8-Unit Apartment
For Sale
Contact for pricing
2153 10th, Florence, OR 97439
Upper- and lower-level residential units are situated within an RR-zoned apartment property.
Property Size7,400 SF
Price / SF$121.62
Days on Market16
Property Features for 2153 10th
General Information
Standard status
Active
Size
7,400 SF
Property subtype
Multifamily
Zoning
RR
Investment Type
Value Add
Property Condition
Severity
Repairs Needed
Evidence
property in need of repairs
Additional Details
Multifamily Units
8
Building Details
Year Built
1974
Buildings
2
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Pacific Coast Real Estate & Development
(541) 217-7710
Listed By:
Joe Aguirre · License #201012060
Source:
Crexi
Added: Aug 17
Changed: Aug 31
Last Checked: Sep 1 at 12:10AM
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 Pacific Coast Real Estate & Development
Investment Insights
Based on property information with market context.
This 8-unit apartment property contains 7,400 square feet and was built in 1974. The layout includes 2/2 units on both upper and lower levels, with some condominium entitlements already in place. The property is zoned RR and is being offered in its existing condition, with repairs needed to certain systems, finishes, or fixtures.
Interior access is not available, and the property is limited to drive-by inspection. The sale includes the existing tenants and any on-site management at closing. Buyer responsibility includes removal of personal property and debris, with the transaction subject to third-party court approval.
Interior access is not available, and the property is limited to drive-by inspection. The sale includes the existing tenants and any on-site management at closing. Buyer responsibility includes removal of personal property and debris, with the transaction subject to third-party court approval.
Key Highlights
- 8‑unit apartment complex with 7,400 square feet
- Built in 1974
- 2/2 units arranged on upper and lower levels
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
$67,631
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
7.51%
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%
$1,352,620
$1.4M
Cap Rate 7%
$966,157
$966.2K
Cap Rate 9%
$751,456
$751.5K
Market Conditions
NOI Build-Up for 7,400 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
$130.5K $17.64/SF
− Vacancy
−$7.6K −$1.02/SF
EGI
$123.0K $16.62/SF
− OpEx
−$55.3K −$7.48/SF
NOI
$67.6K $9.14/SF
Area
Lane County, OR
Vacancy
5.80%
Lease Rate
$17.64 /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%
$1,352,620
Cap Rate 7%
$966,157
Cap Rate 9%
$751,456
Alternative Uses
Best Use
Apartment 5plus
$966.2K
$845.4K – $1.13M
NOI $67,631 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.18M
NOI $131,047 @ 7.0% cap · market cap 14.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
668
Businesses Nearby
Explore this area
Business Placement
Demographics for 97439, OR
15,634
Population
9,056
Households
1.7
Avg Household Size
62
Median Age
27%
College-Educated
92%
High-School Grad
168.3 sq mi
ZIP Area
93
Density / Sq Mi
$58,576
Median Household Income
$36,146
Median Earnings
$1,164
Median Rent
$364,600
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?
Apartment building - Upper- and lower-level residential units are situated within an RR-zoned apartment property.
Where is this apartment building located?
The property is located at 2153 10th Florence, OR.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 8‑unit apartment complex with 7,400 square feet; Built in 1974; 2/2 units arranged on upper and lower levels
