Updated Duplex with Private
For Sale
$549,900
9016-9022 Southeast Ankeny Street, Portland, OR 97216
Two refreshed units offer dedicated outdoor areas, storage sheds, parking, and efficient mini-split air conditioning.
Property Size1,538 SF
Price / SF$357.54
Days on Market119
Property Features for 9016-9022 Southeast Ankeny Street
General Information
Standard status
Active
Size
1,538 SF
Total Parking Spaces
4
Property subtype
Multi Family
Zoning
R2.5
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,119
Amenities
storage sheds
air conditioning
dishwashers
washer/dryer
fenced yards
Cable
1
Crawl Space, Exterior Entry
Concrete Perimeter
Composition
Lap Siding, Wood Siding
Building Details
Year Built
1958
Listing Agency:
eXp Realty, LLC
(971) 570-2079
Listed By:
Jason Nichols · License #201207040
(971) 570-2079
Source:
Compass
Added: May 5
Changed: Aug 31
Last Checked: Aug 31 at 12:06AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This 1,538-square-foot duplex, built in 1958, has been updated throughout while retaining a practical two-unit layout. Each residence includes a refreshed kitchen with a dishwasher, full-size washer and dryer, newer appliances, mini-split air conditioning, and newer vinyl windows. Separate fenced exterior areas, individual storage sheds, and four paved off-street parking spaces support independent day-to-day use. Separate electric meters add further utility separation, while newer exterior paint and maintained shared grounds contribute to the overall presentation.
The property is located in Portland’s Montavilla neighborhood at 9016-9022 Southeast Ankeny Street, with access to nearby cafes, restaurants, shops, parks, public transit, and I-84. Both units have Home Energy Scores of 10. One unit is currently rented, while the other was vacated in April 2026, creating flexibility for an owner-occupant or investor. The property is zoned R2.5.
The property is located in Portland’s Montavilla neighborhood at 9016-9022 Southeast Ankeny Street, with access to nearby cafes, restaurants, shops, parks, public transit, and I-84. Both units have Home Energy Scores of 10. One unit is currently rented, while the other was vacated in April 2026, creating flexibility for an owner-occupant or investor. The property is zoned R2.5.
Key Highlights
- 1,538 SF duplex on a 1958‑built property
- Four paved off‑street parking spaces
- Separate fenced exterior areas and storage sheds for each unit
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
$21,433
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
3.90%
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%
$428,660
$428.7K
Cap Rate 7%
$306,186
$306.2K
Cap Rate 9%
$238,144
$238.1K
Market Conditions
NOI Build-Up for 1,538 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
$32.3K $21.00/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$30.6K $19.91/SF
− OpEx
−$9.2K −$5.97/SF
NOI
$21.4K $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%
$428,660
Cap Rate 7%
$306,186
Cap Rate 9%
$238,144
Alternative Uses
Best Use
Multifamily LT 5
$306.2K
$267.9K – $357.2K
NOI $21,433 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$282.1K
$246.9K – $329.1K
NOI $19,748 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$431.9K
$377.9K – $503.9K
NOI $30,234 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,279
Businesses Nearby
Explore this area
Business Placement
Demographics for 97216, OR
17,488
Population
7,235
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
6,995
Density / Sq Mi
$71,951
Median Household Income
$42,537
Median Earnings
$1,390
Median Rent
$439,000
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 refreshed units offer dedicated outdoor areas, storage sheds, parking, and efficient mini-split air conditioning.
Where is this duplex located?
The property is located at 9016-9022 Southeast Ankeny Street Portland, OR.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 1,538 SF duplex on a 1958‑built property; Four paved off‑street parking spaces; Separate fenced exterior areas and storage sheds for each unit
