Bungalow Residential Income
For Sale
$207,000
2215 Applegate Avenue, Klamath Falls, OR 97601
The 1952 bungalow has electric service and wall-furnace heating.
Property Size1,228 SF
Days on Market98
Property Features for 2215 Applegate Avenue
General Information
Standard status
Active
Size
1,228 SF
Property subtype
Residential Income
Zoning
MD
Taxes and HOA fees
Annual Taxes
$1,559
Amenities
Electric, Wall Furnace
Neighborhood
No Garage
Bungalow
Building Details
Building Size
1,228 SF
Year Built
1952
Listing Agency:
Century 21 Showcase Realtors Inc
Listed By:
Stacey Moyles · License #201233566
(208) 851-1854
Source:
Evrealestate
Added: Jun 29
Changed: Sep 26
Last Checked: Oct 4 at 9:39AM
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 Century 21 Showcase Realtors Inc
Investment Insights
Based on property information with market context.
This residential income property is a bungalow built in 1952, with electric service and wall-furnace heating. It has no garage and is zoned MD.
The property is located at 2215 Applegate Avenue in Klamath Falls, Oregon.
The property is located at 2215 Applegate Avenue in Klamath Falls, Oregon.
Key Highlights
- Bungalow‑style residential income property
- Built in 1952
- MD zoning
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
$8,860
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
4.28%
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%
$177,200
$177.2K
Cap Rate 7%
$126,571
$126.6K
Cap Rate 9%
$98,444
$98.4K
Market Conditions
NOI Build-Up for 1,228 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
$17.7K $14.40/SF
− Vacancy
−$1.6K −$1.28/SF
EGI
$16.1K $13.12/SF
− OpEx
−$7.2K −$5.90/SF
NOI
$8.9K $7.22/SF
Area
Klamath County, OR
Vacancy
8.90%
Lease Rate
$14.40 /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%
$177,200
Cap Rate 7%
$126,571
Cap Rate 9%
$98,444
Alternative Uses
Best Use
Apartment 5plus
$126.6K
$110.8K – $147.7K
NOI $8,860 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$251.0K
$219.6K – $292.8K
NOI $17,570 @ 7.0% cap · market cap 8.49%
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
664
Businesses Nearby
Explore this area
Business Placement
Demographics for 97601, OR
23,264
Population
10,936
Households
2.1
Avg Household Size
40
Median Age
24%
College-Educated
88%
High-School Grad
577.8 sq mi
ZIP Area
40
Density / Sq Mi
$53,333
Median Household Income
$31,011
Median Earnings
$972
Median Rent
$266,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The 1952 bungalow has electric service and wall-furnace heating.
Where is this residential income property located?
The property is located at 2215 Applegate Avenue Klamath Falls, OR.
What is the asking price?
The asking price for this property is $207,000.
What are key features of this property?
This property features: Bungalow‑style residential income property; Built in 1952; MD zoning
