16-Unit Garden Apartment
For Sale
$1,695,000
Pending
130 S Main Street, Phoenix, OR 97535
Commercial Sale, Phoenix, OR
Property Size10,080 SF
Lot Size1.18 Acres
Days on Market31
Property Features for 130 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C-1
Parking features
On Street, Carport, Parking Lot
Window features
Double Pane Windows, Vinyl Frames
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Laminate Counters
Exterior features
Courtyard, Gray Water System
Lot features
Fenced, Landscaped, Level
View
Territorial
Standard status
Pending
APN
10012120
Size
10,080 SF
Lot size
1.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
18314
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating), Heat Pump (Heating), Wall Furnace
Water source
Public
Amenities
landscaped commons
gazebo
patio
laundry room
Building Details
Year built
1962
Floors in Building
1
Number of units
16
Flooring type
Laminate, Carpet
Building materials
Frame
Roof type
Composition
Listing Agency:
Millen Property Group
(541) 301-3435
Listed By:
Patricia Millen · License #940200113
(541) 488-0010
Added: Aug 7
Changed: Aug 26
Last Checked: Sep 6 at 8:06AM
MLS# 220226730
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 16-unit apartment community consists of eight single-story duplexes on 1.18 acres, with 10,080 square feet of building area. The unit mix includes eight one-bedroom and eight two-bedroom residences. Interior features include original varnished birch cabinetry, upgraded counters and flooring, and ductless heat pumps with air conditioning in 12 units. The property also includes a rebuilt laundry room, remodeled bathrooms, updated electrical panels, PEX repiping, crawlspace insulation, new water and sewer mains, roofing, and gutters.
Shared outdoor areas include landscaped courtyards, gardens, a gazebo, patios, lawn areas, and fruit trees. Parking includes 20 carport spaces with locked storage and 10 open spaces. Built between 1962 and 1965, the community is listed on the Oregon Historic Sites database and carries C-C City Center zoning with no maximum density or lot coverage. The property is 50 feet from the bus line and 300 feet from the Bear Creek Greenway.
Shared outdoor areas include landscaped courtyards, gardens, a gazebo, patios, lawn areas, and fruit trees. Parking includes 20 carport spaces with locked storage and 10 open spaces. Built between 1962 and 1965, the community is listed on the Oregon Historic Sites database and carries C-C City Center zoning with no maximum density or lot coverage. The property is 50 feet from the bus line and 300 feet from the Bear Creek Greenway.
Key Highlights
- 16 units across eight single‑story duplexes on 1.18 acres
- 10,080 square feet with eight 1BR and eight 2BR units
- 20 carport spaces with locked storage plus 10 open spaces
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
$94,802
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
5.59%
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%
$1,896,040
$1.9M
Cap Rate 7%
$1,354,314
$1.4M
Cap Rate 9%
$1,053,356
$1.1M
Market Conditions
NOI Build-Up for 10,080 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
$181.4K $18.00/SF
− Vacancy
−$9.1K −$0.90/SF
EGI
$172.4K $17.10/SF
− OpEx
−$77.6K −$7.69/SF
NOI
$94.8K $9.41/SF
Area
Jackson County, OR
Vacancy
5.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,896,040
Cap Rate 7%
$1,354,314
Cap Rate 9%
$1,053,356
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.19M – $1.58M
NOI $94,802 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,312 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
Business Placement
Demographics for 97535, OR
5,015
Population
2,104
Households
2.4
Avg Household Size
46
Median Age
30%
College-Educated
97%
High-School Grad
3.3 sq mi
ZIP Area
1,520
Density / Sq Mi
$60,451
Median Household Income
$35,000
Median Earnings
$1,284
Median Rent
$374,600
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?
Apartment building - Historic multifamily property with landscaped shared grounds, covered parking, and a downtown Phoenix setting.
Where is this apartment building located?
The property is located at 130 S Main Street Phoenix, OR.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 16 units across eight single‑story duplexes on 1.18 acres; 10,080 square feet with eight 1BR and eight 2BR units; 20 carport spaces with locked storage plus 10 open spaces
