Apartment Building with Ductless
For Sale
$1,190,000
115 NE A Street, Madras, OR 97741
Residential Income, Madras, OR
Property Size6,125 SF
Lot Size0.46 Acres
Price / SF$194.29
Days on Market20
Property Features for 115 NE A Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
PCW-C2 Pacific City Commu
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 9, Bedroom 13, Bedroom 10, Basement, Bedroom 16, Bathroom 6, Bedroom 4, Bedroom 2, Bedroom 6, Bathroom 3, Bathroom 1, Bathroom 7, Bedroom 7, Bathroom 5, Bathroom 8, Bedroom 11, Bedroom 5, Bedroom 15, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 12, Bedroom 14, Bedroom 8
Parking
12
Parking features
Driveway, On Street, Open
Window features
Vinyl Frames
Basement
Full
Appliances
Electric Oven, Electric Range, Refrigerator, Electric Oven, Electric Range, Refrigerator
Lot features
Corner Lot, Landscaped, Level, Sprinklers In Front, Sprinklers In Rear
Elementary school district
Outside Area
Middle school district
Outside Area
High school district
Outside Area
Directions
From SW 5th Street, go right on NE A Street. Pass NE 6th St, Apartment building is on the left.
Standard status
Active
APN
9206
Size
6,125 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8572
Utilities
Utilities
Cable Available
Sewer type
Private Sewer
Heating system
Ductless (Heating), Electric (Heating), Baseboard
Cooling system
Ductless, Window Unit(s)
Water source
Public
Building Details
Year built
1961
Floors in Building
2
Number of units
8
Flooring type
Carpet, Laminate
Building materials
Frame
Roof type
Metal
Architectural style
Other
Listing Agency:
Emerald Coast Realty - Depoe Bay
(541) 283-3592
Listed By:
Geoffrey Michael Groener · License #200410294
(541) 390-4488
Added: Sep 15
Changed: Oct 3
Last Checked: Oct 4 at 6:06PM
MLS# 26-2508
Copyright © 2026 Oregon Coast MLS. 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 6,125-square-foot apartment property was built in 1961 on a 0.46-acre parcel. Mini-split HVAC was recently installed in all units. The grounds include a grass backyard enclosed by fencing, and the building has a metal roof.
The property sits adjacent to Sahalee Park, which features a splash park, playground equipment, pavilion, and picnic areas. Shops, restaurants, and banks are within walking distance. The property is in Madras, Oregon.
The property sits adjacent to Sahalee Park, which features a splash park, playground equipment, pavilion, and picnic areas. Shops, restaurants, and banks are within walking distance. The property is in Madras, Oregon.
Key Highlights
- 6,125‑square‑foot apartment property on 0.46 acres
- Built in 1961
- Recently installed mini‑split HVAC in every 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
$78,441
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
6.59%
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%
$1,568,820
$1.6M
Cap Rate 7%
$1,120,586
$1.1M
Cap Rate 9%
$871,567
$871.6K
Market Conditions
NOI Build-Up for 6,125 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
$154.4K $25.20/SF
− Vacancy
−$11.7K −$1.92/SF
EGI
$142.6K $23.28/SF
− OpEx
−$64.2K −$10.48/SF
NOI
$78.4K $12.81/SF
Area
Jefferson County, OR
Vacancy
7.60%
Lease Rate
$25.20 /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%
$1,568,820
Cap Rate 7%
$1,120,586
Cap Rate 9%
$871,567
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$980.5K – $1.31M
NOI $78,441 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.65M
$2.32M – $3.09M
NOI $185,220 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
578
Businesses Nearby
Explore this area
Business Placement
Demographics for 97741, OR
13,753
Population
4,777
Households
2.9
Avg Household Size
39
Median Age
21%
College-Educated
86%
High-School Grad
363.9 sq mi
ZIP Area
38
Density / Sq Mi
$69,696
Median Household Income
$37,641
Median Earnings
$993
Median Rent
$308,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Each unit has recently added mini-split heating and cooling, alongside a fenced grass backyard.
Where is this apartment building located?
The property is located at 115 NE A Street Madras, OR.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: 6,125‑square‑foot apartment property on 0.46 acres; Built in 1961; Recently installed mini‑split HVAC in every unit
