Bungalow Duplex with Two
For Sale
$207,000
2215 Applegate Avenue, Klamath Falls, OR 97601
Residential Income, Klamath Falls, OR
Property Size1,228 SF
Lot Size0.14 Acres
Price / SF$168.57
Days on Market69
Property Features for 2215 Applegate Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
MD
Parking features
None
Window features
Wood Frames
Subdivision
Mills
Elementary school
Mills Elem
Middle school
Ponderosa Middle
High school
Klamath Union High School
Directions
Washburn Wy, Left at Applegate Ave
Standard status
Active
APN
613081
Size
1,228 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1560
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Wall Furnace
Water source
Public
Building Details
Year built
1952
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Laminate, Hardwood
Building materials
Block
Roof type
Composition
Architectural style
Bungalow
Listing Agency:
Century 21 Showcase, Realtors · Century 21 Real Estate
(541) 882-2121
Listed By:
Stacey Moyles · License #201233566
(208) 851-1854
Added: Jun 29
Changed: Aug 30
Last Checked: Sep 5 at 6:06PM
MLS# 220224316
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 bungalow duplex includes two rental units with a combined 1,228 square feet of living area. Constructed in 1952, the property occupies 0.14 acres and carries MD zoning. Block construction, composition roofing, and a mix of laminate, hardwood, and vinyl flooring define the physical improvements. Heating is provided by electric systems and wall furnaces.
Located in Klamath Falls, the property is described as being near shopping, schools, local amenities, and public transportation. Public water and public sewer serve the site. The two-unit layout supports separate residential occupancy within a single duplex structure.
Located in Klamath Falls, the property is described as being near shopping, schools, local amenities, and public transportation. Public water and public sewer serve the site. The two-unit layout supports separate residential occupancy within a single duplex structure.
Key Highlights
- Two‑unit duplex with 1,228 square feet of combined living space
- 0.14‑acre site in Klamath Falls
- MD zoning
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
$10,009
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
4.84%
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%
$200,180
$200.2K
Cap Rate 7%
$142,986
$143.0K
Cap Rate 9%
$111,211
$111.2K
Market Conditions
NOI Build-Up for 1,228 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
$15.6K $12.72/SF
− Vacancy
−$1.3K −$1.08/SF
EGI
$14.3K $11.64/SF
− OpEx
−$4.3K −$3.49/SF
NOI
$10.0K $8.15/SF
Area
Klamath County, OR
Vacancy
8.46%
Lease Rate
$12.72 /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%
$200,180
Cap Rate 7%
$142,986
Cap Rate 9%
$111,211
Alternative Uses
Best Use
Multifamily LT 5
$143.0K
$125.1K – $166.8K
NOI $10,009 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$126.6K
$110.8K – $147.7K
NOI $8,860 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$251.0K
$219.6K – $292.8K
NOI $17,570 @ 7.0% cap · market cap 8.49%
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
664
Businesses Nearby
Explore this area
Business Placement
Demographics for 97601, OR
23,264
Population
10,936
Households
2.1
Avg Household Size
40
Median Age
24%
College-Educated
88%
High-School Grad
577.8 sq mi
ZIP Area
40
Density / Sq Mi
$53,333
Median Household Income
$31,011
Median Earnings
$972
Median Rent
$266,500
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?
Duplex - MD-zoned residential property with public water and sewer serving its two-unit configuration.
Where is this duplex located?
The property is located at 2215 Applegate Avenue Klamath Falls, OR.
What is the asking price?
The asking price for this property is $207,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,228 square feet of combined living space; 0.14‑acre site in Klamath Falls; MD zoning
