Updated Duplex with Detached
For Sale
$889,000
5816 S CORBETT Ave, Portland, OR 97239
MultiFamily, Portland, OR
Property Size3,182 SF
Lot Size0.12 Acres
Price / SF$279.38
Days on Market157
Property Features for 5816 S CORBETT Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1, Bathroom 3
Subdivision
JOHNS LANDING
Elementary school
Capitol Hill
Middle school
Jackson
High school
Ida B Wells
Directions
Macadam Ave, West on Pendleton, North on Corbett
Standard status
Active
APN
R173331
Size
3,182 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
GREENS ADD, BLOCK 7, LOT 11
Tax Annual Amount
9211
Legal Description
GREENS ADD, BLOCK 7, LOT 11
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1905
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Premiere Property Group, LLC
(503) 670-9000
Listed By:
Lawrence Burkett
(503) 680-3018
Added: Apr 24
Changed: Sep 23
Last Checked: Sep 27 at 10:06AM
MLS# 368751084
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 3,182-square-foot duplex property includes an updated primary residence and a detached, extra-deep garage with an above-garage ADU permitted and built in 2017. The main home offers four bedrooms and four bathrooms, hardwood flooring, a gas fireplace, a granite-finished kitchen with stainless appliances, and a primary suite with a steam shower, heated floors, and private balcony. Additional features include central air, forced-air heating, a tankless water heater, central vacuum, and lower-level family space with wine storage.
The 0.12-acre property is fully fenced and gated, with professional landscaping, stone and stamped-concrete patios, a fire pit, water feature, planters, and exterior lighting. The garage includes an EV outlet and space for a boat and vehicle. Located at 5816 S CORBETT Ave in Portland’s Johns Landing area, the property is near shopping, restaurants, Willamette Park, waterfront biking, public transportation, and freeway access. The ADU has a history of long-term Airbnb use and is not currently rented.
The 0.12-acre property is fully fenced and gated, with professional landscaping, stone and stamped-concrete patios, a fire pit, water feature, planters, and exterior lighting. The garage includes an EV outlet and space for a boat and vehicle. Located at 5816 S CORBETT Ave in Portland’s Johns Landing area, the property is near shopping, restaurants, Willamette Park, waterfront biking, public transportation, and freeway access. The ADU has a history of long-term Airbnb use and is not currently rented.
Key Highlights
- 3,182 SF property on a 0.12‑acre lot
- Permitted ADU above detached garage built in 2017
- Four bedrooms and four bathrooms
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
$44,343
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
4.99%
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%
$886,860
$886.9K
Cap Rate 7%
$633,471
$633.5K
Cap Rate 9%
$492,700
$492.7K
Market Conditions
NOI Build-Up for 3,182 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
$66.8K $21.00/SF
− Vacancy
−$3.5K −$1.09/SF
EGI
$63.3K $19.91/SF
− OpEx
−$19.0K −$5.97/SF
NOI
$44.3K $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%
$886,860
Cap Rate 7%
$633,471
Cap Rate 9%
$492,700
Alternative Uses
Best Use
Multifamily LT 5
$633.5K
$554.3K – $739.1K
NOI $44,343 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$583.7K
$510.7K – $681.0K
NOI $40,857 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$893.6K
$781.9K – $1.04M
NOI $62,551 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,386
Businesses Nearby
Explore this area
Business Placement
Demographics for 97239, OR
18,323
Population
9,963
Households
1.8
Avg Household Size
39
Median Age
74%
College-Educated
99%
High-School Grad
3.6 sq mi
ZIP Area
5,090
Density / Sq Mi
$108,795
Median Household Income
$67,384
Median Earnings
$1,749
Median Rent
$713,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Energy-efficient residential property with a permitted ADU, landscaped grounds, and flexible living space in Johns Landing.
Where is this duplex located?
The property is located at 5816 S CORBETT Ave Portland, OR.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: 3,182 SF property on a 0.12‑acre lot; Permitted ADU above detached garage built in 2017; Four bedrooms and four bathrooms
