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    Classic Klamath Falls Apartments Title is generated by Realmo AI

    1120 Pine St, Klamath Falls, OR 97601

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    For Sale
    $1,150,000

    Renovated 16-unit apartment building in Klamath Falls' downtown.

    Type:Multifamily
    Added:
    Apr 3, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 3 at 4:55 am

    Property Features for 1120 Pine St

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Georgie Christensen-Riley

    Listing agent Georgie Christensen-Riley License #OR: 201209670

    Listing office Portland Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 Portland Office

    HighLights

    • Prime downtown location in Klamath Falls, offering walkability to restaurants, shops, and nightlife.
    • Significant capital improvements with renovations to the exterior, common areas, and 15 of 16 units.
    • Rare, high‑quality apartments in an undersupplied rental market dominated by older, lower‑quality properties.
    • Strong cash flow potential and long‑term upside due to location and scarcity of quality rentals.
    • Proximity to major employers like Jeld‑Wen and Sky Lakes Medical Center (10‑15 minute drive).
    • Classic designer charm from its original 1924 construction.

    Overview

    Originally constructed in 1924, the White Pine Apartments feature classic designer charm. Significant capital has been invested in renovations to the exterior, common areas, and interior finishes of 15 of the 16 units. Market analysis indicates an undersupply of rental housing in Klamath Falls, with limited multifamily development in recent years. Most rental properties in the area are single-family homes or smaller apartment complexes in poor to fair condition, making high-quality apartments like White Pine rare and highly sought after. The property is situated in the heart of Klamath Falls’ vibrant downtown district, offering residents access to restaurants, shops, and nightlife within walking distance. Major local employers, including Jeld-Wen and Sky Lakes Medical Center, are a short 10- to 15-minute drive away. Given the property’s prime downtown location, the scarcity of quality rentals, and its desirable vintage appeal, White Pine Apartments presents an investment opportunity for investors seeking a well-located asset with strong cash flow potential and long-term upside. The property is a 16-unit apartment building.
    Location Intelligence

    Current Use by Public Records

    White Pine Apartments Apartment Building

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Klamath Falls
    County
    Klamath
    State
    Oregon
    Longitude
    -121.778839
    Latitude
    42.228375

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    FAQs

    What type of property is this?
    Apartment building - Renovated 16-unit apartment building in Klamath Falls' downtown.
    Where is this apartment building located?
    The property is located at 1120 Pine St Klamath Falls, OR.
    What is the asking price?
    The asking price for this property is $1,150,000.
    What are key features of this property?
    This property features: Prime downtown location in Klamath Falls, offering walkability to restaurants, shops, and nightlife.; Significant capital improvements with renovations to the exterior, common areas, and **15 of 16 units**.; Rare, high‑quality apartments in an undersupplied rental market dominated by older, lower‑quality properties.
    (503) 200-2058
    We can help!
    Listing Contact
    Georgie Christensen-Riley
    Real Estate License ID: OR: 201209670
    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.

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    1120 Pine St, Klamath Falls, OR 97601
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