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    280 WATER St Heppner, OR 97836

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    For Sale
    $199,000

    MULTI_FAMILY - Heppner, OR

    Property size:
    2,486 SF
    Lot size:
    0.16 Acres
    Added:
    Feb 16, 2026
    Days on Market:
    59
    Last Refresh:
    Apr 16 at 11:06 am

    Property Features for 280 WATER St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R2
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3
    Standard status
    Active
    APN
    339
    Size
    2,486 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Description
    2S2627DD-5100
    Tax Annual Amount
    2316

    Utilities

    Heating system
    Forced Air
    Cooling system
    Heat Pump, Central Air

    Building Details

    Year built
    1885
    Floors in Building
    2
    Number of units
    2
    Roof type
    Composition

    We can help!

    Listing Contact
    Kimee Haguewood
    Kimee Haguewood

    Listing agent Kimee Haguewood License #201214449

    Listing office Keller Williams PDX Central 919 NE 19th Ave Ste 100, Portland, OR

    Listing date Feb 16, 2026

    MLS# 158568765 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.

    Overview

    Victorian Home with Apartment

    Located in Heppner, this Victorian home, built in 1885, occupies a 0.16-acre corner lot. The property, with approximately 2486 square feet, was updated in 2012 with a new roof, exterior paint, heat pump, Lennox furnace, hot water heater, and insulation. Currently used as a single-family dwelling with an upstairs apartment, it offers potential for extended family living. The property previously consisted of two one-bedroom apartments on the main level, in addition to the upstairs unit. It includes three kitchens and three bathrooms. The property is sold as-is and is suitable for cash or conventional financing. The zoning is R2. This versatile property has lots of potential as an income property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Building Supply Law Firm Dental Office Big Box & Wholesale Store Spa & Massage Center Auto Repair Shop Auto Parts Store Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Heppner
    County
    Morrow
    State
    Oregon
    Longitude
    -119.556206
    Latitude
    45.358699

    FAQs

    What type of property is this?
    Duplex - Heppner Victorian home with apartment, versatile property with potential.
    Where is this duplex located?
    The property is located at 280 WATER St Heppner, OR.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: Income potential with upstairs apartment (previously two units).; Updated in 2012 with new roof, exterior paint, heat pump, Lennox furnace, hot water heater, and insulation.; Large 1885 Victorian home with approximately 2486 sq. ft. on a .16 acre corner lot.
    (541) 377-1700
    We can help!
    Listing Contact
    Kimee Haguewood
    Kimee Haguewood
    Real Estate License ID: 201214449
    Learn More
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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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