Apartment Building With Private
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For Sale
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1740 SPRUCE ST, Myrtle Point, OR 97458
Five individually accessed units offer bright interiors, private entrances, and recent finish updates.
Property Size4,360 SF
Price / SF$111.24
Days on Market7
Property Features for 1740 SPRUCE ST
General Information
Standard status
Active
Size
4,360 SF
Class
B
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
R-1
Occupancy
80%
Investment Type
Value Add
Net Operating Income
$40,000
Additional Details
Multifamily Units
5
Building Details
Year Built
1953
Buildings
1
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
Pacific Coast Real Estate & Development
(541) 217-7710
Listed By:
Joe Aguirre · License #201012060
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 11:44AM
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 Pacific Coast Real Estate & Development
Investment Insights
Based on property information with market context.
This 5-unit apartment building in Myrtle Point was built in 1953 and occupies a large, level lot with parking and yard areas. Each residence has a private entrance, and some units include small porches. The layout also incorporates large windows and dormers that create vaulted ceilings, bringing natural light into the interiors.
Recent property work includes a newer roof, updated windows, and siding renovations. Interior improvements include flooring, paint, and updated finishes. The building measures 4,360 SF and is zoned R-1. Its address is 1740 Spruce St, Myrtle Point, Oregon 97458.
Recent property work includes a newer roof, updated windows, and siding renovations. Interior improvements include flooring, paint, and updated finishes. The building measures 4,360 SF and is zoned R-1. Its address is 1740 Spruce St, Myrtle Point, Oregon 97458.
Key Highlights
- 5‑unit apartment building measuring 4,360 SF
- Large, level lot with parking and yard areas
- Private entrances for each residence; some units have small porches
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
$36,517
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
7.53%
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%
$730,340
$730.3K
Cap Rate 7%
$521,671
$521.7K
Cap Rate 9%
$405,744
$405.7K
Market Conditions
NOI Build-Up for 4,360 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
$70.6K $16.20/SF
− Vacancy
−$4.2K −$0.97/SF
EGI
$66.4K $15.23/SF
− OpEx
−$29.9K −$6.85/SF
NOI
$36.5K $8.38/SF
Area
Coos County, OR
Vacancy
6.00%
Lease Rate
$16.20 /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%
$730,340
Cap Rate 7%
$521,671
Cap Rate 9%
$405,744
Alternative Uses
Best Use
Apartment 5plus
$521.7K
$456.5K – $608.6K
NOI $36,517 @ 7.0% cap · market cap 7.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$789.3K
$690.6K – $920.8K
NOI $55,250 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Explore this area
Business Placement
Demographics for 97458, OR
4,729
Population
2,376
Households
2
Avg Household Size
50
Median Age
13%
College-Educated
90%
High-School Grad
360.9 sq mi
ZIP Area
13
Density / Sq Mi
$51,703
Median Household Income
$41,406
Median Earnings
$800
Median Rent
$251,400
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?
Apartment building - Five individually accessed units offer bright interiors, private entrances, and recent finish updates.
Where is this apartment building located?
The property is located at 1740 SPRUCE ST Myrtle Point, OR.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 5‑unit apartment building measuring 4,360 SF; Large, level lot with parking and yard areas; Private entrances for each residence; some units have small porches
