Victorian Short-Term
For Sale
$849,000
206 NE 10TH St, McMinnville, OR 97128
CommercialSale, McMinnville, OR
Property Size3,984 SF
Lot Size0.13 Acres
Price / SF$213.10
Days on Market53
Property Features for 206 NE 10TH St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3
View
Territorial
Directions
SE corner NE Baker St. (OR HWY99) and NE 10th St.
Subdivision
_156
Standard status
Active
APN
157966
Size
3,984 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
LOT 4 - BLOCK 15 IN JOHN'S ADDITION
Tax Annual Amount
7501
Legal Description
LOT 4 - BLOCK 15 IN JOHN'S ADDITION
Utilities
Heating system
Forced Air
Cooling system
Heat Pump
Amenities
3 kitchens
laundry equipment
solar panels
Building Details
Year built
1894
Floors in Building
3
Building materials
CementSiding, LapSiding, WoodFrame
Roof type
Shingle, Composition
Listing Agency:
Good Land Company
Listed By:
Dahe Good · License #201209298
(971) 219-1344
Added: Aug 14
Changed: Oct 3
Last Checked: Oct 5 at 1:06AM
MLS# 375772443
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.
Built in 1894, this restored Victorian property contains 3,984 square feet across a main house and detached carriage cottage on a 0.13-acre lot. The main residence has two kitchens, two living rooms, a formal dining room and multiple sleeping rooms. Across the property are three kitchens and 4.5 bathrooms, with more than five sleeping rooms overall.
The detached cottage includes two rooms, a full bathroom, laundry equipment and a kitchenette. Solar panels are installed on its roof, and the basement has a hookup for a third laundry setup. C-3 zoning permits short-term rental use; retail, professional office, multifamily and owner-occupied mixed uses are also allowed, subject to city building and parking requirements.
The property is within several blocks of restaurants and McMinnville’s tourist district. Fixtures may be included, while furniture and inventory are negotiable.
The detached cottage includes two rooms, a full bathroom, laundry equipment and a kitchenette. Solar panels are installed on its roof, and the basement has a hookup for a third laundry setup. C-3 zoning permits short-term rental use; retail, professional office, multifamily and owner-occupied mixed uses are also allowed, subject to city building and parking requirements.
The property is within several blocks of restaurants and McMinnville’s tourist district. Fixtures may be included, while furniture and inventory are negotiable.
Key Highlights
- 3,984‑square‑foot property on a 0.13‑acre lot
- 1894 Victorian main house with a detached carriage cottage
- Three kitchens, 4.5 bathrooms and 5+ sleeping rooms
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
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Open Analytics
Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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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 - A restored Victorian pairs flexible guest accommodations with a detached cottage under C-3 zoning.
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‑square‑foot property on a 0.13‑acre lot; 1894 Victorian main house with a detached carriage cottage; Three kitchens, 4.5 bathrooms and 5+ sleeping rooms
