Updated Multifamily Property in
507 NE DAVIS St McMinnville, OR 97128
For Sale
$1,290,000
MULTI_FAMILY - McMinnville, OR
Property Size5,350 SF
Lot Size0.18 Acres
Price / SF$241.12
Days on Market293
Property Features for 507 NE DAVIS St
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- C-3
- Bedrooms
- 9
- Bathrooms
- 6
- Rooms
- Bedroom 8, Bathroom 5, Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 7, Bedroom 9, Bathroom 1, Bathroom 4, Bathroom 6, Bedroom 4, Bedroom 6, Bedroom 5, Bathroom 2
- Standard status
- Active
- APN
- 159580
- Size
- 5,350 SF
- Lot size
- 0.18 Acres
Taxes and HOA fees
- Tax Description
- PT LOTS 1 2 & 4 - BLOCK 1 IN COURT ADDITION
- Tax Annual Amount
- 4055
Utilities
- Heating system
- Ductless (Heating)
- Cooling system
- Heat Pump
Building Details
- Year built
- 1940
- Floors in Building
- 2
- Number of units
- 5
- Roof type
- Composition
Listing Agency:
Bella Casa Real Estate Group
(503) 437-9005
Listed By:
Brielle Houston · License #201259483
(971) 241-9647
Added: Oct 6, 2025
Changed: Jul 25
Last Checked: Jul 25 at 9:06AM
MLS# 262186389
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 updated multi-unit property is located near downtown McMinnville. The property features five uniquely designed apartments, two of which are successful short-term rentals. Each unit showcases custom finishes, stylish wallpaper, fresh paint, updated window coverings, and newly renovated kitchens and bathrooms in four of the units. New ductless heat pumps have been installed throughout. The basement is currently set up as a shared common space with a kitchen, and could be transformed into private storage lockers for tenants or wine lockers for guests. Updated wiring for an EV charging station is included. The lot size is 0.18 acres and the property size is 5350 square feet. The zoning is C-3. The property is located steps from restaurants, shops, tasting rooms, and local attractions. The property is located in McMinnville, Oregon, with a walk score of 92. The property could be used to expand an investment portfolio or step into a short-term rental market.
Key Highlights
- Five‑unit multi‑family property with two units used as short‑term rentals
- New ductless heat pumps installed throughout for heating and cooling
- Newly renovated kitchens and bathrooms in four of the units
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $131.6k | $24.60 |
| − Vacancy | −$6.7k | −$1.25 |
| EGI | $124.9k | $23.35 |
| − OpEx | −$56.2k | −$10.51 |
| NOI | $68.7k | $12.84 |
5,350 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$981.3K
$858.7K – $1.14M
NOI $68,694 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,087 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Mid-Valley Davis Street ...
Medical Clinic
FAQs
What type of property is this?
Apartment building - Updated multi-unit property near downtown McMinnville with income potential.
Where is this apartment building located?
The property is located at 507 NE DAVIS St McMinnville, OR.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: Five‑unit multi‑family property with two units used as short‑term rentals; New ductless heat pumps installed throughout for heating and cooling; Newly renovated kitchens and bathrooms in four of the units
