Four-Unit Quadplex with Laundry
For Sale
$799,900
224 C St, Independence, OR 97351
MultiFamily, Independence, OR
Property Size4,320 SF
Lot Size0.23 Acres
Price / SF$185.16
Days on Market153
Property Features for 224 C St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Ind PS
Bedrooms
11
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 2, Bedroom 10, Bedroom 5, Bedroom 1, Bathroom 1, Bedroom 9, Bathroom 4, Bathroom 3, Bedroom 11, Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 8, Bedroom 3
View
Territorial
Elementary school
Independence
Middle school
Talmadge
High school
Central
Directions
2nd
Subdivision
_167
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
Legal Description
BLK 9 LOT 4
Utilities
Heating system
Zoned
Amenities
laundry hookups
Building Details
Year built
1995
Floors in Building
2
Number of units
959
Roof type
Composition
Listing Agency:
HomeSmart Realty Group · HomeSmart International
(971) 599-5865
Listed By:
Matt Killen
(503) 409-5023
Added: Apr 1
Changed: Aug 26
Last Checked: Aug 31 at 10:06AM
MLS# 488040863
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 4,320-square-foot quadplex contains four residential units, with each unit configured with three bedrooms, one bathroom, and laundry hookups. The property was built in 1995 and includes zoned heating and a composition roof. The 0.23-acre site is zoned Ind PS.
Located at 224 C St in Independence, the property sits two blocks from Main Street and the river park, with the river another block beyond. Its four-unit layout and consistent unit configuration provide a clearly defined multifamily format within the city of Independence.
Located at 224 C St in Independence, the property sits two blocks from Main Street and the river park, with the river another block beyond. Its four-unit layout and consistent unit configuration provide a clearly defined multifamily format within the city of Independence.
Key Highlights
- Four‑unit quadplex with 4,320 square feet of building area
- Each unit includes 3 bedrooms, 1 bathroom, and laundry hookups
- Built in 1995 with zoned heating
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Each residence includes three bedrooms, one bath, and laundry connections.
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 quadplex with 4,320 square feet of building area; Each unit includes 3 bedrooms, 1 bathroom, and laundry hookups; Built in 1995 with zoned heating
