Updated Two-Unit
For Sale
$349,000
144 S Park St, Carlton, OR 97111
Two residential units with outdoor space, refreshed exterior improvements, and convenient access to downtown Carlton amenities.
Property Size1,200 SF
Price / SF$290.83
Days on Market16
Property Features for 144 S Park St
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,300
Amenities
backyard
pass-through window
Building Details
Year Built
1946
Listing Agency:
The Kelly Group Real Estate
Listed By:
Kelly Hagglund · License #201219819
(503) 730-9999
Source:
Portlandorhomelistings
Added: Sep 11
Changed: Sep 18
Last Checked: Sep 26 at 7:34AM
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 The Kelly Group Real Estate
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each with 2 bedrooms, 1 bathroom, and approximately 600 square feet. The property totals 1,200 square feet and was built in 1946. Interior layouts include a pass-through window between the kitchen and living room, while the shared backyard offers space for gardening and outdoor use.
Recent exterior work includes a new roof and windows completed in 2025, along with fresh exterior paint and new gutters added in August 2026. Located at 144 S Park St in Carlton, the property sits near Main and is close to Ladd Park, the community swimming pool, restaurants, tasting rooms, shops, and seasonal events.
Recent exterior work includes a new roof and windows completed in 2025, along with fresh exterior paint and new gutters added in August 2026. Located at 144 S Park St in Carlton, the property sits near Main and is close to Ladd Park, the community swimming pool, restaurants, tasting rooms, shops, and seasonal events.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- Approximately 600 sq ft per unit; 1,200 sq ft total
- New roof and windows completed in 2025
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
$15,408
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
4.41%
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%
$308,160
$308.2K
Cap Rate 7%
$220,114
$220.1K
Cap Rate 9%
$171,200
$171.2K
Market Conditions
NOI Build-Up for 1,200 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
$29.5K $24.60/SF
− Vacancy
−$1.5K −$1.25/SF
EGI
$28.0K $23.35/SF
− OpEx
−$12.6K −$10.51/SF
NOI
$15.4K $12.84/SF
Area
Yamhill 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%
$308,160
Cap Rate 7%
$220,114
Cap Rate 9%
$171,200
Alternative Uses
Best Use
Apartment 5plus
$220.1K
$192.6K – $256.8K
NOI $15,408 @ 7.0% cap · market cap 4.41%
Second Best
Multifamily LT 5
$188.9K
$165.3K – $220.3K
NOI $13,220 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$323.9K
$283.4K – $377.9K
NOI $22,674 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
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Business Placement
Demographics for 97111, OR
3,435
Population
1,609
Households
2.1
Avg Household Size
41
Median Age
23%
College-Educated
91%
High-School Grad
38.0 sq mi
ZIP Area
90
Density / Sq Mi
$95,121
Median Household Income
$55,890
Median Earnings
$1,744
Median Rent
$472,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units with outdoor space, refreshed exterior improvements, and convenient access to downtown Carlton amenities.
Where is this duplex located?
The property is located at 144 S Park St Carlton, OR.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; Approximately 600 sq ft per unit; 1,200 sq ft total; New roof and windows completed in 2025
