Duplex With Private
New
For Sale
$399,999
1115 Queen Av SE, Albany, OR 97322
Two residential units support owner-occupant living or separate rental use, each with a backyard.
Property Size1,598 SF
Price / SF$250.31
Days on Market2
Property Features for 1115 Queen Av SE
General Information
Standard status
Active
Size
1,598 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
backyard
Building Details
Year Built
1968
Buildings
1
Listing Agency:
Coldwell Bnkr/Commercial DIV
(503) 502-3143
Listed By:
Matin Real Estate
(503) 208-8406
Source:
Portlandrealestate
Added: Sep 5
Last Checked: Sep 5 at 3:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Bnkr/Commercial DIV
Investment Insights
Based on property information with market context.
Built in 1968, this duplex at 1115 Queen Av SE includes two residential units, each offering 2 bedrooms, 1 bathroom, and 799 square feet. Both sides include a private garage and backyard, providing practical separation between units and outdoor space for occupants.
The property contains 1,598 square feet in total. Its two-unit configuration supports multiple occupancy strategies, including living in one unit while leasing the other or renting both residences. Functional layouts and separate garages add utility for residents while maintaining the flexibility associated with a duplex asset.
The property contains 1,598 square feet in total. Its two-unit configuration supports multiple occupancy strategies, including living in one unit while leasing the other or renting both residences. Functional layouts and separate garages add utility for residents while maintaining the flexibility associated with a duplex asset.
Key Highlights
- Two‑unit duplex with 1,598 square feet total
- Each unit includes 2 bedrooms, 1 bathroom, and 799 square feet
- Private garage assigned to 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
$15,085
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
3.77%
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%
$301,700
$301.7K
Cap Rate 7%
$215,500
$215.5K
Cap Rate 9%
$167,611
$167.6K
Market Conditions
NOI Build-Up for 1,598 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
$22.1K $13.80/SF
− Vacancy
−$503 −$0.31/SF
EGI
$21.5K $13.49/SF
− OpEx
−$6.5K −$4.05/SF
NOI
$15.1K $9.44/SF
Area
Linn County, OR
Vacancy
2.28%
Lease Rate
$13.80 /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%
$301,700
Cap Rate 7%
$215,500
Cap Rate 9%
$167,611
Alternative Uses
Best Use
Multifamily LT 5
$215.5K
$188.6K – $251.4K
NOI $15,085 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$198.5K
$173.7K – $231.6K
NOI $13,896 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$465.5K
$407.3K – $543.1K
NOI $32,587 @ 7.0% cap · market cap 8.15%
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
1,002
Businesses Nearby
Explore this area
Business Placement
Demographics for 97322, OR
37,148
Population
14,867
Households
2.5
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
63.3 sq mi
ZIP Area
587
Density / Sq Mi
$68,536
Median Household Income
$43,530
Median Earnings
$1,335
Median Rent
$321,200
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 residential units support owner-occupant living or separate rental use, each with a backyard.
Where is this duplex located?
The property is located at 1115 Queen Av SE Albany, OR.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Two‑unit duplex with 1,598 square feet total; Each unit includes 2 bedrooms, 1 bathroom, and 799 square feet; Private garage assigned to each unit
