Two-Unit Duplex with Updated
For Sale
$530,000
157 NE Fern -161 Ct, Dallas, OR 97338
Multi Family, Dallas, OR
Property Size1,896 SF
Lot Size0.20 Acres
Price / SF$279.54
Days on Market86
Property Features for 157 NE Fern -161 Ct
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 2, Basement, Bedroom 4, Bathroom 3
Subdivision
Dallas Heights
Lot features
Lot: 5
Standard status
Active
APN
128731
Size
1,896 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3022
Amenities
in-unit laundry
ductless heating and cooling
basement with bonus space
Building Details
Year built
1973
Number of units
2
Listing Agency:
HOMESMART REALTY GROUP · HomeSmart International
(971) 599-5865
Listed By:
CHANDRA REYNOLDS
(503) 428-4491
Added: Jul 3
Changed: Sep 24
Last Checked: Sep 26 at 10:06AM
MLS# 843034
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,896-square-foot duplex contains two residences, each with its own laundry facilities and ductless heating and cooling. Both units also have a basement with bonus space and plumbing. Unit 161 has new flooring and countertops. The property was built in 1973 and sits on a 0.201-acre lot in Dallas, Oregon.
Key Highlights
- Two‑unit duplex with 1,896 square feet of building area
- Both units have separate laundry, ductless heating and cooling, plus a basement with bonus space and plumbing
- Unit 161 features new flooring and countertops
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
$22,771
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
4.30%
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%
$455,420
$455.4K
Cap Rate 7%
$325,300
$325.3K
Cap Rate 9%
$253,011
$253.0K
Market Conditions
NOI Build-Up for 1,896 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
$34.8K $18.36/SF
− Vacancy
−$2.3K −$1.20/SF
EGI
$32.5K $17.16/SF
− OpEx
−$9.8K −$5.15/SF
NOI
$22.8K $12.01/SF
Area
Polk County, OR
Vacancy
6.55%
Lease Rate
$18.36 /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%
$455,420
Cap Rate 7%
$325,300
Cap Rate 9%
$253,011
Alternative Uses
Best Use
Multifamily LT 5
$325.3K
$284.6K – $379.5K
NOI $22,771 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$299.6K
$262.1K – $349.5K
NOI $20,970 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$503.4K
$440.5K – $587.3K
NOI $35,238 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
Explore this area
Business Placement
Demographics for 97338, OR
22,741
Population
9,109
Households
2.5
Avg Household Size
44
Median Age
25%
College-Educated
92%
High-School Grad
124.8 sq mi
ZIP Area
182
Density / Sq Mi
$73,345
Median Household Income
$37,359
Median Earnings
$1,197
Median Rent
$388,100
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 - Each residence has private laundry, ductless heating and cooling, and a basement with bonus space and plumbing.
Where is this duplex located?
The property is located at 157 NE Fern -161 Ct Dallas, OR.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,896 square feet of building area; Both units have separate laundry, ductless heating and cooling, plus a basement with bonus space and plumbing; Unit 161 features new flooring and countertops
