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 Market34
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
(503) 587-1600
Listed By:
Matt Killen
Source:
Wyndeekono
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 28 at 12:38PM
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 = 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
$51,884
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
6.49%
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%
$1,037,680
$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
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
$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 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%
$1,037,680
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.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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
