New Construction Duplex with Private
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7464 N Polk Ave, Portland, OR 97203
Two detached residences feature fenced outdoor areas, covered patios, and efficient layouts designed for low-maintenance living.
Property Size1,826 SF
Price / SF$438.06
Days on Market4
Property Features for 7464 N Polk Ave
General Information
Standard status
Active
Size
1,826 SF
Class
A
Property subtype
Multifamily
Zoning
R2.5
Investment Type
Value Add
Units
Unit Mix
2 x 2BR/2.1BA
Multifamily Units
2
Amenities
private fenced yard
covered patio
energy-efficient mini-splits
custom cabinetry
stainless steel appliances
solid surface countertops
in-unit laundry
Building Details
Year Built
2025
Buildings
2
Units
2
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
Source:
Crexi
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 31 at 9:44AM
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 Portland Premiere
Investment Insights
Based on property information with market context.
This 2025-built duplex comprises two detached residences, each measuring approximately 913 square feet with two bedrooms and 2.1 bathrooms. Both homes place the bedrooms, full bathrooms, and laundry upstairs, while the main level combines living, dining, and kitchen areas in an open great-room arrangement. Interior details include tall ceilings, oversized windows, wainscoting, custom cabinetry, stainless steel appliances, solid surface countertops, and mini-split heating and cooling. Each residence also includes a private fully fenced yard and covered patio.
The property is located at 7464 N Polk Ave in Portland’s St. Johns area, with New Seasons Market, neighborhood food carts, St. Johns Twin Cinema, Lombard shops and restaurants, Cathedral Park, Pier Park, and St. Johns Bridge identified nearby. R2.5 zoning and two separate residences provide the property’s core configuration for residential income ownership.
The property is located at 7464 N Polk Ave in Portland’s St. Johns area, with New Seasons Market, neighborhood food carts, St. Johns Twin Cinema, Lombard shops and restaurants, Cathedral Park, Pier Park, and St. Johns Bridge identified nearby. R2.5 zoning and two separate residences provide the property’s core configuration for residential income ownership.
Key Highlights
- Two detached residences, each with 2 bedrooms, 2.1 bathrooms, and approximately 913 square feet
- Built in 2025 with R2.5 zoning
- Private fully fenced yard and covered patio for each residence
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
$25,446
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
3.18%
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%
$508,920
$508.9K
Cap Rate 7%
$363,514
$363.5K
Cap Rate 9%
$282,733
$282.7K
Market Conditions
NOI Build-Up for 1,826 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
$38.3K $21.00/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$36.4K $19.91/SF
− OpEx
−$10.9K −$5.97/SF
NOI
$25.4K $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%
$508,920
Cap Rate 7%
$363,514
Cap Rate 9%
$282,733
Alternative Uses
Best Use
Multifamily LT 5
$363.5K
$318.1K – $424.1K
NOI $25,446 @ 7.0% cap · market cap 3.18%
Second Best
Apartment 5plus
$334.9K
$293.1K – $390.8K
NOI $23,446 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$512.8K
$448.7K – $598.3K
NOI $35,895 @ 7.0% cap · market cap 4.49%
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
933
Businesses Nearby
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
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 detached residences feature fenced outdoor areas, covered patios, and efficient layouts designed for low-maintenance living.
Where is this duplex located?
The property is located at 7464 N Polk Ave Portland, OR.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Two detached residences, each with 2 bedrooms, 2.1 bathrooms, and approximately 913 square feet; Built in 2025 with R2.5 zoning; Private fully fenced yard and covered patio for each residence
