Updated One-Level
For Sale
$825,000
602 South Vermont Street, Portland, OR 97219
Two updated residences offer private garages, open kitchens, modern systems, and flexible owner-occupant or rental use.
Property Size1,844 SF
Price / SF$447.40
Days on Market144
Property Features for 602 South Vermont Street
General Information
Standard status
Active
Size
1,844 SF
Total Parking Spaces
2
Property subtype
Multi Family
Zoning
RM1
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,345
Amenities
vaulted ceilings
open concept kitchens
quartz countertops
tiled backsplashes
stainless-steel appliances
forced air heating and cooling
energy efficient vinyl insulated windows
stackable full size washers and dryers
1
Crawl Space
Concrete Perimeter
Composition
Near Willamette Riv
T111Siding, Wood Siding
Building Details
Year Built
1975
Buildings
1
Stories
1
Listing Agency:
Non Rmls Broker
(503) 236-7657
Listed By:
OR and WA Non Rmls · License #NA
(503) 236-7657
Source:
Compass
Added: Apr 10
Changed: Aug 30
Last Checked: Aug 30 at 11:30PM
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 Non Rmls Broker
Investment Insights
Based on property information with market context.
This one-level duplex contains two substantially updated residences within a 1,844-square-foot property built in 1975. Each unit features vaulted ceilings, an open-concept kitchen with quartz countertops, tiled backsplashes, and stainless-steel appliances. Floor plans include either two or three bedrooms, while forced-air heating and cooling, energy-efficient vinyl insulated windows, and stackable full-size washers and dryers provide practical modern amenities. The property also benefits from a complete water re-plumb and an enlarged driveway.
Each residence has one dedicated off-street parking space and a private single-car garage. The property is zoned RM1 and includes crawl space and concrete perimeter construction, with wood siding and composition exterior materials. Its John’s Landing location places the duplex near Willamette Park, riverfront recreation, biking trails, dining, and everyday services. The two-unit configuration supports living in one residence while leasing the other or operating both as residential rentals.
Each residence has one dedicated off-street parking space and a private single-car garage. The property is zoned RM1 and includes crawl space and concrete perimeter construction, with wood siding and composition exterior materials. Its John’s Landing location places the duplex near Willamette Park, riverfront recreation, biking trails, dining, and everyday services. The two-unit configuration supports living in one residence while leasing the other or operating both as residential rentals.
Key Highlights
- 1,844‑square‑foot duplex with two residences
- Each unit includes a private single‑car garage and one dedicated off‑street parking space
- Unit floor plans offer either two or three bedrooms
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
$27,080
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
3.28%
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%
$541,600
$541.6K
Cap Rate 7%
$386,857
$386.9K
Cap Rate 9%
$300,889
$300.9K
Market Conditions
NOI Build-Up for 1,844 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
$40.9K $22.20/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$38.7K $20.98/SF
− OpEx
−$11.6K −$6.29/SF
NOI
$27.1K $14.69/SF
Area
ZIP 97219
Vacancy
5.50%
Lease Rate
$22.20 /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%
$541,600
Cap Rate 7%
$386,857
Cap Rate 9%
$300,889
Alternative Uses
Best Use
Multifamily LT 5
$386.9K
$338.5K – $451.3K
NOI $27,080 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$340.8K
$298.2K – $397.7K
NOI $23,859 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$517.8K
$453.1K – $604.2K
NOI $36,249 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
914
Businesses Nearby
Explore this area
Business Placement
Demographics for 97219, OR
42,474
Population
18,881
Households
2.2
Avg Household Size
40
Median Age
66%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
3,630
Density / Sq Mi
$115,525
Median Household Income
$59,178
Median Earnings
$1,603
Median Rent
$651,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated residences offer private garages, open kitchens, modern systems, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 602 South Vermont Street Portland, OR.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 1,844‑square‑foot duplex with two residences; Each unit includes a private single‑car garage and one dedicated off‑street parking space; Unit floor plans offer either two or three bedrooms
