Two-Unit Duplex with Fenced
For Sale
Contact for pricing
2034-2048 SW Fellows Street, McMinnville, OR 97128
Built in 1996, this duplex features two mirrored units, attached single-car garages, and a shared fenced backyard.
Property Size2,100 SF
Price / SF$270
Days on Market50
Property Features for 2034-2048 SW Fellows Street
General Information
Standard status
Active
Size
2,100 SF
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
R2
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Amenities
fenced backyard
manicured lawn
concrete patio
stone fire pit
Building Details
Year Built
1996
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Constant Commercial Real Estate. INC
Listed By:
Cory Carlson · License #OR 201226331
(503) 222-0282
Source:
Crexi
Added: Jul 21
Changed: Aug 14
Last Checked: Sep 7 at 9:42AM
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 Constant Commercial Real Estate. INC
Investment Insights
Based on property information with market context.
Built in 1996, this two-unit duplex offers a low-maintenance, owner-friendly layout with two mirror-image residences. The property totals approximately 2,100 SF, with each unit providing about 1,050 SF of living space. Each unit includes 2 bedrooms and 1.5 bathrooms, an open main-level floor plan, and an attached single-car garage. Residents also share a fully fenced backyard with a concrete patio and a stone fire pit.
The property is located in the southwest quadrant of McMinnville and is described as being minutes from Linfield University and downtown McMinnville’s dining and retail corridor. The remarks also cite proximity to Willamette Valley wine country and note ongoing relocation and tourism activity that supports rental demand.
The duplex sits on a concrete perimeter foundation, supporting a straightforward, durable residential income property configuration.
The property is located in the southwest quadrant of McMinnville and is described as being minutes from Linfield University and downtown McMinnville’s dining and retail corridor. The remarks also cite proximity to Willamette Valley wine country and note ongoing relocation and tourism activity that supports rental demand.
The duplex sits on a concrete perimeter foundation, supporting a straightforward, durable residential income property configuration.
Key Highlights
- Duplex built in 1996 with two mirror‑image units totaling approximately 2,100 SF
- Each unit offers 2 bedrooms and 1.5 bathrooms with approximately 1,050 SF of living space
- Attached single‑car garages for both 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
$26,964
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
4.76%
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%
$539,280
$539.3K
Cap Rate 7%
$385,200
$385.2K
Cap Rate 9%
$299,600
$299.6K
Market Conditions
NOI Build-Up for 2,100 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
$51.7K $24.60/SF
− Vacancy
−$2.6K −$1.25/SF
EGI
$49.0K $23.35/SF
− OpEx
−$22.1K −$10.51/SF
NOI
$27.0K $12.84/SF
Area
Yamhill County, OR
Vacancy
5.10%
Lease Rate
$24.60 /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%
$539,280
Cap Rate 7%
$385,200
Cap Rate 9%
$299,600
Alternative Uses
Best Use
Apartment 5plus
$385.2K
$337.1K – $449.4K
NOI $26,964 @ 7.0% cap · market cap 4.76%
Second Best
Multifamily LT 5
$330.5K
$289.2K – $385.6K
NOI $23,135 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$566.8K
$496.0K – $661.3K
NOI $39,679 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Explore this area
Business Placement
Demographics for 97128, OR
38,394
Population
15,291
Households
2.5
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
112.2 sq mi
ZIP Area
342
Density / Sq Mi
$72,055
Median Household Income
$37,427
Median Earnings
$1,295
Median Rent
$419,200
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 - Built in 1996, this duplex features two mirrored units, attached single-car garages, and a shared fenced backyard.
Where is this duplex located?
The property is located at 2034-2048 SW Fellows Street McMinnville, OR.
What is the asking price?
The asking price for this property is $567,000.
What are key features of this property?
This property features: Duplex built in 1996 with two mirror‑image units totaling approximately 2,100 SF; Each unit offers 2 bedrooms and 1.5 bathrooms with approximately 1,050 SF of living space; Attached single‑car garages for both units
