Victorian Vacation Rental With Carriage
For Sale
$849,000
206 NE 10TH St, McMinnville, OR 97128
CommercialSale, McMinnville, OR
Property Size3,984 SF
Lot Size0.13 Acres
Price / SF$213.10
Days on Market13
Property Features for 206 NE 10TH St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3
View
Territorial
Directions
SE corner NE Baker St. (OR HWY99) and NE 10th St.
Subdivision
_156
Standard status
Active
APN
157966
Size
3,984 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
LOT 4 - BLOCK 15 IN JOHN'S ADDITION
Tax Annual Amount
7501
Legal Description
LOT 4 - BLOCK 15 IN JOHN'S ADDITION
Utilities
Heating system
Forced Air
Cooling system
Heat Pump
Amenities
solar panels
laundry equipment
kitchenette
Building Details
Year built
1894
Floors in Building
3
Building materials
CementSiding, LapSiding, WoodFrame
Roof type
Shingle, Composition
Listing Agency:
Good Land Company
(971) 219-1344
Listed By:
Dahe Good
(971) 219-1344
Added: Aug 14
Last Checked: Aug 26 at 6:06AM
MLS# 375772443
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 3,984-square-foot short-term rental property combines an 1894 restored Victorian main house with a detached Carriage House remodeled in summer 2026. The property includes 5+ sleeping rooms, 3 kitchens, 4.5 baths, two living rooms, a formal dining room, and multiple gathering areas. The Carriage House contains two rooms, a full bath, laundry equipment, and a kitchenette. Solar panels serve the Carriage House, while the basement has a hookup for a 3rd set of laundry equipment. Construction includes cement siding, lap siding, and wood framing, with forced-air heat, heat-pump cooling, and a shingle/composition roof.
Located at 206 NE 10th St in McMinnville, the property is within several blocks of restaurant choices and McMinnville’s tourist district. C-3 zoning permits current short-term rental use and also allows retail, professional office, multifamily, and owner-occupied mixed uses, subject to city building and parking requirements. Fixtures may be included; furniture and inventory are negotiable.
Located at 206 NE 10th St in McMinnville, the property is within several blocks of restaurant choices and McMinnville’s tourist district. C-3 zoning permits current short-term rental use and also allows retail, professional office, multifamily, and owner-occupied mixed uses, subject to city building and parking requirements. Fixtures may be included; furniture and inventory are negotiable.
Key Highlights
- 3,984 SF property on 0.13 acres with an 1894 restored Victorian main house
- Detached Carriage House remodeled in summer 2026 with two rooms, full bath, laundry equipment, and kitchenette
- 5+ sleeping rooms, 3 kitchens, and 4.5 baths across the property
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
$51,154
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
6.03%
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%
$1,023,080
$1.0M
Cap Rate 7%
$730,771
$730.8K
Cap Rate 9%
$568,378
$568.4K
Market Conditions
NOI Build-Up for 3,984 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
$98.0K $24.60/SF
− Vacancy
−$5.0K −$1.25/SF
EGI
$93.0K $23.35/SF
− OpEx
−$41.9K −$10.51/SF
NOI
$51.2K $12.84/SF
Area
Yamhill County, OR
Vacancy
5.10%
Lease Rate
$24.60 /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%
$1,023,080
Cap Rate 7%
$730,771
Cap Rate 9%
$568,378
Alternative Uses
Best Use
Apartment 5plus
$730.8K
$639.4K – $852.6K
NOI $51,154 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$941.0K – $1.25M
NOI $75,277 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,481
Businesses Nearby
Explore this area
Business Placement
Demographics for 97128, OR
38,394
Population
15,291
Households
2.5
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
112.2 sq mi
ZIP Area
342
Density / Sq Mi
$72,055
Median Household Income
$37,427
Median Earnings
$1,295
Median Rent
$419,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Short term rental property - C-3 zoning permits short-term rental use alongside retail, professional office, multifamily, and owner-occupied mixed-use options.
Where is this short term rental property located?
The property is located at 206 NE 10TH St McMinnville, OR.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 3,984 SF property on 0.13 acres with an 1894 restored Victorian main house; Detached Carriage House remodeled in summer 2026 with two rooms, full bath, laundry equipment, and kitchenette; 5+ sleeping rooms, 3 kitchens, and 4.5 baths across the property
