Remodeled Single-Level
For Sale
$749,999
704 Patrol Street, Molalla, OR 97038
Two one-level units offer minimal stairs in an established Molalla neighborhood near schools, restaurants, shopping, and downtown.
Property Size3,656 SF
Price / SF$205.14
Days on Market620
Property Features for 704 Patrol Street
General Information
Standard status
Active
Size
3,656 SF
Total Parking Spaces
4
Property subtype
Multi Family
Zoning
R-1
Financials
Gross Income
$58,800
Average Monthly Rent
$2,450
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,498
Amenities
Cable
1
Concrete Perimeter
Composition
Cedar, Wood Siding
Building Details
Year Built
1979
Buildings
1
Listing Agency:
Safe Harbor Realty
(360) 931-8000
Listed By:
Debby Calhoun-Sammons
(360) 931-8000
Source:
Compass
Added: Dec 18, 2024
Changed: Aug 30
Last Checked: Aug 30 at 12:58AM
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 Safe Harbor Realty
Investment Insights
Based on property information with market context.
This 3,656 SF duplex, built in 1979, contains two single-level units with minimal stairs. Both units were remodeled down to the studs, and the property is currently rented. Interior features include concrete perimeter construction, while the exterior combines composition materials with cedar and wood siding.
The property is located at 704 Patrol Street in Molalla, Oregon, within an established neighborhood near schools, downtown restaurants, and shopping. R-1 zoning is identified for the property. The two-unit configuration and one-level layouts provide a straightforward residential income property format.
The property is located at 704 Patrol Street in Molalla, Oregon, within an established neighborhood near schools, downtown restaurants, and shopping. R-1 zoning is identified for the property. The two-unit configuration and one-level layouts provide a straightforward residential income property format.
Key Highlights
- 3,656 SF duplex with two single‑level units
- Both units remodeled down to the studs
- Minimal stairs in each unit
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
$46,943
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
6.26%
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%
$938,860
$938.9K
Cap Rate 7%
$670,614
$670.6K
Cap Rate 9%
$521,589
$521.6K
Market Conditions
NOI Build-Up for 3,656 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
$89.9K $24.60/SF
− Vacancy
−$4.6K −$1.25/SF
EGI
$85.4K $23.35/SF
− OpEx
−$38.4K −$10.51/SF
NOI
$46.9K $12.84/SF
Area
Clackamas County, OR
Vacancy
5.10%
Lease Rate
$24.60 /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%
$938,860
Cap Rate 7%
$670,614
Cap Rate 9%
$521,589
Alternative Uses
Best Use
Apartment 5plus
$670.6K
$586.8K – $782.4K
NOI $46,943 @ 7.0% cap · market cap 6.26%
Second Best
Multifamily LT 5
$656.0K
$574.0K – $765.4K
NOI $45,923 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$986.8K
$863.5K – $1.15M
NOI $69,079 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 97038, OR
17,173
Population
6,423
Households
2.7
Avg Household Size
38
Median Age
20%
College-Educated
90%
High-School Grad
130.8 sq mi
ZIP Area
131
Density / Sq Mi
$87,585
Median Household Income
$45,681
Median Earnings
$1,497
Median Rent
$452,200
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 one-level units offer minimal stairs in an established Molalla neighborhood near schools, restaurants, shopping, and downtown.
Where is this duplex located?
The property is located at 704 Patrol Street Molalla, OR.
What is the asking price?
The asking price for this property is $749,999.
What are key features of this property?
This property features: 3,656 SF duplex with two single‑level units; Both units remodeled down to the studs; Minimal stairs in each unit
