Flexible Two-Unit
For Sale
$315,000
410 SW MILL St, Sheridan, OR 97378
MultiFamily, Sheridan, OR
Property Size1,662 SF
Price / SF$189.53
Days on Market175
Property Features for 410 SW MILL St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2
Elementary school
Faulconer-Chap
Middle school
Faulconer-Chap
High school
Sheridan
Directions
Hwy 18 to S. Bridge. West on Mill to property.
Subdivision
_156
Standard status
Active
APN
226981
Taxes and HOA fees
Tax Description
LOTS 1 & 2 - BLOCK 3 IN GILSTRAP'S ADDITION
Tax Annual Amount
1649
Legal Description
LOTS 1 & 2 - BLOCK 3 IN GILSTRAP'S ADDITION
Utilities
Heating system
Zoned
Building Details
Year built
1979
Number of units
2
Roof type
Composition
Listing Agency:
Bella Casa Real Estate Group
(503) 435-7059
Listed By:
Lacey Summers · License #201225468
(503) 437-9005
Added: Mar 19
Changed: Sep 9
Last Checked: Sep 9 at 6:06AM
MLS# 143102133
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 1,662-square-foot duplex was built in 1979 and is arranged as two separate residences. The property can function in its current duplex configuration, while a securable interior door provides a connection between the units. Durable tile and laminate flooring are installed throughout, and the two-bedroom unit includes a gas fireplace. The building has a composition roof, zoned heating, and a single water meter. The owner currently pays for water, sewer, and trash.
The property is near schools, parks, and downtown, with access to Highway 18 and the surrounding Yamhill County wine country. It is zoned R1 and is outside a flood zone.
The property is near schools, parks, and downtown, with access to Highway 18 and the surrounding Yamhill County wine country. It is zoned R1 and is outside a flood zone.
Key Highlights
- 1,662‑square‑foot duplex configured as two separate units
- Built in 1979 with a composition roof
- Securable interior connecting door between units
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
$21,340
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
6.77%
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%
$426,800
$426.8K
Cap Rate 7%
$304,857
$304.9K
Cap Rate 9%
$237,111
$237.1K
Market Conditions
NOI Build-Up for 1,662 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
$40.9K $24.60/SF
− Vacancy
−$2.1K −$1.25/SF
EGI
$38.8K $23.35/SF
− OpEx
−$17.5K −$10.51/SF
NOI
$21.3K $12.84/SF
Area
Yamhill County, OR
Vacancy
5.10%
Lease Rate
$24.60 /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%
$426,800
Cap Rate 7%
$304,857
Cap Rate 9%
$237,111
Alternative Uses
Best Use
Apartment 5plus
$304.9K
$266.8K – $355.7K
NOI $21,340 @ 7.0% cap · market cap 6.77%
Second Best
Multifamily LT 5
$261.6K
$228.9K – $305.2K
NOI $18,310 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$448.6K
$392.5K – $523.4K
NOI $31,403 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
223
Businesses Nearby
Explore this area
Business Placement
Demographics for 97378, OR
9,195
Population
2,891
Households
3.2
Avg Household Size
41
Median Age
15%
College-Educated
88%
High-School Grad
116.7 sq mi
ZIP Area
79
Density / Sq Mi
$80,680
Median Household Income
$37,009
Median Earnings
$1,078
Median Rent
$341,200
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 separately arranged residences include a connecting door for adaptable occupancy.
Where is this duplex located?
The property is located at 410 SW MILL St Sheridan, OR.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 1,662‑square‑foot duplex configured as two separate units; Built in 1979 with a composition roof; Securable interior connecting door between units
