Turnkey Three-Bedroom
New
For Sale
$749,900
186 & 188 SE Lacreole Dr, Dallas, OR 97338
Two rented residences feature private garages, updated finishes, fenced yards, and separate access from a private drive.
Property Size3,144 SF
Days on Market4
Property Features for 186 & 188 SE Lacreole Dr
General Information
Standard status
Active
Size
3,144 SF
Total Parking Spaces
2
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,433
Building Details
Building Size
3,144 SF
Year Built
2024
Buildings
1
Tenancy
Multi
Listing Agency:
REALTY FIRST DALLAS
Listed By:
PHIL HYRE · License #201202147
(503) 586-8537
Source:
Harcourtselite
Added: Sep 3
Changed: Sep 5
Last Checked: Sep 5 at 4:21AM
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 REALTY FIRST DALLAS
Investment Insights
Based on property information with market context.
This duplex includes two separately rented residences, each configured with 3 bedrooms and 2.5 baths. Both sides feature granite finishes, waterproof laminate flooring downstairs, a single-car garage, stainless steel stove, dishwasher, microwave, ductless mini-split heat, fiber cement lap siding, and fenced, landscaped backyards. City water, city sewer, and high-speed internet are available.
The property is located at 186 & 188 SE Lacreole Dr in Dallas, Oregon, near LaCreole Middle School and the Dallas Aquatic Center. The Rickreall Creek Trail System connects nearby neighborhoods with Dallas City Park, ballfields, and downtown amenities. Salem is approximately 15 minutes east, while Monmouth and Independence are a short drive south. Portland and the Oregon Coast are each about an hour and a half away.
The property is located at 186 & 188 SE Lacreole Dr in Dallas, Oregon, near LaCreole Middle School and the Dallas Aquatic Center. The Rickreall Creek Trail System connects nearby neighborhoods with Dallas City Park, ballfields, and downtown amenities. Salem is approximately 15 minutes east, while Monmouth and Independence are a short drive south. Portland and the Oregon Coast are each about an hour and a half away.
Key Highlights
- Two separately rented 3‑bedroom, 2.5‑bath residences
- 3,144 square feet across the duplex
- Each side includes a single‑car garage
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
$37,760
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
5.04%
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%
$755,200
$755.2K
Cap Rate 7%
$539,429
$539.4K
Cap Rate 9%
$419,556
$419.6K
Market Conditions
NOI Build-Up for 3,144 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
$57.7K $18.36/SF
− Vacancy
−$3.8K −$1.20/SF
EGI
$53.9K $17.16/SF
− OpEx
−$16.2K −$5.15/SF
NOI
$37.8K $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%
$755,200
Cap Rate 7%
$539,429
Cap Rate 9%
$419,556
Alternative Uses
Best Use
Multifamily LT 5
$539.4K
$472.0K – $629.3K
NOI $37,760 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$496.8K
$434.7K – $579.6K
NOI $34,774 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$834.8K
$730.4K – $973.9K
NOI $58,433 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
216
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two rented residences feature private garages, updated finishes, fenced yards, and separate access from a private drive.
Where is this duplex located?
The property is located at 186 & 188 SE Lacreole Dr Dallas, OR.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Two separately rented 3‑bedroom, 2.5‑bath residences; 3,144 square feet across the duplex; Each side includes a single‑car garage
