Lodge Park and New Seasons Market, with dining, cafes, and retail along N Lombard St and St Johns.
The ground level includes an attached garage and a separate living quarters with one bedroom, one full bathroom, and exterior access. This lower unit is currently rented.
The property is located near Arbor Lodge Park and New Seasons Market, with dining, cafes, and retail along N Lombard St and St Johns.
Key Highlights
- Built in 2020: one side of a modern duplex with 3 levels and ~2,557 sq ft of living space
- Three‑bedroom, two‑bath upper level with a primary ensuite (walk‑in closet and walk‑in shower) plus centrally located laundry
- Main level open‑concept great room with kitchen featuring a full‑size island/eat bar, stainless steel appliances, and custom cabinetry
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 | $53.9k | $21.00 |
| − Vacancy | −$2.8k | −$1.09 |
| EGI | $51.1k | $19.91 |
| − OpEx | −$15.3k | −$5.97 |
| NOI | $35.7k | $13.94 |
2,565 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$510.6K
$446.8K – $595.8K
NOI $35,745 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$470.5K
$411.7K – $548.9K
NOI $32,935 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$720.3K
$630.3K – $840.4K
NOI $50,422 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - One side of a modern duplex offers three levels, plus an attached garage and a separately accessible, currently rented unit.
Where is this duplex located?
The property is located at 5623 N GAY AVE Portland, OR.
What is the asking price?
The asking price for this property is $769,900.
What are key features of this property?
This property features: Built in 2020: one side of a modern duplex with 3 levels and ~2,557 sq ft of living space; Three‑bedroom, two‑bath upper level with a primary ensuite (walk‑in closet and walk‑in shower) plus centrally located laundry; Main level open‑concept great room with kitchen featuring a full‑size island/eat bar, stainless steel appliances, and custom cabinetry
