Duplex with Two-Bedroom
For Sale
$175,000
228 W River Street, Cave Junction, OR 97523
Two-unit residential property with separate layouts, enclosed ancillary spaces, and established tenancy.
Property Size1,248 SF
Lot Size0.32 Acres
Price / SF$140.22
Days on Market53
Property Features for 228 W River Street
General Information
Standard status
Active
Size
1,248 SF
Lot size
0.32 Acres
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
would benefit from updating
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
enclosed back porch
enclosed carport with washer/dryer hookups
large open yard
Building Details
Year Built
1946
Listing Agency:
Illinois Valley Real Estate
(904) 716-5709
Listed By:
Lynn Johnson · License #r10351
Source:
Bendoregonrealestate
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 30 at 1:31PM
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 Illinois Valley Real Estate
Investment Insights
Based on property information with market context.
Built in 1946, this duplex contains 1,248 square feet across two separate units, each configured with 2 bedrooms and 1 bath. The units are approximately 624 square feet apiece. One residence includes an enclosed rear porch that can serve as additional storage or flex space, while the other has an enclosed carport with washer and dryer hookups. Both units are occupied by long-term tenants, and the property would benefit from updating.
The property occupies a level .32-acre parcel at 228 W River Street in Cave Junction, Oregon. A large open yard provides substantial outdoor space, and the two-unit layout offers distinct residential accommodations within one property.
The property occupies a level .32-acre parcel at 228 W River Street in Cave Junction, Oregon. A large open yard provides substantial outdoor space, and the two-unit layout offers distinct residential accommodations within one property.
Key Highlights
- Two‑unit duplex totaling 1,248 square feet
- Each unit measures approximately 624 sq ft with 2 bedrooms and 1 bath
- Long‑term tenants occupy both units
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
$10,137
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
5.79%
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%
$202,740
$202.7K
Cap Rate 7%
$144,814
$144.8K
Cap Rate 9%
$112,633
$112.6K
Market Conditions
NOI Build-Up for 1,248 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
$15.3K $12.24/SF
− Vacancy
−$794 −$0.64/SF
EGI
$14.5K $11.60/SF
− OpEx
−$4.3K −$3.48/SF
NOI
$10.1K $8.12/SF
Area
Josephine County, OR
Vacancy
5.20%
Lease Rate
$12.24 /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%
$202,740
Cap Rate 7%
$144,814
Cap Rate 9%
$112,633
Alternative Uses
Best Use
Multifamily LT 5
$144.8K
$126.7K – $169.0K
NOI $10,137 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$134.4K
$117.6K – $156.8K
NOI $9,410 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$283.0K
$247.6K – $330.1K
NOI $19,808 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Explore this area
Business Placement
Demographics for 97523, OR
6,548
Population
3,606
Households
1.8
Avg Household Size
50
Median Age
18%
College-Educated
91%
High-School Grad
250.3 sq mi
ZIP Area
26
Density / Sq Mi
$45,960
Median Household Income
$27,227
Median Earnings
$1,239
Median Rent
$301,000
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?
Duplex - Two-unit residential property with separate layouts, enclosed ancillary spaces, and established tenancy.
Where is this duplex located?
The property is located at 228 W River Street Cave Junction, OR.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,248 square feet; Each unit measures approximately 624 sq ft with 2 bedrooms and 1 bath; Long‑term tenants occupy both units
