Craftsman Duplex with Basement
For Sale
Contact for pricing
9806 N MIDWAY AVE, Portland, OR 97203
Move-in ready duplex features remodeled kitchens and bathrooms, hardwood floors, in-unit laundry hookups, and full basement access.
Property Size3,520 SF
Price / SF$164.77
Days on Market70
Property Features for 9806 N MIDWAY AVE
General Information
Standard status
Active
Size
3,520 SF
Class
B
Property subtype
Multifamily
Zoning
R2 5
Occupancy
50%
Investment Type
Owner/User
Net Operating Income
$32,993
Building Details
Year Built
1925
Year Renovated
2025
Buildings
1
Stories
1
Units
2
Listing Agency:
Opt Real Estate
Listed By:
Brian Spear · License #OR 200312221
(503) 515-9374
Source:
Crexi
Added: Jul 1
Changed: Aug 25
Last Checked: Sep 7 at 9:45AM
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 Opt Real Estate
Investment Insights
Based on property information with market context.
This restored Craftsman duplex includes two spacious bungalow-style units, each with access to the full basement and its ample ceiling height. Unit 9806-A was recently remodeled with a new kitchen and two new bathrooms designed from the studs-out, all completed with approved permits. The unit also features sleek finishes, quartz counters, refinished hardwood floors, new carpet, double closets, a skylight, stackable washer/dryer, and new appliances. Unit 9806-B was remodeled in 2018 and offers a custom kitchen, a remodeled bathroom, mini-split heating/cooling, and hardwood floors, along with access to the full gated backyard.
Both units include large designated storage or shop space within the basement, and the building has been well maintained with updates including new plumbing and wiring, rebuilt chimneys, and additional new systems. The property is located in the St. John’s area of Portland, Oregon.
Both units include large designated storage or shop space within the basement, and the building has been well maintained with updates including new plumbing and wiring, rebuilt chimneys, and additional new systems. The property is located in the St. John’s area of Portland, Oregon.
Key Highlights
- 1925 Craftsman duplex with two renovated units, each with access to the full basement and large designated storage/shop space
- 9806‑A major remodel includes entire new kitchen and (2) new bathrooms from studs‑out with approved permits; new appliances and quartz counters
- 9806‑A features refinished hardwood floors, new carpet, skylight, double closets, and in‑unit laundry via stackable W/D hookups
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
$49,053
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
8.46%
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%
$981,060
$981.1K
Cap Rate 7%
$700,757
$700.8K
Cap Rate 9%
$545,033
$545.0K
Market Conditions
NOI Build-Up for 3,520 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
$73.9K $21.00/SF
− Vacancy
−$3.8K −$1.09/SF
EGI
$70.1K $19.91/SF
− OpEx
−$21.0K −$5.97/SF
NOI
$49.1K $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%
$981,060
Cap Rate 7%
$700,757
Cap Rate 9%
$545,033
Alternative Uses
Best Use
Multifamily LT 5
$700.8K
$613.2K – $817.6K
NOI $49,053 @ 7.0% cap · market cap 8.46%
Second Best
Apartment 5plus
$645.7K
$565.0K – $753.3K
NOI $45,197 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$988.5K
$864.9K – $1.15M
NOI $69,195 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
376
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 - Move-in ready duplex features remodeled kitchens and bathrooms, hardwood floors, in-unit laundry hookups, and full basement access.
Where is this duplex located?
The property is located at 9806 N MIDWAY AVE Portland, OR.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: 1925 Craftsman duplex with two renovated units, each with access to the full basement and large designated storage/shop space; 9806‑A major remodel includes entire new kitchen and (2) new bathrooms from studs‑out with approved permits; new appliances and quartz counters; 9806‑A features refinished hardwood floors, new carpet, skylight, double closets, and in‑unit laundry via stackable W/D hookups
