Four-Duplex Residential
For Sale
$999,000
Pending
217 Nw 8th Ave, Milton Freewater, OR 97862
Four duplex buildings occupy one tax lot, with accessible two-bedroom layouts and durable exterior materials.
Property Size6,900 SF
Days on Market59
Property Features for 217 Nw 8th Ave
General Information
Standard status
Pending
Size
6,900 SF
Property subtype
Residential Income
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$9,891
Building Details
Buildings
4
Listing Agency:
Coldwell Banker Farley Company
(541) 969-6378
Listed By:
Jerry Baker · License #201211883
(541) 969-6378
Source:
Exprealty
Added: Jun 23
Changed: Aug 13
Last Checked: Aug 19 at 2:46PM
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 Coldwell Banker Farley Company
Investment Insights
Based on property information with market context.
Located at 217 NW 8th Ave in Milton-Freewater, Oregon, this residential property comprises four duplex buildings situated on one tax lot. The combined improvements total 6900 sf(m/l), with each unit averaging approximately 860 sf(m/l). Every residence offers two bedrooms and one bathroom, creating a consistent unit configuration across the property.
Building features include composition roofs and Hardi-Plank siding. Handicap accessibility is also present, providing an additional physical feature across the property. The uniform layout and consolidated ownership structure create a straightforward multifamily configuration for review.
Building features include composition roofs and Hardi-Plank siding. Handicap accessibility is also present, providing an additional physical feature across the property. The uniform layout and consolidated ownership structure create a straightforward multifamily configuration for review.
Key Highlights
- Four duplex buildings on 1 tax lot
- 6900 sf(m/l) of total building area
- Each unit averages approximately 860 sf(m/l)
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
$32,168
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
3.22%
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%
$643,360
$643.4K
Cap Rate 7%
$459,543
$459.5K
Cap Rate 9%
$357,422
$357.4K
Market Conditions
NOI Build-Up for 6,900 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
$49.7K $7.20/SF
− Vacancy
−$3.7K −$0.54/SF
EGI
$46.0K $6.66/SF
− OpEx
−$13.8K −$2.00/SF
NOI
$32.2K $4.66/SF
Area
Umatilla County, OR
Vacancy
7.50%
Lease Rate
$7.20 /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%
$643,360
Cap Rate 7%
$459,543
Cap Rate 9%
$357,422
Alternative Uses
Best Use
Multifamily LT 5
$459.5K
$402.1K – $536.1K
NOI $32,168 @ 7.0% cap · market cap 3.22%
Second Best
Apartment 5plus
$423.5K
$370.6K – $494.1K
NOI $29,647 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$1.44M
$1.26M – $1.69M
NOI $101,109 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Explore this area
Business Placement
Demographics for 97862, OR
11,512
Population
5,245
Households
2.2
Avg Household Size
39
Median Age
13%
College-Educated
79%
High-School Grad
292.9 sq mi
ZIP Area
39
Density / Sq Mi
$54,013
Median Household Income
$32,787
Median Earnings
$858
Median Rent
$225,400
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 - Four duplex buildings occupy one tax lot, with accessible two-bedroom layouts and durable exterior materials.
Where is this duplex located?
The property is located at 217 Nw 8th Ave Milton Freewater, OR.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Four duplex buildings on 1 tax lot; 6900 sf(m/l) of total building area; Each unit averages approximately 860 sf(m/l)
