Multi-Unit Income
For Sale
$650,000
109323 Highway 97 N, Chemult, OR 97731
MULTI_FAMILY - Ranch - Chemult, OR
Property Size3,479 SF
Lot Size1.66 Acres
Price / SF$186.84
Days on Market52
Property Features for 109323 Highway 97 N
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
R5
Parking features
RV, Parking Lot, Carport
Elementary school
Gilchrist Elem
Middle school
Gilchrist Jr/Sr High
High school
Gilchrist Jr/Sr High
Special listing conditions
Probate Listing
Standard status
Active
APN
168623
Size
3,479 SF
Lot size
1.66 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1400
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating)
Water source
Well
Building Details
Year built
1926
Floors in Building
2
Number of units
4
Flooring type
Carpet, Vinyl, Laminate
Roof type
Metal
Architectural style
Ranch
Listing Agency:
TnT Real Estate, LLC
(541) 815-9895
Listed By:
Christina Tsutsui-Tharp · License #201225630
(541) 815-9895
Added: Jul 6
Changed: Aug 1
Last Checked: Aug 26 at 8:06AM
MLS# 220224905
Copyright © 2026 Oregon Data Share. 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 multi-unit income property includes a duplex, a detached 2-story single-family home, and a detached cabin with a fenced yard. A .75-acre commercial parcel is also included, providing added flexibility for future use. Covered parking is provided for the duplex, along with detached storage buildings. The property has durable metal roofs, and all residential units are currently occupied on month-to-month leases.
The site is located in Chemult, OR along Hwy 97 and features over 270 feet of highway frontage. The location is described as convenient to Crater Lake National Park and outdoor recreation opportunities such as hunting, fishing, and snowmobiling.
Overall, the offering combines multiple residential structures with an additional commercial parcel in a single package, with current rental occupancy through month-to-month tenancies.
The site is located in Chemult, OR along Hwy 97 and features over 270 feet of highway frontage. The location is described as convenient to Crater Lake National Park and outdoor recreation opportunities such as hunting, fishing, and snowmobiling.
Overall, the offering combines multiple residential structures with an additional commercial parcel in a single package, with current rental occupancy through month-to-month tenancies.
Key Highlights
- Multi‑unit income property in Chemult with 270+ ft of Hwy 97 frontage plus an additional 0.75‑acre commercial parcel
- Includes a duplex, detached 2‑story single‑family home, and a detached cabin with a fenced yard
- All residential units are occupied on month‑to‑month leases for immediate rental income
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
$28,356
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
4.36%
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%
$567,120
$567.1K
Cap Rate 7%
$405,086
$405.1K
Cap Rate 9%
$315,067
$315.1K
Market Conditions
NOI Build-Up for 3,479 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
$44.3K $12.72/SF
− Vacancy
−$3.7K −$1.08/SF
EGI
$40.5K $11.64/SF
− OpEx
−$12.2K −$3.49/SF
NOI
$28.4K $8.15/SF
Area
Klamath County, OR
Vacancy
8.46%
Lease Rate
$12.72 /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%
$567,120
Cap Rate 7%
$405,086
Cap Rate 9%
$315,067
Alternative Uses
Best Use
Multifamily LT 5
$405.1K
$354.5K – $472.6K
NOI $28,356 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$358.6K
$313.8K – $418.4K
NOI $25,101 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$711.1K
$622.2K – $829.6K
NOI $49,777 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
45
Businesses Nearby
Explore this area
Business Placement
Demographics for 97731, OR
257
Population
112
Households
2.3
Avg Household Size
48
Median Age
10%
College-Educated
100%
High-School Grad
67.3 sq mi
ZIP Area
4
Density / Sq Mi
$61,739
Median Household Income
$21,339
Median Earnings
$312,500
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 - Multi-unit residential property with a duplex, detached home and cabin, plus an included commercial parcel.
Where is this duplex located?
The property is located at 109323 Highway 97 N Chemult, OR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Multi‑unit income property in Chemult with 270+ ft of Hwy 97 frontage plus an additional 0.75‑acre commercial parcel; Includes a duplex, detached 2‑story single‑family home, and a detached cabin with a fenced yard; All residential units are occupied on month‑to‑month leases for immediate rental income
