Four-Plex with In-Unit Laundry
For Sale
$799,900
224 C St, Independence, OR 97351
MULTI_FAMILY - Independence, OR
Property Size4,320 SF
Lot Size0.23 Acres
Price / SF$185.16
Days on Market143
Property Features for 224 C St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Independence-PS
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 8, Bathroom 4, Bathroom 3, Bedroom 4, Bedroom 1, Bedroom 7, Bedroom 2, Bedroom 10, Bedroom 6, Bedroom 12, Bedroom 11, Bedroom 9
Subdivision
Hills Town of Independenc
Lot features
Lot: 4
Elementary school
Independence
Middle school
Talmadge
High school
Central
Directions
Main St south, right on C st
Standard status
Active
APN
8428BA 6700
Size
4,320 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7421
Utilities
Heating system
Zoned, Electric (Heating)
Amenities
laundry hookups
Building Details
Year built
1995
Number of units
4
Flooring type
Carpet, Vinyl
Listing Agency:
HOMESMART REALTY GROUP · HomeSmart International
(971) 599-5865
Listed By:
MATT KILLEN
(503) 409-5023
Added: Mar 31
Changed: Aug 5
Last Checked: Aug 20 at 8:06AM
MLS# 839243
Copyright © 2026 Willamette Valley Multiple Listing Service. 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 four-plex at 224 C St, Independence, OR 97351 was built in 1995 and sits on a 0.23-acre lot totaling 4,320 square feet. Each unit is configured with three bedrooms and one bath and includes laundry hookups. Interior flooring includes vinyl and carpet. Heating is electric and zoned.
The property is described as having a good rental history with low turnover. It’s located two blocks from Main Street and about one additional block from the river park and the river.
The zoning is Independence-PS, providing a straightforward multi-family option in Polk County, Oregon for tenants looking for separate, self-contained units with in-unit laundry hookups.
The property is described as having a good rental history with low turnover. It’s located two blocks from Main Street and about one additional block from the river park and the river.
The zoning is Independence-PS, providing a straightforward multi-family option in Polk County, Oregon for tenants looking for separate, self-contained units with in-unit laundry hookups.
Key Highlights
- 0.23‑acre lot with 4,320 SF four‑plex built in 1995
- Each unit has three bedrooms, one bath, and laundry hookups
- Zoning: Independence‑PS
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
327
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-plex built in 1995 with each unit offering three bedrooms, one bath, and laundry hookups.
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: 0.23‑acre lot with 4,320 SF four‑plex built in 1995; Each unit has three bedrooms, one bath, and laundry hookups; Zoning: Independence‑PS
