Duplex with Garage and
For Sale
$329,900
1120-1124 Sherman St SE, Albany, OR 97322
Two two-bedroom units include mini-split heating, laundry hookups, and one full bathroom apiece.
Property Size1,584 SF
Price / SF$208.27
Days on Market36
Property Features for 1120-1124 Sherman St SE
General Information
Standard status
Active
Size
1,584 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
ready for a complete refresh
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
mini-split heating system
private backyard
patio
laundry area
washer dryer hook ups
utility sink
Building Details
Year Built
1955
Buildings
1
Listing Agency:
Lennar Sales Corp
(503) 208-8406
Listed By:
Matin Real Estate
(503) 208-8406
Source:
Portlandrealestate
Added: Jul 25
Changed: Aug 28
Last Checked: Aug 28 at 8:38PM
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.
This 1,584-square-foot duplex, built in 1955, includes two units with matching two-bedroom, one-bath layouts. Each side has a mini-split heating system. Shared property features include a single-car garage, laundry area, washer and dryer hookups, and a utility sink.
The property sits on Sherman St SE in Albany’s SE area, near shopping, bus service, and parks. Outdoor space includes a private backyard with a patio and room for gardening or outdoor gatherings. The building is positioned for a complete refresh and offers a defined residential income configuration with existing functional features.
The property sits on Sherman St SE in Albany’s SE area, near shopping, bus service, and parks. Outdoor space includes a private backyard with a patio and room for gardening or outdoor gatherings. The building is positioned for a complete refresh and offers a defined residential income configuration with existing functional features.
Key Highlights
- Two‑unit duplex with 2 bd and 1 bath on each side
- 1,584 SF building constructed in 1955
- Single‑car garage with laundry area and utility sink
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
$14,953
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
4.53%
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%
$299,060
$299.1K
Cap Rate 7%
$213,614
$213.6K
Cap Rate 9%
$166,144
$166.1K
Market Conditions
NOI Build-Up for 1,584 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
$21.9K $13.80/SF
− Vacancy
−$498 −$0.31/SF
EGI
$21.4K $13.49/SF
− OpEx
−$6.4K −$4.05/SF
NOI
$15.0K $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%
$299,060
Cap Rate 7%
$213,614
Cap Rate 9%
$166,144
Alternative Uses
Best Use
Multifamily LT 5
$213.6K
$186.9K – $249.2K
NOI $14,953 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$196.8K
$172.2K – $229.6K
NOI $13,775 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$461.4K
$403.8K – $538.4K
NOI $32,301 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,119
Businesses Nearby
Explore this area
Business Placement
Demographics for 97322, OR
37,148
Population
14,867
Households
2.5
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
63.3 sq mi
ZIP Area
587
Density / Sq Mi
$68,536
Median Household Income
$43,530
Median Earnings
$1,335
Median Rent
$321,200
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?
Duplex - Two two-bedroom units include mini-split heating, laundry hookups, and one full bathroom apiece.
Where is this duplex located?
The property is located at 1120-1124 Sherman St SE Albany, OR.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bd and 1 bath on each side; 1,584 SF building constructed in 1955; Single‑car garage with laundry area and utility sink
