Duplex with Separate In-Unit
For Sale
$550,000
157 NE Fern Ct, Dallas, OR 97338
MULTI_FAMILY - Dallas, OR
Property Size1,896 SF
Lot Size0.20 Acres
Price / SF$290.08
Days on Market49
Property Features for 157 NE Fern Ct
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3, Basement, Bedroom 4, Bathroom 1
Subdivision
Dallas Heights
Lot features
Lot: 5
Standard status
Active
APN
128731
Size
1,896 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3022
Amenities
in-unit laundry
ductless heating and cooling
basement with bonus space and plumbing
Building Details
Year built
1973
Number of units
2
Listing Agency:
HOMESMART REALTY GROUP · HomeSmart International
(971) 599-5865
Listed By:
CHANDRA REYNOLDS
(503) 428-4491
Added: Jul 3
Changed: Aug 10
Last Checked: Aug 20 at 6:06AM
MLS# 843034
Copyright © 2026 Willamette Valley Multiple Listing Service. 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 duplex includes two units, with each unit featuring its own laundry, ductless heating and cooling, and a basement with a bonus space and plumbing. The property sits on a 0.201-acre lot, and totals 1,896 square feet. Built in 1973, the layout supports flexible day-to-day living within the separate unit configurations.
Unit 161 has been updated with new flooring and countertops, while the remaining unit is described as maintaining the same core features including in-unit laundry, ductless HVAC, and basement bonus space with plumbing.
The property’s dual-unit design is geared toward buyers looking for a duplex structure with practical separation between units and an added level of usable space provided by the basement areas.
Unit 161 has been updated with new flooring and countertops, while the remaining unit is described as maintaining the same core features including in-unit laundry, ductless HVAC, and basement bonus space with plumbing.
The property’s dual-unit design is geared toward buyers looking for a duplex structure with practical separation between units and an added level of usable space provided by the basement areas.
Key Highlights
- 0.201‑acre lot
- 1,896 square feet total
- Built in 1973
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
$22,771
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
4.14%
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%
$455,420
$455.4K
Cap Rate 7%
$325,300
$325.3K
Cap Rate 9%
$253,011
$253.0K
Market Conditions
NOI Build-Up for 1,896 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
$34.8K $18.36/SF
− Vacancy
−$2.3K −$1.20/SF
EGI
$32.5K $17.16/SF
− OpEx
−$9.8K −$5.15/SF
NOI
$22.8K $12.01/SF
Area
Polk County, OR
Vacancy
6.55%
Lease Rate
$18.36 /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%
$455,420
Cap Rate 7%
$325,300
Cap Rate 9%
$253,011
Alternative Uses
Best Use
Multifamily LT 5
$325.3K
$284.6K – $379.5K
NOI $22,771 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$299.6K
$262.1K – $349.5K
NOI $20,970 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$503.4K
$440.5K – $587.3K
NOI $35,238 @ 7.0% cap · market cap 6.41%
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
372
Businesses Nearby
Explore this area
Business Placement
Demographics for 97338, OR
22,741
Population
9,109
Households
2.5
Avg Household Size
44
Median Age
25%
College-Educated
92%
High-School Grad
124.8 sq mi
ZIP Area
182
Density / Sq Mi
$73,345
Median Household Income
$37,359
Median Earnings
$1,197
Median Rent
$388,100
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 - Each unit includes its own laundry and ductless heating and cooling, plus a basement with bonus space.
Where is this duplex located?
The property is located at 157 NE Fern Ct Dallas, OR.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 0.201‑acre lot; 1,896 square feet total; Built in 1973
