7-Unit Apartment Building with
For Sale
$589,900
333 South Old Pacific Highway, Myrtle Creek, OR 97457
Fully occupied property combines apartment, detached rental, RV, and commercial shop components.
Property Size7,700 SF
Price / SF$76.61
Days on Market616
Property Features for 333 South Old Pacific Highway
General Information
Standard status
Active
Size
7,700 SF
Total Parking Spaces
9
Property subtype
Multi Family
Zoning
R2,CC
Occupancy
100%
Additional Details
Gross Income
$82,140
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,832
Amenities
2
Built Up, Membrane
Hard Concrete Stucco, T111Siding
Building Details
Year Built
1947
Listing Agency:
Knipe Realty ERA Powered
(541) 972-0445
Listed By:
Skye Leach · License #201241651
(541) 972-0445
Source:
Compass
Added: Dec 22, 2024
Changed: Aug 29
Last Checked: Aug 29 at 8:07PM
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 Knipe Realty ERA Powered
Investment Insights
Based on property information with market context.
This 7-unit apartment property includes a triplex, two detached rental units, two rented RV spaces, and a large commercial shop. The improvements total 7,700 square feet and date to 1947, with exterior construction featuring hard concrete stucco and T1-11 siding. The property is fully occupied and professionally managed, supporting an established rental operation with multiple component types.
Zoning is identified as R2,CC. The commercial shop adds a distinct nonresidential component to the property and may accommodate an owner’s business use or additional rental activity, subject to applicable requirements. The combination of residential units, RV spaces, and shop space creates a varied property configuration within one asset.
Zoning is identified as R2,CC. The commercial shop adds a distinct nonresidential component to the property and may accommodate an owner’s business use or additional rental activity, subject to applicable requirements. The combination of residential units, RV spaces, and shop space creates a varied property configuration within one asset.
Key Highlights
- 7‑unit configuration includes a triplex, two detached rentals, and two rented RV spaces
- Large commercial shop included with the residential property
- 7,700‑square‑foot property built in 1947
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
$53,419
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
9.06%
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%
$1,068,380
$1.1M
Cap Rate 7%
$763,129
$763.1K
Cap Rate 9%
$593,544
$593.5K
Market Conditions
NOI Build-Up for 7,700 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
$92.4K $12.00/SF
− Vacancy
−$6.9K −$0.90/SF
EGI
$85.5K $11.10/SF
− OpEx
−$32.1K −$4.16/SF
NOI
$53.4K $6.94/SF
Area
Douglas County, OR
Vacancy
7.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,068,380
Cap Rate 7%
$763,129
Cap Rate 9%
$593,544
Alternative Uses
Best Use
Mixed Use
$763.1K
$667.7K – $890.3K
NOI $53,419 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$529.5K
$463.3K – $617.7K
NOI $37,063 @ 7.0% cap · market cap 6.28%
Theoretical Best
Specialty Retail
$1.33M
$1.17M – $1.55M
NOI $93,289 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
98
Businesses Nearby
Explore this area
Business Placement
Demographics for 97457, OR
10,363
Population
4,688
Households
2.2
Avg Household Size
47
Median Age
11%
College-Educated
91%
High-School Grad
164.0 sq mi
ZIP Area
63
Density / Sq Mi
$53,514
Median Household Income
$35,857
Median Earnings
$917
Median Rent
$242,300
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?
Apartment building - Fully occupied property combines apartment, detached rental, RV, and commercial shop components.
Where is this apartment building located?
The property is located at 333 South Old Pacific Highway Myrtle Creek, OR.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: 7‑unit configuration includes a triplex, two detached rentals, and two rented RV spaces; Large commercial shop included with the residential property; 7,700‑square‑foot property built in 1947
