Two-Residence Multifamily
22740 NE Highway 240, Newberg, OR 97132
For Sale
$1,275,000
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 Market73
Property Features for 22740 NE Highway 240
General Information
Standard status
Size
Lot size
Property subtype
Property Condition
Severity
Evidence
Units
Unit Mix
Multifamily Units
Amenities
front deck
back deck
seasonal creek
gated driveway
Building Details
Year Built
Buildings
Listing Agency:
MORE Realty
Listed By:
Patty Hopper · License #201232913
(541) 951-1812
Source:
Century21northhomes
Added: Aug 29
Changed: Nov 8
Last Checked: Nov 8 at 6:50AM
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
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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 / Yr
$62,402
Cap Rate
4.89%
Suggested Prices Based on Cap Rates
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
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 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.
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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
$498,500
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Yamhill County, OR
Properties on Market for Multifamily properties in Yamhill County
Vacancy Rate% for Multifamily in West region
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
