Brick Apartment Building with
For Sale
$1,500,000
2236 3rd Street, Malin, OR 97632
Residential Income, Malin, OR
Property Size9,912 SF
Lot Size0.72 Acres
Price / SF$151.33
Days on Market338
Property Features for 2236 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R
Parking features
Driveway, On Street
Interior features
Shower/Tub Combo
Appliances
Cooktop, Oven, Range, Refrigerator, Water Heater
Subdivision
Klamath Forest Estates
Lot features
Corner Lot, Level, Native Plants
View
Territorial
Elementary school
Malin Elem
Middle school
Check with District
High school
Lost River High
Directions
Corner of Third and Railroad
Standard status
Active
APN
124074
Size
9,912 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3098
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Amenities
courtyard
Building Details
Year built
1939
Floors in Building
1
Number of units
15
Flooring type
Carpet, Vinyl, Simulated wood, Laminate
Building materials
Brick, Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Action Realty
(541) 884-3367
Listed By:
Jennifer Frye · License #201213507
(775) 318-0126
Added: Sep 17, 2025
Changed: Aug 19
Last Checked: Aug 20 at 4:06AM
MLS# 220209606
Copyright © 2026 Oregon Data Share. 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.
This 9,912-square-foot apartment building on 0.72 acres was constructed in 1939 with brick and frame materials. The property includes a courtyard, and most units have two bedrooms. Several residences have been updated, while interior finishes include carpet, vinyl, simulated wood, and laminate flooring. Kitchens are equipped with cooktops, ovens, ranges, refrigerators, and water heaters. Heating is provided by electric baseboard systems.
The property is located at 2236 3rd Street in Malin, Oregon. Public water and public sewer serve the building. Parking is available through driveways and on-street spaces. The composition roof was replaced in 2026.
The property is located at 2236 3rd Street in Malin, Oregon. Public water and public sewer serve the building. Parking is available through driveways and on-street spaces. The composition roof was replaced in 2026.
Key Highlights
- 9,912‑square‑foot apartment building on 0.72 acres
- Brick and frame construction completed in 1939
- Courtyard included within the property
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
$71,516
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
4.77%
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%
$1,430,320
$1.4M
Cap Rate 7%
$1,021,657
$1.0M
Cap Rate 9%
$794,622
$794.6K
Market Conditions
NOI Build-Up for 9,912 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
$142.7K $14.40/SF
− Vacancy
−$12.7K −$1.28/SF
EGI
$130.0K $13.12/SF
− OpEx
−$58.5K −$5.90/SF
NOI
$71.5K $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%
$1,430,320
Cap Rate 7%
$1,021,657
Cap Rate 9%
$794,622
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$894.0K – $1.19M
NOI $71,516 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.77M – $2.36M
NOI $141,819 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 97632, OR
1,378
Population
544
Households
2.5
Avg Household Size
43
Median Age
12%
College-Educated
87%
High-School Grad
63.8 sq mi
ZIP Area
22
Density / Sq Mi
$54,167
Median Household Income
$39,375
Median Earnings
$1,288
Median Rent
$293,800
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 - Well-maintained apartments with a courtyard, updated units, public utilities, and a mix of durable interior finishes.
Where is this apartment building located?
The property is located at 2236 3rd Street Malin, OR.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 9,912‑square‑foot apartment building on 0.72 acres; Brick and frame construction completed in 1939; Courtyard included within the property
