Two-Residence Multifamily
For Sale
$1,275,000
22740 NE Highway 240, Newberg, OR 97132
Two legal residences share an 11.9-acre parcel with shops, decks, and a gated driveway.
Property Size4,860 SF
Lot Size11.90 Acres
Price / SF$262.35
Days on Market27
Property Features for 22740 NE Highway 240
General Information
Standard status
Active
Size
4,860 SF
Lot size
11.90 Acres
Property subtype
Multi-family
Property Condition
Severity
Repairs Needed
Evidence
Bring your ideas for updates
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
front deck
back deck
seasonal creek
gated driveway
Building Details
Year Built
1957
Buildings
2
Listing Agency:
MORE Realty
Listed By:
Patty Hopper
(877) 319-7625
Source:
Century21northhomes
Added: Aug 29
Changed: Sep 23
Last Checked: Sep 22 at 5:54PM
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 MORE Realty
Investment Insights
Based on property information with market context.
This multifamily property includes two legal residences on 11.9 acres, along with large shops and a seasonal creek. The primary home provides 1,968 square feet on the main floor with three bedrooms, an updated kitchen, living room, family room, newer flooring, fresh interior paint, two pellet stoves, and front and rear deck areas. Its additional 1,968-square-foot basement is mostly unfinished and includes a fireplace and full bathroom with a roll-in shower.
The second residence is a 1991 singlewide MH with 924 square feet, two bedrooms, and two bathrooms. It may be used as a rental and may qualify for a replacement dwelling permit, subject to buyer due diligence. The property is served by a gated driveway and is located at 22740 NE Highway 240 in Newberg, Oregon.
The second residence is a 1991 singlewide MH with 924 square feet, two bedrooms, and two bathrooms. It may be used as a rental and may qualify for a replacement dwelling permit, subject to buyer due diligence. The property is served by a gated driveway and is located at 22740 NE Highway 240 in Newberg, Oregon.
Key Highlights
- Two legal residences on 11.9 acres
- Primary home includes 1,968 SF main floor plus a second 1,968 SF basement
- 1991 singlewide MH with 924 sqft, 2 bedrooms, and 2 bathrooms
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
$62,402
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
4.89%
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%
$1,248,040
$1.2M
Cap Rate 7%
$891,457
$891.5K
Cap Rate 9%
$693,356
$693.4K
Market Conditions
NOI Build-Up for 4,860 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
$119.6K $24.60/SF
− Vacancy
−$6.1K −$1.25/SF
EGI
$113.5K $23.35/SF
− OpEx
−$51.1K −$10.51/SF
NOI
$62.4K $12.84/SF
Area
Yamhill County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,248,040
Cap Rate 7%
$891,457
Cap Rate 9%
$693,356
Alternative Uses
Best Use
Apartment 5plus
$891.5K
$780.0K – $1.04M
NOI $62,402 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,828 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
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Business Placement
Demographics for 97132, OR
32,028
Population
12,411
Households
2.6
Avg Household Size
38
Median Age
39%
College-Educated
93%
High-School Grad
62.6 sq mi
ZIP Area
512
Density / Sq Mi
$95,150
Median Household Income
$46,005
Median Earnings
$1,567
Median Rent
$498,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two legal residences share an 11.9-acre parcel with shops, decks, and a gated driveway.
Where is this multifamily property located?
The property is located at 22740 NE Highway 240 Newberg, OR.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Two legal residences on 11.9 acres; Primary home includes 1,968 SF main floor plus a second 1,968 SF basement; 1991 singlewide MH with 924 sqft, 2 bedrooms, and 2 bathrooms
