Duplex with Private
For Sale
$400,000
Pending
231 W Bolz Road, Phoenix, OR 97535
Residential Income, Phoenix, OR
Property Size2,224 SF
Lot Size0.11 Acres
Days on Market76
Property Features for 231 W Bolz Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-2
Parking features
Assigned, Carport, On Street
Security features
Security System
Window features
Double Pane Windows, Vinyl Frames
Patio and Porch features
Porch
Interior features
Laminate Counters, Linen Closet, Shower/Tub Combo
Appliances
Instant Hot Water, Oven, Range, Refrigerator, Water Heater
Subdivision
Gemini Estates Subdivision
Lot features
Level
View
Valley
Elementary school
Phoenix Elem
Middle school
Talent Middle
High school
Phoenix High
Standard status
Pending
APN
10627693
Size
2,224 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3144
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air, Heat Pump
Water source
Public
Amenities
private fenced patio
grassy yard
covered parking
Building Details
Year built
1979
Floors in Building
2
Number of units
2
Flooring type
Carpet, Laminate
Building materials
Frame
Roof type
Membrane, Composition
Architectural style
Contemporary
Additional Structures
Storage
Listing Agency:
John L. Scott Ashland
(541) 488-1311
Listed By:
Scott Lewis · License #200604146
(541) 779-3611
Added: Jun 15
Changed: Aug 28
Last Checked: Aug 29 at 8:06AM
MLS# 220223407
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.
Located at 231 W Bolz Road in Phoenix, this contemporary duplex contains 2,224 square feet on a 0.11-acre lot. The two-level layout includes kitchen and dining areas, storage, and two upstairs bedrooms, with one bedroom offering notably generous proportions. Each unit has a fenced patio, while the front yard is grassy and the rear provides covered parking.
Constructed in 1979, the property has frame construction, laminate and carpet flooring, laminate counters, and shower-tub combinations. Building systems include heat pump heating, central air, and heat pump cooling. Additional features include public water, public sewer, a composition and membrane roof, and appliances including an oven, range, refrigerator, instant hot water, and water heater. Parking options include a carport, assigned spaces, and on-street parking.
Constructed in 1979, the property has frame construction, laminate and carpet flooring, laminate counters, and shower-tub combinations. Building systems include heat pump heating, central air, and heat pump cooling. Additional features include public water, public sewer, a composition and membrane roof, and appliances including an oven, range, refrigerator, instant hot water, and water heater. Parking options include a carport, assigned spaces, and on-street parking.
Key Highlights
- 2,224‑square‑foot duplex on a 0.11‑acre lot
- Two upstairs bedrooms, including one generously sized room
- Fenced patio provided off each unit
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
$23,833
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
5.96%
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%
$476,660
$476.7K
Cap Rate 7%
$340,471
$340.5K
Cap Rate 9%
$264,811
$264.8K
Market Conditions
NOI Build-Up for 2,224 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
$36.0K $16.20/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$34.0K $15.31/SF
− OpEx
−$10.2K −$4.59/SF
NOI
$23.8K $10.72/SF
Area
Jackson County, OR
Vacancy
5.50%
Lease Rate
$16.20 /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%
$476,660
Cap Rate 7%
$340,471
Cap Rate 9%
$264,811
Alternative Uses
Best Use
Multifamily LT 5
$340.5K
$297.9K – $397.2K
NOI $23,833 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$298.8K
$261.5K – $348.6K
NOI $20,917 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$536.8K
$469.7K – $626.3K
NOI $37,577 @ 7.0% cap · market cap 9.39%
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
450
Businesses Nearby
Explore this area
Business Placement
Demographics for 97535, OR
5,015
Population
2,104
Households
2.4
Avg Household Size
46
Median Age
30%
College-Educated
97%
High-School Grad
3.3 sq mi
ZIP Area
1,520
Density / Sq Mi
$60,451
Median Household Income
$35,000
Median Earnings
$1,284
Median Rent
$374,600
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 - Two-level layout includes bright kitchen and dining areas, rear covered parking, and fenced outdoor space for each unit.
Where is this duplex located?
The property is located at 231 W Bolz Road Phoenix, OR.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2,224‑square‑foot duplex on a 0.11‑acre lot; Two upstairs bedrooms, including one generously sized room; Fenced patio provided off each unit
