Updated Duplex with
For Sale
$347,211
121 Lincoln Street, Klamath Falls, OR 97601
Residential Income, Klamath Falls, OR
Property Size1,944 SF
Lot Size0.12 Acres
Price / SF$178.61
Days on Market97
Property Features for 121 Lincoln Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
MD
Parking features
Carport, Driveway
Window features
Double Pane Windows, Aluminum Frames
Patio and Porch features
Deck
Interior features
Laminate Counters, Shower/Tub Combo
Appliances
Dishwasher, Oven, Range, Range Hood, Refrigerator, Water Heater
Subdivision
Klamath Falls -Ewauna Heights Addition
Lot features
Fenced, Sloped
Elementary school
Joseph Conger Elem
Middle school
Ponderosa Middle
High school
Klamath Union High School
Directions
Up 2nd street from Main. Left on Lincoln. Unit on right.
Standard status
Active
APN
475104
Size
1,944 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2371
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air
Water source
Public
Amenities
washer/dryer hookups
Building Details
Year built
1981
Floors in Building
2
Number of units
2
Flooring type
Simulated wood, Laminate, Vinyl, Carpet
Building materials
Block, Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Fisher Nicholson Realty, LLC
(541) 884-1717
Listed By:
Candi Sonerholm · License #920300241
(541) 891-4664
Added: Jun 4
Changed: Sep 8
Last Checked: Sep 8 at 11:06PM
MLS# 220222773
Copyright © 2026 Oregon Data Share. 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 1,944-square-foot duplex contains two three-bedroom units and was built in 1981. The property includes driveway and carport parking, decks, forced-air electric heating, composition roofing, and block-and-frame construction. Both units have washer and dryer hookups. Interior finishes include carpet, vinyl, simulated wood, and laminate flooring, along with laminate counters and shower/tub combinations.
Unit 119 features refreshed kitchen flooring, a newer refrigerator, updated window coverings, and a newer toilet. Unit 121 has new paint, carpet, luxury vinyl plank flooring in the kitchen and front room, and updated window coverings. One unit is occupied under a one-year lease and professionally managed, while the other is vacant for viewing. The roof is less than two years old, and the exterior paint is approximately one year old. Public water and sewer serve the property, with tenants paying their own electric service.
Unit 119 features refreshed kitchen flooring, a newer refrigerator, updated window coverings, and a newer toilet. Unit 121 has new paint, carpet, luxury vinyl plank flooring in the kitchen and front room, and updated window coverings. One unit is occupied under a one-year lease and professionally managed, while the other is vacant for viewing. The roof is less than two years old, and the exterior paint is approximately one year old. Public water and sewer serve the property, with tenants paying their own electric service.
Key Highlights
- Two three‑bedroom units within a 1,944‑square‑foot duplex
- 0.12‑acre lot with driveway parking, carports, and decks
- Unit 121 is vacant; Unit 119 is occupied under a 1‑year lease
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
$15,845
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
4.56%
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%
$316,900
$316.9K
Cap Rate 7%
$226,357
$226.4K
Cap Rate 9%
$176,056
$176.1K
Market Conditions
NOI Build-Up for 1,944 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
$24.7K $12.72/SF
− Vacancy
−$2.1K −$1.08/SF
EGI
$22.6K $11.64/SF
− OpEx
−$6.8K −$3.49/SF
NOI
$15.8K $8.15/SF
Area
Klamath County, OR
Vacancy
8.46%
Lease Rate
$12.72 /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%
$316,900
Cap Rate 7%
$226,357
Cap Rate 9%
$176,056
Alternative Uses
Best Use
Multifamily LT 5
$226.4K
$198.1K – $264.1K
NOI $15,845 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$200.4K
$175.3K – $233.8K
NOI $14,026 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$397.3K
$347.7K – $463.6K
NOI $27,814 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
917
Businesses Nearby
Explore this area
Business Placement
Demographics for 97601, OR
23,264
Population
10,936
Households
2.1
Avg Household Size
40
Median Age
24%
College-Educated
88%
High-School Grad
577.8 sq mi
ZIP Area
40
Density / Sq Mi
$53,333
Median Household Income
$31,011
Median Earnings
$972
Median Rent
$266,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units with recent interior updates, carports, decks, and public water and sewer.
Where is this duplex located?
The property is located at 121 Lincoln Street Klamath Falls, OR.
What is the asking price?
The asking price for this property is $347,211.
What are key features of this property?
This property features: Two three‑bedroom units within a 1,944‑square‑foot duplex; 0.12‑acre lot with driveway parking, carports, and decks; Unit 121 is vacant; Unit 119 is occupied under a 1‑year lease
