Side-by-Side Duplex with
For Sale
$693,936
7207 N Albina Ave, Portland, OR 97217
RM1-zoned duplex with private outdoor areas, separate laundry, solar, and an unfinished basement for future completion.
Property Size2,952 SF
Price / SF$235.07
Days on Market14
Property Features for 7207 N Albina Ave
General Information
Standard status
Active
Size
2,952 SF
Property subtype
Multi-Family
Zoning
RM1
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
private yards
in-unit laundry
Building Details
Year Built
1958
Construction
mid-century
Listing Agency:
Living Room Realty
(503) 438-5101
Listed By:
Kimberly Parmon
Source:
Teamgillott
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 30 at 6:18PM
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 Living Room Realty
Investment Insights
Based on property information with market context.
Located at 7207 N Albina Ave in Portland, this 1958 duplex includes two side-by-side residences with distinct layouts, attached and separate garage space, and private yards. Unit 7211 offers three bedrooms, one and a half baths, in-unit laundry, an attached garage, and a wrap-around yard with fruiting trees. Unit 7207 includes two bedrooms, one bath, in-unit laundry, storage, and its own yard.
The property retains mid-century details such as hardwood flooring, tray ceilings, vintage cabinetry, and original millwork while incorporating added insulation, solar, and newer heat pump water heaters. A separate unfinished basement beneath Unit 7207 has an exterior entrance, framing, floor drains, and a backflow valve already in place. It can also connect to the unit internally. The property is zoned RM1 and includes a second rentable garage. New Seasons Market, Peninsula Park, and shops and restaurants along Denver and Mississippi Avenues are nearby.
The property retains mid-century details such as hardwood flooring, tray ceilings, vintage cabinetry, and original millwork while incorporating added insulation, solar, and newer heat pump water heaters. A separate unfinished basement beneath Unit 7207 has an exterior entrance, framing, floor drains, and a backflow valve already in place. It can also connect to the unit internally. The property is zoned RM1 and includes a second rentable garage. New Seasons Market, Peninsula Park, and shops and restaurants along Denver and Mississippi Avenues are nearby.
Key Highlights
- Two side‑by‑side units totaling 2,952 SF on an RM1‑zoned property
- Unit 7211: three bedrooms, one and a half baths, attached garage, and wrap‑around private yard
- Unit 7207: two bedrooms, one bath, in‑unit laundry, storage, and private yard
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
$41,138
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
5.93%
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%
$822,760
$822.8K
Cap Rate 7%
$587,686
$587.7K
Cap Rate 9%
$457,089
$457.1K
Market Conditions
NOI Build-Up for 2,952 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
$62.0K $21.00/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$58.8K $19.91/SF
− OpEx
−$17.6K −$5.97/SF
NOI
$41.1K $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%
$822,760
Cap Rate 7%
$587,686
Cap Rate 9%
$457,089
Alternative Uses
Best Use
Multifamily LT 5
$587.7K
$514.2K – $685.6K
NOI $41,138 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$541.5K
$473.8K – $631.7K
NOI $37,904 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$829.0K
$725.4K – $967.2K
NOI $58,030 @ 7.0% cap · market cap 8.36%
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
603
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
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 - RM1-zoned duplex with private outdoor areas, separate laundry, solar, and an unfinished basement for future completion.
Where is this duplex located?
The property is located at 7207 N Albina Ave Portland, OR.
What is the asking price?
The asking price for this property is $693,936.
What are key features of this property?
This property features: Two side‑by‑side units totaling 2,952 SF on an RM1‑zoned property; Unit 7211: three bedrooms, one and a half baths, attached garage, and wrap‑around private yard; Unit 7207: two bedrooms, one bath, in‑unit laundry, storage, and private yard
