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 Market48
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 14, Bathroom 4, Bedroom 2, Bedroom 9, Bedroom 13, Bathroom 8, Bedroom 8, Bedroom 4, Bedroom 11, Bedroom 7, Bedroom 16, Bathroom 1, Bathroom 5, Bedroom 1, Bedroom 15, Bedroom 10, Bedroom 12, Basement, Bathroom 7, Bathroom 6, Bedroom 6, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 5
Parking
12
Parking features
On Street, Open, Driveway
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
Electric (Heating), Ductless (Heating), Baseboard
Cooling system
Window Unit(s), Ductless
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 28
Last Checked: Nov 1 at 9:06AM
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.
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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 / Yr
$78,441
Cap Rate
6.59%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Location Intelligence
Trade Area within ½ mile
578
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
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
