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    Two Homes on Large Lot Title is generated by Realmo AI

    21620 Glaze Rd, Noti, OR 97461

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    Claim this Listing
    For Sale
    $435,000

    MULTI_FAMILY - Noti, OR

    Property size:
    1,267 SF
    Lot size:
    0.72 Acres
    Price / SF:
    $343/SF
    Added:
    May 12, 2026
    Days on Market:
    17
    Last Refresh:
    May 27 at 11:06 pm

    Property Features for 21620 Glaze Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RR5
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bathroom 3, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 1, Bedroom 2, Bedroom 4
    Standard status
    Active
    APN
    0518900
    Size
    1,267 SF
    Lot size
    0.72 Acres

    Taxes and HOA fees

    Tax Description
    17 06 31 00 01400
    Tax Annual Amount
    3387

    Utilities

    Heating system
    Zoned, Wood, Wood Stove

    Building Details

    Year built
    1964
    Floors in Building
    1
    Number of units
    2
    Roof type
    Composition

    We can help!

    Listing Contact
    Brad Anderson
    Brad Anderson

    Listing agent Brad Anderson License #800604014

    Listing office Brad Anderson Real Estate 231 71st Street, Springfield, OR

    Listing date May 12, 2026

    MLS# 234139746 Listing URL

    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.

    HighLights

    • Two separate homes on a large .72‑acre lot offer diverse opportunities.
    • The primary residence features 3 bedrooms, 1.5 baths, hardwood floors, fresh paint, new water heater, and a 2‑car garage.
    • USDA financing eligibility expands buyer pool.
    • Both homes are vacant and ready for immediate showings.
    • Separate septic systems for each home provide independence.
    • The second home (740 sq ft, 2 bed, 1 bath) presents a value‑add opportunity.

    Overview

    This property presents a unique investment opportunity, featuring two separate homes situated on a 0.72-acre lot. The primary residence, located on Glaze Rd, provides 1,267 square feet of living space and includes 3 bedrooms, 1.5 bathrooms, hardwood floors, fresh interior paint, a new water heater, and a two-car garage. This home is set on a permanent foundation. The second home, addressed as 21632 Vaughn Rd, was built in 1920 and offers 740 square feet of living space with 2 bedrooms and 1 bathroom. This second residence offers value-add potential but does not have a foundation or a garage, and the porch is deteriorated. Both homes were previously tenant-occupied and are now vacant. The property includes a shared well and separate septic systems for each home. This setup is suitable for investors, multi-generational living, or buyers seeking rental income.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Noti
    County
    Lane
    State
    Oregon
    Longitude
    -123.461662
    Latitude
    44.04908

    FAQs

    What type of property is this?
    Duplex - Two homes on a spacious lot, ideal for investors.
    Where is this duplex located?
    The property is located at 21620 Glaze Rd Noti, OR.
    What is the asking price?
    The asking price for this property is $435,000.
    What are key features of this property?
    This property features: Two separate homes on a large .72‑acre lot offer diverse opportunities.; The primary residence features 3 bedrooms, 1.5 baths, hardwood floors, fresh paint, new water heater, and a 2‑car garage.; USDA financing eligibility expands buyer pool.
    (541) 912-6689
    We can help!
    Listing Contact
    Brad Anderson
    Brad Anderson
    Real Estate License ID: 800604014
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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