Garden Apartment
For Sale
$1,695,000
130 Main Street, Phoenix, OR 97535
Sixteen-unit multifamily property with landscaped shared grounds, upgraded systems, and a mix of one- and two-bedroom residences.
Property Size10,080 SF
Lot Size1.18 Acres
Price / SF$168.15
Days on Market8
Property Features for 130 Main Street
General Information
Standard status
Active
Size
10,080 SF
Total Parking Spaces
30
Lot size
1.18 Acres
Property subtype
General Commercial
Zoning
C-C
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
8 x 1BR, 8 x 2BR
Multifamily Units
16
Taxes and HOA fees
Annual Taxes
$18,314
Amenities
landscaped commons
gardens
gazebo
patio
lawn areas
laundry room
Laminate, Carpet
Carbon Monoxide Detector
Composition
Parking.
Concrete Driveway, Detached Carport, On Street, Lot.
Mountain, View
Level
1.18
Courtyard, Landscaped. Ground Level Unit, Paved Road, Level.
Building Details
Year Built
1962
Buildings
8
Stories
1
Construction
garden-style
Listing Agency:
Millen Property Group
(541) 301-3435
Listed By:
Patricia Millen · License #940200113
(541) 301-3435
Source:
Xome
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 7:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Millen Property Group
Investment Insights
Based on property information with market context.
Phoenix Village Apartments comprises eight single-story duplexes containing 16 residences on 1.18 acres in downtown Phoenix. The unit mix includes eight one-bedroom and eight two-bedroom apartments, with original birch cabinetry, updated counters and flooring, and ductless heat pumps with air conditioning in 12 units. Property improvements include water and sewer mains, PEX piping, crawlspace insulation, renovated bathrooms, electrical panels, roofing, gutters, and a reconstructed laundry room.
Common areas include gardens, mature mulberry and fruit trees, a gazebo, patio and lawn spaces. Parking consists of 20 carport spaces with locked storage and 10 open spaces. The property carries C-C City Center zoning with no maximum density or lot coverage. It is 50 feet from the bus line and 300 feet from the Bear Creek Greenway, with the buildings listed on the Oregon Historic Sites database.
Common areas include gardens, mature mulberry and fruit trees, a gazebo, patio and lawn spaces. Parking consists of 20 carport spaces with locked storage and 10 open spaces. The property carries C-C City Center zoning with no maximum density or lot coverage. It is 50 feet from the bus line and 300 feet from the Bear Creek Greenway, with the buildings listed on the Oregon Historic Sites database.
Key Highlights
- 16‑unit community with eight 1BR and eight 2BR apartments
- Eight single‑story duplexes positioned on 1.18 acres
- 20 carport spaces with locked storage plus 10 open spaces
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
$94,802
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
5.59%
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%
$1,896,040
$1.9M
Cap Rate 7%
$1,354,314
$1.4M
Cap Rate 9%
$1,053,356
$1.1M
Market Conditions
NOI Build-Up for 10,080 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
$181.4K $18.00/SF
− Vacancy
−$9.1K −$0.90/SF
EGI
$172.4K $17.10/SF
− OpEx
−$77.6K −$7.69/SF
NOI
$94.8K $9.41/SF
Area
Jackson County, OR
Vacancy
5.00%
Lease Rate
$18.00 /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%
$1,896,040
Cap Rate 7%
$1,354,314
Cap Rate 9%
$1,053,356
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.19M – $1.58M
NOI $94,802 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,312 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 97535, OR
5,015
Population
2,104
Households
2.4
Avg Household Size
46
Median Age
30%
College-Educated
97%
High-School Grad
3.3 sq mi
ZIP Area
1,520
Density / Sq Mi
$60,451
Median Household Income
$35,000
Median Earnings
$1,284
Median Rent
$374,600
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?
Apartment building - Sixteen-unit multifamily property with landscaped shared grounds, upgraded systems, and a mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 130 Main Street Phoenix, OR.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 16‑unit community with eight 1BR and eight 2BR apartments; Eight single‑story duplexes positioned on 1.18 acres; 20 carport spaces with locked storage plus 10 open spaces
