Duplex with Separate Living
For Sale
Contact for pricing
5623 N GAY AVE, Portland, OR 97217
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$292.36
Days on Market180
Property Features for 5623 N GAY AVE
General Information
Standard status
Active
Size
2,565 SF
Class
A
Total Parking Spaces
3
Property subtype
Multifamily
Zoning
R2.5
Occupancy
50%
Investment Type
Value Add
Net Operating Income
$39,886
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Amenities
covered deck
fully fenced yard
attached garage
kitchen island
stainless steel appliances
custom cabinetry
walk-in closet
walk-in shower
laundry
Building Details
Year Built
2020
Buildings
1
Stories
3
Units
2
Tenancy
Single
Listing Agency:
Keller Williams Realty Portland Premiere
Listed By:
Darryl Bodle · License #199910100
(503) 597-2444
Source:
Crexi
Added: Apr 21
Changed: Oct 8
Last Checked: Oct 16 at 8:45AM
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 Keller Williams Realty Portland Premiere
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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
Estimated NOI and Cap Rate
NOI / Yr
$35,745
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$714,900
$714.9K
Cap Rate 7%
$510,643
$510.6K
Cap Rate 9%
$397,167
$397.2K
Market Conditions
NOI Build-Up for 2,565 SF
Gross rent
$53.9K $21.00/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$51.1K $19.91/SF
− OpEx
−$15.3K −$5.97/SF
NOI
$35.7K $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%
$714,900
Cap Rate 7%
$510,643
Cap Rate 9%
$397,167
Alternative Uses
Best Use
Multifamily LT 5
$510.6K
$446.8K – $595.8K
NOI $35,745 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$470.5K
$411.7K – $548.9K
NOI $32,935 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$720.3K
$630.3K – $840.4K
NOI $50,422 @ 7.0% cap · market cap 6.72%
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
Fenced yard
Location Intelligence
Trade Area within ½ mile
728
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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 $749,900.
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
