Apartment Building with Fenced
For Sale
$1,190,000
115 NE A St, Madras, OR 97741
MultiFamily, Madras, OR
Property Size6,125 SF
Lot Size0.46 Acres
Price / SF$194.29
Days on Market48
Property Features for 115 NE A St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C2
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Bedroom 2
Subdivision
Palmain
View
Territorial
Elementary school
Madras
Middle school
Jefferson Co
High school
Madras
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 Description
Palmain - Block 3
Tax Annual Amount
8572
Legal Description
Palmain - Block 3
Utilities
Heating system
Baseboard, Ductless (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1961
Floors in Building
2
Number of units
8
Roof type
Composition
Listing Agency:
Emerald Coast Realty-Seal Rock
(541) 283-3589
Listed By:
Geoff Groener
(541) 390-4488
Added: Sep 15
Changed: Oct 23
Last Checked: Nov 1 at 11:06AM
MLS# 306803890
Copyright © 2026 Regional Multiple Listing Services. 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 building sits on 0.46 acres and was constructed in 1961. The property includes multiple residential units, with recently added mini-split HVAC systems serving all units. Heating is provided by ductless and baseboard systems, while window units provide cooling. A composition roof and fully fenced grass backyard are also included.
The property is located at 115 NE A St in Madras, Oregon, adjacent to Sahalee Park. The park offers a splash park, playground equipment, a pavilion, and picnic areas. Shops, restaurants, banks, schools, trails, and a bowling center are within walking distance or nearby. C2 zoning is identified for the property.
The property is located at 115 NE A St in Madras, Oregon, adjacent to Sahalee Park. The park offers a splash park, playground equipment, a pavilion, and picnic areas. Shops, restaurants, banks, schools, trails, and a bowling center are within walking distance or nearby. C2 zoning is identified for the property.
Key Highlights
- 6,125‑square‑foot apartment building on 0.46 acres
- Built in 1961 with investor ownership and ongoing care
- Recently added mini‑split HVAC systems in all units
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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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 - Multifamily property with updated ductless HVAC, a fenced grass yard, and adjacency to Sahalee Park.
Where is this apartment building located?
The property is located at 115 NE A St 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 building on 0.46 acres; Built in 1961 with investor ownership and ongoing care; Recently added mini‑split HVAC systems in all units
