Duplex with Separate Living
5623 N GAY Ave Portland, OR 97217
For Sale
$749,900
MULTI_FAMILY - Portland, OR
Property Size2,557 SF
Price / SF$293.27
Days on Market107
Property Features for 5623 N GAY Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2.5
Bedrooms
4
Bathrooms
4
Rooms
Bedroom 1, Bathroom 4, Bedroom 2, Bathroom 2, Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 3
Standard status
Active
APN
R716360
Size
2,557 SF
Taxes and HOA fees
Tax Description
FIFTY-SIX TWENTY-THREE CONDOMINIUMS, UNIT 2
Tax Annual Amount
10697
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2020
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Apr 15
Changed: Jul 29
Last Checked: Jul 30 at 1:06AM
MLS# 593159608
Copyright © 2026 Regional Multiple Listing Services. 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.
This modern duplex offers separate living quarters with a three-level layout designed for flexibility. The main level features a great room style design with seamless flow between the kitchen, dining, and living areas, along with a convenient half bathroom for guests. The kitchen includes a full-size island with eat bar, stainless steel appliances, and extensive custom cabinetry, complemented by large windows and sliding doors to a covered deck and fully fenced yard.
The upper level provides three bedrooms and two bathrooms, including a primary ensuite with a walk-in shower and walk-in closet, plus centrally located laundry. The ground level includes an attached garage and a separate living quarter with one bedroom, one full bathroom, and exterior access; it is currently rented.
Situated near Arbor Lodge Park and New Seasons Market, the property is also close to dining, cafes, and retail along N Lombard St and St Johns. The home is documented with a Home Energy Score of 10 (HES report).
The upper level provides three bedrooms and two bathrooms, including a primary ensuite with a walk-in shower and walk-in closet, plus centrally located laundry. The ground level includes an attached garage and a separate living quarter with one bedroom, one full bathroom, and exterior access; it is currently rented.
Situated near Arbor Lodge Park and New Seasons Market, the property is also close to dining, cafes, and retail along N Lombard St and St Johns. The home is documented with a Home Energy Score of 10 (HES report).
Key Highlights
- 2020‑built home with forced‑air heating and central air and a composition roof
- About 2,557 sq ft across three levels with a main‑level half bathroom and open kitchen/dining/living flow
- Kitchen features stainless steel appliances, full‑size island with eat bar, and extensive 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 | $53.7k | $21.00 |
| − Vacancy | −$2.8k | −$1.09 |
| EGI | $50.9k | $19.91 |
| − OpEx | −$15.3k | −$5.97 |
| NOI | $35.6k | $13.94 |
2,557 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$509.0K
$445.4K – $593.9K
NOI $35,633 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$469.0K
$410.4K – $547.2K
NOI $32,832 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$718.1K
$628.3K – $837.8K
NOI $50,265 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Modern duplex on R2.5 zoning with three-level main home and a separately accessed, currently rented living quarter.
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 $749,900.
What are key features of this property?
This property features: 2020‑built home with forced‑air heating and central air and a composition roof; About 2,557 sq ft across three levels with a main‑level half bathroom and open kitchen/dining/living flow; Kitchen features stainless steel appliances, full‑size island with eat bar, and extensive custom cabinetry
