Live-Work Space with Four
For Sale
$235,000
15 7th Street, Madras, OR 97741
Property is set up with four offices and a reception area, plus ample off-street parking.
Property Size1,000 SF
Price / SF$235
Days on Market174
Property Features for 15 7th Street
General Information
Standard status
Active
Size
1,000 SF
Property subtype
General Commercial
Additional Details
Office Units
4
Taxes and HOA fees
Annual Taxes
$1,686
Amenities
Central Air, Heat Pump
Laminate
Membrane
Corner Lot.
Gravel.
0.11999999731779099
Ground Level Unit, Corner, Paved Road.
Building Details
Year Built
1978
Stories
1
Listing Agency:
eXp Realty, LLC
(541) 420-9000
Listed By:
Mike Ahern · License #200202246
(541) 420-9000
Source:
Xome
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 12 at 4:28AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This live-work space offers a practical office layout with four offices and a reception area. The zoning allows both living and commercial use, providing flexibility for a combined work address and residence after remodeling.
Located at 15 NE 7th Street in Madras, Oregon, the property is described as being on a busy B Street with strong visibility. Ample off-street parking supports convenient access for clients and visitors.
Ideal for buyers looking for a mixed-use configuration that can be adapted through remodeling while retaining the existing office-ready interior layout.
Located at 15 NE 7th Street in Madras, Oregon, the property is described as being on a busy B Street with strong visibility. Ample off-street parking supports convenient access for clients and visitors.
Ideal for buyers looking for a mixed-use configuration that can be adapted through remodeling while retaining the existing office-ready interior layout.
Key Highlights
- Set up with four offices and a reception area
- Zoning allows both living and commercial use
- Corner lot on a paved road with ground level 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
$14,361
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
6.11%
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%
$287,220
$287.2K
Cap Rate 7%
$205,157
$205.2K
Cap Rate 9%
$159,567
$159.6K
Market Conditions
NOI Build-Up for 1,000 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
$20.4K $20.40/SF
− Vacancy
−$1.3K −$1.25/SF
EGI
$19.1K $19.15/SF
− OpEx
−$4.8K −$4.79/SF
NOI
$14.4K $14.36/SF
Area
Jefferson County, OR
Vacancy
6.14%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
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%
$287,220
Cap Rate 7%
$205,157
Cap Rate 9%
$159,567
Alternative Uses
Best Use
Office B
$205.2K
$179.5K – $239.4K
NOI $14,361 @ 7.0% cap · market cap 6.11%
Second Best
Mixed Use
$201.4K
$176.3K – $235.0K
NOI $14,100 @ 7.0% cap · market cap 6.00%
Theoretical Best
Specialty Retail
$432.0K
$378.0K – $504.0K
NOI $30,240 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
Explore this area
Business Placement
Demographics for 97741, OR
13,753
Population
4,777
Households
2.9
Avg Household Size
39
Median Age
21%
College-Educated
86%
High-School Grad
363.9 sq mi
ZIP Area
38
Density / Sq Mi
$69,696
Median Household Income
$37,641
Median Earnings
$993
Median Rent
$308,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Property is set up with four offices and a reception area, plus ample off-street parking.
Where is this live-work space located?
The property is located at 15 7th Street Madras, OR.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Set up with four offices and a reception area; Zoning allows both living and commercial use; Corner lot on a paved road with ground level unit
