4-Unit Apartment
For Sale
$799,900
224 C St, Independence, OR 97351
Residential units feature laundry hookups and practical bedroom layouts.
Property Size4,320 SF
Price / SF$185.16
Days on Market81
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Property Features for 224 C St
General Information
Standard status
Active
Size
4,320 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 3BR/1BA
Multifamily Units
4
Amenities
laundry hookups
Building Details
Year Built
1995
Listing Agency:
HomeSmart Realty Group
Listed By:
Matt Killen
(503) 587-1600
Source:
Wyndeekono
Added: Jul 27
Changed: Oct 11
Last Checked: Oct 7 at 1:24PM
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 HomeSmart Realty Group
Investment Insights
Based on property information with market context.
Built in 1995, this four-unit residential property offers a consistent configuration across the building. Each apartment includes 3 bedrooms, 1 bathroom, and laundry hookups, providing a straightforward layout for occupants and ongoing property operations.
The property is located at 224 C St in Independence, Oregon. Main Street and the river park are two blocks away, while the river is approximately one additional block from the property. The surrounding location combines access to local commercial activity with nearby outdoor amenities.
The property is located at 224 C St in Independence, Oregon. Main Street and the river park are two blocks away, while the river is approximately one additional block from the property. The surrounding location combines access to local commercial activity with nearby outdoor amenities.
Key Highlights
- Four‑unit residential property built in 1995
- Each unit includes 3 bedrooms and 1 bathroom
- Laundry hookups are provided in every unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,884
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,037,680
$1.0M
Cap Rate 7%
$741,200
$741.2K
Cap Rate 9%
$576,489
$576.5K
Market Conditions
NOI Build-Up for 4,320 SF
Gross rent
$79.3K $18.36/SF
− Vacancy
−$5.2K −$1.20/SF
EGI
$74.1K $17.16/SF
− OpEx
−$22.2K −$5.15/SF
NOI
$51.9K $12.01/SF
Area
Polk County, OR
Vacancy
6.55%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,037,680
Cap Rate 7%
$741,200
Cap Rate 9%
$576,489
Alternative Uses
Best Use
Multifamily LT 5
$741.2K
$648.6K – $864.7K
NOI $51,884 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$682.6K
$597.3K – $796.3K
NOI $47,780 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,290 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
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Business Placement
Demographics for 97351, OR
11,292
Population
3,697
Households
3.1
Avg Household Size
34
Median Age
25%
College-Educated
89%
High-School Grad
52.3 sq mi
ZIP Area
216
Density / Sq Mi
$84,717
Median Household Income
$40,990
Median Earnings
$1,592
Median Rent
$357,700
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
Frequently Asked Questions
What type of property is this?
Quadplex - Residential units feature laundry hookups and practical bedroom layouts.
Where is this quadplex located?
The property is located at 224 C St Independence, OR.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Four‑unit residential property built in 1995; Each unit includes 3 bedrooms and 1 bathroom; Laundry hookups are provided in every unit
