Five-Unit Apartment
New
For Sale
$485,000
1740 SPRUCE St, Myrtle Point, OR 97458
MULTI_FAMILY - MyrtlePoint, OR
Property Size4,360 SF
Lot Size0.24 Acres
Price / SF$111.24
Days on Market5
Property Features for 1740 SPRUCE St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1
Bedrooms
9
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bedroom 8, Bedroom 6, Bedroom 1, Bathroom 1, Bathroom 4, Bedroom 9, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 7, Bathroom 5, Bedroom 3, Bedroom 5
View
City
Elementary school
Myrtle Crest
Middle school
Myrtle Point
High school
Myrtle Point
Directions
Hwy 42 Left on Spruce up hill to Address
Subdivision
_260
Standard status
Active
APN
1136218
Size
4,360 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
29S-12W-16AB- TL2000
Tax Annual Amount
3666
Legal Description
29S-12W-16AB- TL2000
Utilities
Heating system
Baseboard
Building Details
Year built
1953
Floors in Building
2
Number of units
5
Roof type
Rubber, Composition
Listing Agency:
Pacific Coast Real Estate & Development, LLC
(541) 808-3297
Listed By:
Joseph Aguirre · License #201012096
(541) 808-3297
Added: Aug 3
Changed: Aug 6
Last Checked: Aug 7 at 4:06AM
MLS# 741285422
Copyright © 2026 Regional Multiple Listing Services. 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 4,360-square-foot apartment building contains five units on a 0.24-acre level parcel. The layout includes private entrances, small porches, large windows, dormers, and vaulted ceilings. Interior improvements include updated flooring, paint, and finishes, while the exterior has newer roofing, windows, and select siding work. Baseboard heating serves the building, which was constructed in 1953.
The property includes on-site parking and open yard space. It is located at 1740 Spruce St in Myrtle Point, Oregon, with R-1 zoning. The roof consists of rubber and composition materials, providing a documented mix of roofing systems for the building.
The property includes on-site parking and open yard space. It is located at 1740 Spruce St in Myrtle Point, Oregon, with R-1 zoning. The roof consists of rubber and composition materials, providing a documented mix of roofing systems for the building.
Key Highlights
- Five‑unit apartment building totaling 4,360 SF
- 0.24‑acre level parcel with parking and yard space
- Private entrances serving the apartment 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
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 - Multifamily property with separate entrances, porches, on-site parking, and yard area.
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: Five‑unit apartment building totaling 4,360 SF; 0.24‑acre level parcel with parking and yard space; Private entrances serving the apartment units
