Triplex Under Construction with ADA-Friendly
For Sale
$599,000
1185 37TH Ct, Sweet Home, OR 97386
MULTI_FAMILY - SweetHome, OR
Property Size2,544 SF
Lot Size0.11 Acres
Price / SF$235.46
Days on Market53
Property Features for 1185 37TH Ct
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
Res
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 3, Bathroom 3, Bathroom 4, Bedroom 5, Bedroom 1, Bedroom 6, Bedroom 4, Bathroom 2, Bathroom 1
View
Territorial
Elementary school
Hawthorne
Middle school
Sweet Home
High school
Sweet Home
Directions
Long Street past Hawthorne about 3 blocks past on RT 37th Ct enter driveway at end on the left
Subdivision
_221
Standard status
Active
APN
0949955
Size
2,544 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
13S01E32AD
Tax Annual Amount
695
Legal Description
13S01E32AD
Utilities
Heating system
Zoned
Cooling system
Wall Unit(s)
Amenities
private backyards
Building Details
Year built
2025
Floors in Building
1
Number of units
3
Roof type
Composition
Listing Agency:
HomeSmart Realty Group · HomeSmart International
(541) 255-4914
Listed By:
Wendi Melcher · License #200005119
(541) 409-4813
Added: Jun 18
Changed: Aug 5
Last Checked: Aug 9 at 3:06PM
MLS# 254505367
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.
Investment Insights
Based on property information with market context.
This triplex is under construction, built for 2025 completion, and designed with an ADA-oriented interior layout. The homes feature an open floor plan with vinyl plank floors, quartz countertops, and hickory cabinets. Accessibility details include roll-in shower(s), a sink designed for ADA use, and wider hallways and doorways. The floor plan configuration also provides private backyards, along with extra parking.
Located at 1185 37TH Ct in SweetHome, Oregon, the property sits on a 0.11-acre lot and totals 2,544 square feet. The home package includes zoned heating, wall unit(s) cooling, and a composition roof. Zoning is listed as Res.
This is a good fit for investors seeking a newly constructed, purpose-built residential income property with accessibility features and outdoor space.
Located at 1185 37TH Ct in SweetHome, Oregon, the property sits on a 0.11-acre lot and totals 2,544 square feet. The home package includes zoned heating, wall unit(s) cooling, and a composition roof. Zoning is listed as Res.
This is a good fit for investors seeking a newly constructed, purpose-built residential income property with accessibility features and outdoor space.
Key Highlights
- Under construction with 2025 year built
- ADA‑oriented features including roll‑in shower, sink, and wide hallways/doorways
- Open floor plan with vinyl plank floors, quartz counters, and hickory cabinets
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
$24,015
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
4.01%
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%
$480,300
$480.3K
Cap Rate 7%
$343,071
$343.1K
Cap Rate 9%
$266,833
$266.8K
Market Conditions
NOI Build-Up for 2,544 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
$35.1K $13.80/SF
− Vacancy
−$800 −$0.31/SF
EGI
$34.3K $13.49/SF
− OpEx
−$10.3K −$4.05/SF
NOI
$24.0K $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%
$480,300
Cap Rate 7%
$343,071
Cap Rate 9%
$266,833
Alternative Uses
Best Use
Multifamily LT 5
$343.1K
$300.2K – $400.3K
NOI $24,015 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$316.0K
$276.5K – $368.7K
NOI $22,123 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$741.1K
$648.5K – $864.6K
NOI $51,878 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Explore this area
Business Placement
Demographics for 97386, OR
14,611
Population
6,339
Households
2.3
Avg Household Size
44
Median Age
11%
College-Educated
87%
High-School Grad
125.9 sq mi
ZIP Area
116
Density / Sq Mi
$68,116
Median Household Income
$37,125
Median Earnings
$1,141
Median Rent
$302,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex under construction with an ADA-oriented layout, private backyards, and zoned heating with wall unit cooling.
Where is this triplex located?
The property is located at 1185 37TH Ct Sweet Home, OR.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Under construction with 2025 year built; ADA‑oriented features including roll‑in shower, sink, and wide hallways/doorways; Open floor plan with vinyl plank floors, quartz counters, and hickory cabinets
