Newer Duplex with Private
New
For Sale
$845,000
1215 S 11th St, Independence, OR 97351
Two residences offer single-family-style layouts, upgraded kitchens, fireplaces, and dedicated off-street parking.
Property Size3,271 SF
Price / SF$258.33
Days on Market4
Property Features for 1215 S 11th St
General Information
Standard status
Active
Size
3,271 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
gas fireplaces
open banister
custom country kitchen
quartz countertops
soft-close cupboards and drawers
tray ceiling
walk-in closets
double sinks
Building Details
Year Built
2025
Listing Agency:
Lennar Sales Corp
(503) 208-8406
Listed By:
Matin Real Estate
(503) 208-8406
Source:
Portlandrealestate
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 8:12PM
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 Lennar Sales Corp
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex contains two residences designed with the feel of individual homes. Each unit includes a single-car garage and off-street parking, while the property fronts two streets. Interior features include gas fireplaces, open banisters, custom country kitchens, quartz countertops, and soft-close cabinetry and drawers.
The primary suites provide tray ceilings, walk-in closets, and private bathrooms with double sinks. The property has a reported size of 3,271 and is located at 1215 S 11th St in Independence, Oregon.
The primary suites provide tray ceilings, walk-in closets, and private bathrooms with double sinks. The property has a reported size of 3,271 and is located at 1215 S 11th St in Independence, Oregon.
Key Highlights
- Built in 2025
- Duplex fronts two streets
- Each unit includes a single‑car garage and off‑street parking
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
$39,285
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
4.65%
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%
$785,700
$785.7K
Cap Rate 7%
$561,214
$561.2K
Cap Rate 9%
$436,500
$436.5K
Market Conditions
NOI Build-Up for 3,271 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
$60.1K $18.36/SF
− Vacancy
−$3.9K −$1.20/SF
EGI
$56.1K $17.16/SF
− OpEx
−$16.8K −$5.15/SF
NOI
$39.3K $12.01/SF
Area
Polk County, OR
Vacancy
6.55%
Lease Rate
$18.36 /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%
$785,700
Cap Rate 7%
$561,214
Cap Rate 9%
$436,500
Alternative Uses
Best Use
Multifamily LT 5
$561.2K
$491.1K – $654.8K
NOI $39,285 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$516.8K
$452.2K – $603.0K
NOI $36,178 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$868.5K
$759.9K – $1.01M
NOI $60,793 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Explore this area
Business Placement
Demographics for 97351, OR
11,292
Population
3,697
Households
3.1
Avg Household Size
34
Median Age
25%
College-Educated
89%
High-School Grad
52.3 sq mi
ZIP Area
216
Density / Sq Mi
$84,717
Median Household Income
$40,990
Median Earnings
$1,592
Median Rent
$357,700
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 residences offer single-family-style layouts, upgraded kitchens, fireplaces, and dedicated off-street parking.
Where is this duplex located?
The property is located at 1215 S 11th St Independence, OR.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: Built in 2025; Duplex fronts two streets; Each unit includes a single‑car garage and off‑street parking
