New Construction Duplex with
New
For Sale
$799,900
7466 N Polk Ave, Portland, OR 97203
MultiFamily, Portland, OR
Property Size1,826 SF
Lot Size0.06 Acres
Price / SF$438.06
Days on Market2
Property Features for 7466 N Polk Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bathroom 2
Subdivision
ST JOHNS
Elementary school
James John
Middle school
George
High school
Roosevelt
Directions
N Lombard St to N Polk Ave
Standard status
Active
APN
New Construction
Size
1,826 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
KELLOGG COTTAGES, LOT 6, 7
Legal Description
KELLOGG COTTAGES, LOT 6, 7
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Amenities
private fenced yard
covered patio
in-unit laundry
energy-efficient mini-splits
Building Details
Year built
2025
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Aug 27
Changed: Aug 28
Last Checked: Aug 28 at 6:06PM
MLS# 287480681
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex comprises two detached residences totaling 1,826 square feet, with approximately 913 square feet per home. Each residence includes two bedrooms, 2.1 bathrooms, an open living, dining, and kitchen arrangement, and an upstairs laundry area. Interior details include tall ceilings, oversized windows, wainscoting, custom cabinetry, stainless steel appliances, solid surface countertops, and heat-pump systems for heating and cooling. Both homes also have private fully fenced yards and covered patios. The property is under construction with a 2025 year built designation and is zoned R2.5.
The address is in Portland’s St. Johns area, near New Seasons Market, neighborhood food carts, St. Johns Twin Cinema, Lombard shops and restaurants, Cathedral Park, Pier Park, and St. Johns Bridge. The 0.06-acre site includes two newly built residences designed with separate private outdoor areas.
The address is in Portland’s St. Johns area, near New Seasons Market, neighborhood food carts, St. Johns Twin Cinema, Lombard shops and restaurants, Cathedral Park, Pier Park, and St. Johns Bridge. The 0.06-acre site includes two newly built residences designed with separate private outdoor areas.
Key Highlights
- Two detached residences totaling 1,826 square feet
- Each home offers 2 bedrooms, 2.1 bathrooms, and approximately 913 square feet
- 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
Property Profile
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 offer private fenced outdoor areas, covered patios, and efficient layouts.
Where is this duplex located?
The property is located at 7466 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 totaling 1,826 square feet; Each home offers 2 bedrooms, 2.1 bathrooms, and approximately 913 square feet; Private fully fenced yard and covered patio for each residence
