Duplex with Private
For Sale
Under Contract
$329,900
1120-1124 Sherman St SE, Albany, OR 97322
Multi Family, Albany, OR
Property Size1,584 SF
Lot Size0.16 Acres
Price / SF$208.27
Days on Market47
Property Features for 1120-1124 Sherman St SE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Albany RM
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 1, Bedroom 2
Patio and Porch features
Patio
Subdivision
11S03W07 NE
Lot features
Dimension Above
View
Territorial
Elementary school
South Shore
Middle school
North Albany
High school
South Albany
Standard status
Active Under Contract
APN
0089447
Size
1,584 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
51
Tax Annual Amount
3063
Utilities
Heating system
Forced Air, Ductless (Heating), Electric (Heating)
Building Details
Year built
1955
Number of units
2
Flooring type
Other (refer to remarks), Vinyl, Carpet
Roof type
Composition, Shingle
Listing Agency:
EXP REALTY, LLC
(888) 814-9613
Listed By:
NANCY KRUSE · License #900600026
(541) 936-2043
Added: Jul 23
Changed: Sep 6
Last Checked: Sep 7 at 5:06PM
MLS# 843806
Copyright © 2026 Willamette Valley Multiple Listing Service. 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 duplex at 1120-1124 Sherman St SE contains 1,584 square feet across two residential units, with each side arranged as two bedrooms and one bathroom. Built in 1955, the property includes mini-split heating in both units, a single-car garage, and a laundry area equipped with washer and dryer hookups plus a utility sink. Flooring includes vinyl, carpet, and other materials noted in the property information. The building is suited to renovation and updating.
The 0.16-acre parcel includes a private backyard with a patio and space for gardening or outdoor gatherings. Its SE Albany setting provides proximity to shopping, bus service, and parks. The property is identified as Albany RM zoning and includes composition and shingle roofing.
The 0.16-acre parcel includes a private backyard with a patio and space for gardening or outdoor gatherings. Its SE Albany setting provides proximity to shopping, bus service, and parks. The property is identified as Albany RM zoning and includes composition and shingle roofing.
Key Highlights
- Two‑unit duplex totaling 1,584 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Built in 1955 with mini‑split heating in 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
$14,953
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
4.53%
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%
$299,060
$299.1K
Cap Rate 7%
$213,614
$213.6K
Cap Rate 9%
$166,144
$166.1K
Market Conditions
NOI Build-Up for 1,584 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
$21.9K $13.80/SF
− Vacancy
−$498 −$0.31/SF
EGI
$21.4K $13.49/SF
− OpEx
−$6.4K −$4.05/SF
NOI
$15.0K $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%
$299,060
Cap Rate 7%
$213,614
Cap Rate 9%
$166,144
Alternative Uses
Best Use
Multifamily LT 5
$213.6K
$186.9K – $249.2K
NOI $14,953 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$196.8K
$172.2K – $229.6K
NOI $13,775 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$461.4K
$403.8K – $538.4K
NOI $32,301 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,119
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer matching two-bedroom, one-bath layouts with ductless heating and shared laundry provisions.
Where is this duplex located?
The property is located at 1120-1124 Sherman St SE Albany, OR.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,584 square feet; Each unit includes 2 bedrooms and 1 bathroom; Built in 1955 with mini‑split heating in each unit
