Remodeled Duplex with Vacant
For Sale
$550,000
7322 N Albina Ave, Portland, OR 97217
Two-unit property with updated interiors, in-place occupancy, and a separate unit available for immediate use or leasing.
Property Size1,560 SF
Lot Size0.12 Acres
Price / SF$352.56
Days on Market68
Property Features for 7322 N Albina Ave
General Information
Standard status
Active
Size
1,560 SF
Total Parking Spaces
2
Lot size
0.12 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
dishwasher
range
refrigerator
laundry
Building Details
Year Built
1979
Listing Agency:
Keller Williams Realty Professionals
Listed By:
Katelin Wille · License #200612240
(503) 880-3650
Source:
Portlandorhomelistings
Added: Aug 17
Changed: Oct 1
Last Checked: Oct 20 at 10:18PM
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 Keller Williams Realty Professionals
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Investment Insights
Based on property information with market context.
This 1,560-square-foot duplex was built in 1979 and contains two 2-bedroom, 1-bath residences, each approximately 780 square feet. Both units include a dishwasher, range, refrigerator, and laundry. Unit 7320 received a comprehensive remodel in 2024 and has a mini-split, while Unit 7322 received a partial remodel in 2025. One residence is occupied under a month-to-month lease, and the other is vacant.
The property sits on a level 0.12-acre lot at 7322 N Albina Ave in Portland’s Piedmont/Albina area. A driveway provides parking for two vehicles. The current rental arrangement includes water and trash. The location offers access to North Portland transportation, dining, shopping, parks, and other neighborhood amenities.
The property sits on a level 0.12-acre lot at 7322 N Albina Ave in Portland’s Piedmont/Albina area. A driveway provides parking for two vehicles. The current rental arrangement includes water and trash. The location offers access to North Portland transportation, dining, shopping, parks, and other neighborhood amenities.
Key Highlights
- Two 2‑bedroom, 1‑bath units, each approximately 780 square feet
- 1,560‑square‑foot duplex on a level 0.12‑acre lot
- Unit 7320 remodeled in 2024 with a mini‑split
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,740
Cap Rate
3.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$434,800
$434.8K
Cap Rate 7%
$310,571
$310.6K
Cap Rate 9%
$241,556
$241.6K
Market Conditions
NOI Build-Up for 1,560 SF
Gross rent
$32.8K $21.00/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$31.1K $19.91/SF
− OpEx
−$9.3K −$5.97/SF
NOI
$21.7K $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%
$434,800
Cap Rate 7%
$310,571
Cap Rate 9%
$241,556
Alternative Uses
Best Use
Multifamily LT 5
$310.6K
$271.8K – $362.3K
NOI $21,740 @ 7.0% cap · market cap 3.95%
Second Best
Apartment 5plus
$286.1K
$250.4K – $333.8K
NOI $20,030 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$438.1K
$383.3K – $511.1K
NOI $30,666 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
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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 - Two-unit property with updated interiors, in-place occupancy, and a separate unit available for immediate use or leasing.
Where is this duplex located?
The property is located at 7322 N Albina Ave Portland, OR.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units, each approximately 780 square feet; 1,560‑square‑foot duplex on a level 0.12‑acre lot; Unit 7320 remodeled in 2024 with a mini‑split
