Managed Victorian Short-Term
For Sale
$849,000
206 NE 10th St, McMinnville, OR 97128
Restored lodging property with a separate remodeled guest unit and multiple kitchens for flexible group accommodations.
Property Size3,984 SF
Price / SF$213.10
Days on Market10
Property Features for 206 NE 10th St
General Information
Standard status
Active
Size
3,984 SF
Zoning
C-3
Additional Details
Multifamily Units
2
Amenities
laundry
solar panels
Building Details
Year Built
1894
Buildings
2
Construction
Victorian
Listing Agency:
Good Land Company
(971) 219-1344
Listed By:
Dahe Good
Source:
Monarealestates
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 25 at 5:11AM
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 Good Land Company
Investment Insights
Based on property information with market context.
This professionally managed short-term rental occupies a restored Victorian residence with a detached Carriage House. The 3,984-square-foot property, built in 1894, includes more than five sleeping rooms, three kitchens, four and one-half baths, two living rooms, and a formal dining room. The main residence provides multiple gathering areas, while the Carriage House was remodeled in summer 2026 with two rooms, a full bath, laundry equipment, and a kitchenette. Solar panels are installed on the Carriage House, and the basement has a hookup for a third laundry setup.
Located at 206 NE 10th St in McMinnville, the property is within several blocks of restaurant choices and the city’s tourist district. C-3 zoning permits current short-term rental use and also allows retail, professional office, multifamily, and owner-occupied mixed uses, subject to applicable city building and parking requirements. Fixtures may be included; furniture and inventory are negotiable.
Located at 206 NE 10th St in McMinnville, the property is within several blocks of restaurant choices and the city’s tourist district. C-3 zoning permits current short-term rental use and also allows retail, professional office, multifamily, and owner-occupied mixed uses, subject to applicable city building and parking requirements. Fixtures may be included; furniture and inventory are negotiable.
Key Highlights
- 3,984 SF restored Victorian property built in 1894
- More than five sleeping rooms, three kitchens, and 4.5 baths
- Detached Carriage House remodeled in summer 2026
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
$51,154
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
6.03%
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%
$1,023,080
$1.0M
Cap Rate 7%
$730,771
$730.8K
Cap Rate 9%
$568,378
$568.4K
Market Conditions
NOI Build-Up for 3,984 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
$98.0K $24.60/SF
− Vacancy
−$5.0K −$1.25/SF
EGI
$93.0K $23.35/SF
− OpEx
−$41.9K −$10.51/SF
NOI
$51.2K $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%
$1,023,080
Cap Rate 7%
$730,771
Cap Rate 9%
$568,378
Alternative Uses
Best Use
Apartment 5plus
$730.8K
$639.4K – $852.6K
NOI $51,154 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$941.0K – $1.25M
NOI $75,277 @ 7.0% cap · market cap 8.87%
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
1,481
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?
Short term rental property - Restored lodging property with a separate remodeled guest unit and multiple kitchens for flexible group accommodations.
Where is this short term rental property located?
The property is located at 206 NE 10th St McMinnville, OR.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 3,984 SF restored Victorian property built in 1894; More than five sleeping rooms, three kitchens, and 4.5 baths; Detached Carriage House remodeled in summer 2026
