5-Unit Apartment
For Sale
$485,000
1740 SPRUCE St, Myrtle Point, OR 97458
MultiFamily, MyrtlePoint, OR
Property Size4,360 SF
Lot Size0.24 Acres
Price / SF$111.24
Days on Market53
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
Bedroom 5, Bedroom 7, Bedroom 2, Bedroom 6, Bathroom 5, Bedroom 9, Bedroom 3, Bedroom 8, Bathroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 1
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
Amenities
private entrances
porches
vaulted ceilings
yard space
parking
Building Details
Year built
1953
Floors in Building
2
Number of units
5
Roof type
Composition, Rubber
Listing Agency:
Pacific Coast Real Estate & Development, LLC
(541) 808-3297
Listed By:
Joseph Aguirre · License #201012096
(541) 217-7710
Added: Aug 3
Changed: Sep 23
Last Checked: Sep 24 at 1:06AM
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 5-unit apartment building in Myrtle Point contains 4,360 square feet on a 0.24-acre level lot. The layout includes separate entrances, small porches, yard area, and ample parking. Interior features include large windows, dormers with vaulted ceilings, updated flooring, fresh paint, and updated finishes. The building includes 9 bedrooms and 5 bathrooms, with baseboard heating.
Constructed in 1953, the property has received exterior work that includes a newer roof, replacement windows, and siding renovations. Roofing materials include rubber and composition systems. Zoned R-1 and located at 1740 Spruce St in Myrtle Point, the property offers a five-unit apartment configuration with established outdoor and parking areas.
Constructed in 1953, the property has received exterior work that includes a newer roof, replacement windows, and siding renovations. Roofing materials include rubber and composition systems. Zoned R-1 and located at 1740 Spruce St in Myrtle Point, the property offers a five-unit apartment configuration with established outdoor and parking areas.
Key Highlights
- Five‑unit apartment building with 4,360 square feet of building area
- 0.24‑acre level lot with parking and yard space
- 9 bedrooms and 5 bathrooms
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
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Open Analytics
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
Check the figures for this property
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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?
Apartment building - R-1 multifamily property with private entrances, outdoor space, and recent exterior and interior improvements.
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 with 4,360 square feet of building area; 0.24‑acre level lot with parking and yard space; 9 bedrooms and 5 bathrooms
