Updated 2-Unit
For Sale
$600,000
6204 NE Willow ST, Portland, OR 97213
Both residences are leased as long-term rentals and have separate kitchens and laundry facilities.
Property Size1,920 SF
Price / SF$312.50
Days on Market10
Property Features for 6204 NE Willow ST
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$39,874
Highway Access
Yes
Amenities
tankless water heater
mini-split heating and cooling
gas furnace
covered patio areas
detached garage
RV hookups
mature landscaping
oversized backyard
Building Details
Year Built
1915
Year Renovated
2022
Listing Agency:
Realty Works Group Inc
Listed By:
The Reger Group
(503) 893-2022
Source:
Searchpnwhouses
Added: Oct 7
Changed: Oct 15
Last Checked: Oct 14 at 10:51PM
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 Realty Works Group Inc
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Investment Insights
Based on property information with market context.
This 1,920-square-foot duplex contains two separate residences, each with 2 bedrooms, 1 bathroom, a kitchen, and laundry. The property was remodeled in 2022, with updated kitchens and bathrooms, newer appliances, a tankless water heater, mini-split heating and cooling, a gas furnace, and newer interior and exterior paint. A roof replacement and radon mitigation system were completed in late 2022. The home was built in 1915 and has a Home Energy Score of 9.
Both units are currently leased as long-term rentals. Outdoor features include a large backyard, two covered patio areas, a detached garage, a spacious driveway, and RV hookups. The garage may offer the possibility of a future ADU, subject to applicable requirements and buyer due diligence. The property is in Portland near parks, restaurants, shopping, and I-84.
Both units are currently leased as long-term rentals. Outdoor features include a large backyard, two covered patio areas, a detached garage, a spacious driveway, and RV hookups. The garage may offer the possibility of a future ADU, subject to applicable requirements and buyer due diligence. The property is in Portland near parks, restaurants, shopping, and I-84.
Key Highlights
- Two separate 2‑bedroom, 1‑bath residences, each with its own kitchen and laundry
- 1,920 square feet; built in 1915
- Remodeled in 2022, including updated kitchens and bathrooms and newer appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,756
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$535,120
$535.1K
Cap Rate 7%
$382,229
$382.2K
Cap Rate 9%
$297,289
$297.3K
Market Conditions
NOI Build-Up for 1,920 SF
Gross rent
$40.3K $21.00/SF
− Vacancy
−$2.1K −$1.09/SF
EGI
$38.2K $19.91/SF
− OpEx
−$11.5K −$5.97/SF
NOI
$26.8K $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%
$535,120
Cap Rate 7%
$382,229
Cap Rate 9%
$297,289
Alternative Uses
Best Use
Multifamily LT 5
$382.2K
$334.5K – $445.9K
NOI $26,756 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$352.2K
$308.2K – $410.9K
NOI $24,653 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$539.2K
$471.8K – $629.1K
NOI $37,743 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,065
Businesses Nearby
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Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased as long-term rentals and have separate kitchens and laundry facilities.
Where is this duplex located?
The property is located at 6204 NE Willow ST Portland, OR.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two separate 2‑bedroom, 1‑bath residences, each with its own kitchen and laundry; 1,920 square feet; built in 1915; Remodeled in 2022, including updated kitchens and bathrooms and newer appliances
