Updated Duplex with Two
New
For Sale
$179,000
203 NE SECOND St, Oakland, OR 97462
MULTI_FAMILY - Oakland, OR
Property Size1,398 SF
Lot Size0.11 Acres
Price / SF$128.04
Days on Market5
Property Features for 203 NE SECOND St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
GC
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1
View
City
Elementary school
Oakland
Middle school
Lincoln
High school
Oakland
Directions
Front 1st St, right on Oak, left on 2nd, property on corner
Subdivision
_256
Standard status
Active
APN
R32227
Size
1,398 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
OAKLAND R R ADD, BLOCK 13, LOT 1, ACRES 0.11
Tax Annual Amount
1258
Legal Description
OAKLAND R R ADD, BLOCK 13, LOT 1, ACRES 0.11
Utilities
Cooling system
Heat Pump
Amenities
common laundry area
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
The Neil Company Real Estate
(541) 673-4417
Listed By:
Jacob Gilman
(541) 580-1494
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 11 at 6:06PM
MLS# 497209580
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 1,398-square-foot duplex, built in 1900, contains two residential units on a 0.11-acre level corner lot. The lower unit measures approximately 771 square feet and includes one bedroom, one full bathroom, an updated kitchen, and covered patio access. Above, a 627-square-foot studio offers an open living area and original wood flooring. Both units have updated kitchens and bathrooms, while ductless HVAC systems provide heating and cooling. A shared laundry area serves the property.
Recent property improvements include exterior painting, updated kitchens and bathrooms, ductless HVAC installation, and a newer composition roof. The property is located in Oakland, Oregon, and carries GC zoning.
Recent property improvements include exterior painting, updated kitchens and bathrooms, ductless HVAC installation, and a newer composition roof. The property is located in Oakland, Oregon, and carries GC zoning.
Key Highlights
- Two‑unit duplex totaling 1,398 square feet
- Lower unit: approximately 771 sqft with 1 bedroom, 1 full bathroom, updated kitchen, and covered patio access
- Upper unit: 627 sqft studio with original wood floors and open living area
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
$7,169
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
4.01%
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%
$143,380
$143.4K
Cap Rate 7%
$102,414
$102.4K
Cap Rate 9%
$79,656
$79.7K
Market Conditions
NOI Build-Up for 1,398 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
$11.1K $7.92/SF
− Vacancy
−$830 −$0.59/SF
EGI
$10.2K $7.33/SF
− OpEx
−$3.1K −$2.20/SF
NOI
$7.2K $5.13/SF
Area
Douglas County, OR
Vacancy
7.50%
Lease Rate
$7.92 /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%
$143,380
Cap Rate 7%
$102,414
Cap Rate 9%
$79,656
Alternative Uses
Best Use
Multifamily LT 5
$102.4K
$89.6K – $119.5K
NOI $7,169 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$96.1K
$84.1K – $112.2K
NOI $6,729 @ 7.0% cap · market cap 3.76%
Theoretical Best
Specialty Retail
$242.0K
$211.7K – $282.3K
NOI $16,937 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Explore this area
Business Placement
Demographics for 97462, OR
4,130
Population
1,797
Households
2.3
Avg Household Size
52
Median Age
26%
College-Educated
94%
High-School Grad
219.7 sq mi
ZIP Area
19
Density / Sq Mi
$65,032
Median Household Income
$38,338
Median Earnings
$1,205
Median Rent
$377,700
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 residential units combine efficient layouts, updated interiors, shared laundry, and ductless heating and cooling.
Where is this duplex located?
The property is located at 203 NE SECOND St Oakland, OR.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,398 square feet; Lower unit: approximately 771 sqft with 1 bedroom, 1 full bathroom, updated kitchen, and covered patio access; Upper unit: 627 sqft studio with original wood floors and open living area
