Updated Duplex with
For Sale
$689,900
921 SE MALL St, Portland, OR 97202
MultiFamily, Portland, OR
Property Size2,621 SF
Lot Size0.11 Acres
Price / SF$263.22
Days on Market68
Property Features for 921 SE MALL St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 3
Elementary school
Grout
Middle school
Hosford
High school
Cleveland
Directions
SE Milwaukie Ave, West on Mall Street to property
Subdivision
_143
Standard status
Active
APN
R271289
Size
2,621 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
SLEES ADD, BLOCK 3, E 48' OF LOT 9, POTENTIAL ADDITIONAL TAX
Legal Description
SLEES ADD, BLOCK 3, E 48' OF LOT 9, POTENTIAL ADDITIONAL TAX
Utilities
Heating system
Forced Air
Building Details
Year built
1914
Floors in Building
2
Number of units
2
Listing Agency:
H & H Preferred Real Estate
(971) 221-3109
Listed By:
Valerie Hunter · License #200110149
(541) 419-7253
Added: Jun 25
Changed: Aug 24
Last Checked: Aug 31 at 8:06AM
MLS# 495875764
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 2,621-square-foot duplex, built in 1914, combines period character with extensive updates. Improvements include refinished hardwood floors, a remodeled kitchen with updated finishes and ample cabinetry, a renovated bathroom with a new tile shower, new roofing, gutters and downspouts, hot water heaters, exterior paint, and refreshed interiors including the basement. Forced-air heating serves the property, which sits on 0.11 acres and is zoned R5.
The property is located in Southeast Portland, approximately a 10-minute drive from Downtown Portland. Restaurants, coffee shops, parks, shopping, and transit options are described as nearby. The area has a Walk Score of approximately 74/100 and a Bike Score of approximately 85/100, supporting access to daily services and commuting options. The duplex layout also supports an owner-occupant arrangement with rental income from the other unit.
The property is located in Southeast Portland, approximately a 10-minute drive from Downtown Portland. Restaurants, coffee shops, parks, shopping, and transit options are described as nearby. The area has a Walk Score of approximately 74/100 and a Bike Score of approximately 85/100, supporting access to daily services and commuting options. The duplex layout also supports an owner-occupant arrangement with rental income from the other unit.
Key Highlights
- 2,621‑square‑foot duplex built in 1914
- 0.11‑acre parcel with R5 zoning
- Owner‑occupant setup with rental income from the second 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
$38,083
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
5.52%
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%
$761,660
$761.7K
Cap Rate 7%
$544,043
$544.0K
Cap Rate 9%
$423,144
$423.1K
Market Conditions
NOI Build-Up for 2,621 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
$58.2K $22.20/SF
− Vacancy
−$3.8K −$1.44/SF
EGI
$54.4K $20.76/SF
− OpEx
−$16.3K −$6.23/SF
NOI
$38.1K $14.53/SF
Area
ZIP 97202
Vacancy
6.50%
Lease Rate
$22.20 /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%
$761,660
Cap Rate 7%
$544,043
Cap Rate 9%
$423,144
Alternative Uses
Best Use
Multifamily LT 5
$544.0K
$476.0K – $634.7K
NOI $38,083 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$505.2K
$442.0K – $589.4K
NOI $35,361 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$625.3K
$547.1K – $729.5K
NOI $43,771 @ 7.0% cap · market cap 6.34%
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
616
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
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 - Renovated two-unit property with substantial capital improvements and an owner-occupant configuration in Southeast Portland.
Where is this duplex located?
The property is located at 921 SE MALL St Portland, OR.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: 2,621‑square‑foot duplex built in 1914; 0.11‑acre parcel with R5 zoning; Owner‑occupant setup with rental income from the second unit
