Independence Fourplex Near River
224 C St Independence, OR 97351
224 C St, Independence, OR, 97351
$825,000
For Sale
$825,000
MULTI_FAMILY - Independence, OR
Property Size4,320 SF
Lot Size0.23 Acres
Price / SF$190.97
Days on Market108
Property Features for 224 C St
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Ind PS
- Bedrooms
- 11
- Bathrooms
- 4
- Rooms
- Bedroom 2, Bathroom 4, Bedroom 8, Bathroom 3, Bedroom 9, Bedroom 10, Bedroom 11, Bathroom 2, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 7, Bedroom 3, Bedroom 4, Bedroom 5
- Standard status
- Active
- APN
- 203304
- Size
- 4,320 SF
- Lot size
- 0.23 Acres
Taxes and HOA fees
- Tax Description
- BLK 9 LOT 4
- Tax Annual Amount
- 7421
Utilities
- Heating system
- Zoned
Building Details
- Year built
- 1995
- Floors in Building
- 2
- Number of units
- 959
- Roof type
- Composition
Listing Agency
HomeSmart Realty Group
(971) 599-5865
3240 Commercial St SE Ste 100, Salem, OR
Listed by
Matt Killen
(503) 409-5023
Added: Apr 1 Checked: Jul 17 at 5:06 am
MLS# 488040863
Listing URL
Copyright © 2026 Regional Multiple Listing Services. 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 fourplex is located in Independence, Oregon. Each unit features 3 bedrooms, one bath, and laundry hookups. The property has a history of good rental occupancy with low turnover. It is situated two blocks from Main Street and the river park, and one block from the river. The lot size is 0.23 acres, and the property size is 4320 square feet. The zoning is Ind PS.
Key Highlights
- Four‑plex building built in 1995
- Each unit features 3 bedrooms and 1 bathroom
- Laundry hookups available in each unit
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $79.3k | $18.36 |
| − Vacancy | −$5.2k | −$1.20 |
| EGI | $74.1k | $17.16 |
| − OpEx | −$22.2k | −$5.15 |
| NOI | $51.9k | $12.01 |
4,320 SF · lease $18.36/SF/yr · vacancy 6.55% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$741.2K
$648.6K – $864.7K
NOI $51,884 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$682.6K
$597.3K – $796.3K
NOI $47,780 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,290 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Fourplex in Independence near Main Street and river.
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 $825,000.
What are key features of this property?
This property features: Four‑plex building built in 1995; Each unit features 3 bedrooms and 1 bathroom; Laundry hookups available in each unit
