5-Unit Apartment
For Sale
$485,000
1740 Spruce St, Myrtle Point, OR 97458
Well-maintained multifamily property with private entrances, outdoor space, and updated interior finishes.
Property Size4,360 SF
Price / SF$111.24
Days on Market14
Property Features for 1740 Spruce St
General Information
Standard status
Active
Size
4,360 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Amenities
private entrances
porches
yard space
Building Details
Year Built
1953
Buildings
1
Listing Agency:
Pacific Coast Real Estate & Development, LLC
(541) 217-7710
Listed By:
Joseph Aguirre · License #201012096
Source:
Evokepropertypartners
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 25 at 4:31AM
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, LLC
Investment Insights
Based on property information with market context.
This 5-unit apartment building offers 4,360 square feet of residential space across a practical layout with separate entrances and small porches. The interiors feature abundant natural light, large windows, dormers, vaulted ceilings, updated flooring, fresh paint, and other finish improvements. Exterior work includes a newer roof, replacement windows, and siding renovations.
Built in 1953, the property occupies a large, level lot at 1740 Spruce St in Myrtle Point, Oregon. The grounds provide substantial parking and yard area, adding useful outdoor space for residents. The combination of multiple units, individual access points, and recent improvements creates a straightforward multifamily configuration.
Built in 1953, the property occupies a large, level lot at 1740 Spruce St in Myrtle Point, Oregon. The grounds provide substantial parking and yard area, adding useful outdoor space for residents. The combination of multiple units, individual access points, and recent improvements creates a straightforward multifamily configuration.
Key Highlights
- 5‑unit apartment building with 4,360 square feet
- Large, level lot with substantial parking and yard space
- Private entrances and small porches for individual units
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
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
153
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 - Well-maintained multifamily property with private entrances, outdoor space, and updated interior finishes.
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 with 4,360 square feet; Large, level lot with substantial parking and yard space; Private entrances and small porches for individual units
