8-Unit Apartment
For Sale
$999,000
217 NW 8TH Ave, Milton-Freewater, OR 97862
MultiFamily, MiltonFreewater, OR
Property Size6,912 SF
Lot Size0.50 Acres
Price / SF$144.53
Days on Market79
Property Features for 217 NW 8TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 14, Bathroom 5, Bedroom 12, Bedroom 2, Bedroom 1, Bedroom 6, Bedroom 3, Bedroom 16, Bedroom 10, Bedroom 5, Bedroom 9, Bedroom 13, Bathroom 8, Bathroom 1, Bathroom 7, Bedroom 11, Bathroom 6, Bedroom 7, Bathroom 2, Bedroom 8, Bathroom 4, Bedroom 15, Bedroom 4, Bathroom 3
View
City
Elementary school
Gib Olinger
Middle school
Central
High school
McLoughlin
Directions
NW 8th, Vining St.
Subdivision
_439
Standard status
Active
APN
110927
Size
6,912 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Description
See listing file.
Tax Annual Amount
9892
Legal Description
See listing file.
Utilities
Heating system
Radiant
Cooling system
Wall Unit(s)
Amenities
handicap accessible
Building Details
Year built
2003
Floors in Building
1
Number of units
8
Roof type
Composition
Listing Agency:
Coldwell Banker Farley Company · Coldwell Banker Real Estate
(541) 276-0021
Listed By:
Jerry Baker · License #201211883
(541) 969-6378
Added: Jun 23
Changed: Sep 8
Last Checked: Sep 9 at 4:06PM
MLS# 153508003
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 apartment property comprises four duplex structures on a single tax lot, creating eight two-bedroom, one-bath residences. The improvements were completed in 2003 and feature composition roofing, hardi-plank siding, radiant heating, and wall-unit cooling. Accessible design elements are also identified across the property.
The site encompasses 0.5 acres in Milton-Freewater, Oregon, with R3 zoning. The property includes approximately 6,912 square feet of building area, while individual units average approximately 860 square feet. Its duplex configuration offers a consistent residential layout across the portfolio, with sixteen bedrooms and eight bathrooms in total.
The site encompasses 0.5 acres in Milton-Freewater, Oregon, with R3 zoning. The property includes approximately 6,912 square feet of building area, while individual units average approximately 860 square feet. Its duplex configuration offers a consistent residential layout across the portfolio, with sixteen bedrooms and eight bathrooms in total.
Key Highlights
- Four duplexes containing eight total units on one tax lot
- All units configured with 2 bedrooms and 1 bathroom
- Approximately 6,912 SF of total building area
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
$29,698
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
2.97%
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%
$593,960
$594.0K
Cap Rate 7%
$424,257
$424.3K
Cap Rate 9%
$329,978
$330.0K
Market Conditions
NOI Build-Up for 6,912 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
$58.1K $8.40/SF
− Vacancy
−$4.1K −$0.59/SF
EGI
$54.0K $7.81/SF
− OpEx
−$24.3K −$3.52/SF
NOI
$29.7K $4.30/SF
Area
Umatilla County, OR
Vacancy
7.00%
Lease Rate
$8.40 /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%
$593,960
Cap Rate 7%
$424,257
Cap Rate 9%
$329,978
Alternative Uses
Best Use
Apartment 5plus
$424.3K
$371.2K – $495.0K
NOI $29,698 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,285 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 97862, OR
11,512
Population
5,245
Households
2.2
Avg Household Size
39
Median Age
13%
College-Educated
79%
High-School Grad
292.9 sq mi
ZIP Area
39
Density / Sq Mi
$54,013
Median Household Income
$32,787
Median Earnings
$858
Median Rent
$225,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Four duplex structures provide accessible two-bedroom residences with individual radiant heat and wall-unit cooling.
Where is this apartment building located?
The property is located at 217 NW 8TH Ave Milton-Freewater, OR.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Four duplexes containing eight total units on one tax lot; All units configured with 2 bedrooms and 1 bathroom; Approximately 6,912 SF of total building area
