Upgraded Duplex With Attached
For Sale
$547,500
2412 SW WICKIUP Ave, Redmond, OR 97756
MultiFamily, Redmond, OR
Property Size1,638 SF
Lot Size0.34 Acres
Price / SF$334.25
Days on Market213
Property Features for 2412 SW WICKIUP Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 3, Bathroom 1
Elementary school
Sage
Middle school
Obsidian
High school
Ridgeview
Directions
SW Canal Blvd
Subdivision
_320
Standard status
Active
APN
124675
Size
1,638 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
Brown's Additions Block: PT BLK 4
Tax Annual Amount
3375
Legal Description
Brown's Additions Block: PT BLK 4
Utilities
Heating system
Ductless (Heating)
Amenities
storage units
Building Details
Year built
1969
Floors in Building
1
Number of units
3
Roof type
Composition
Listing Agency:
Windermere Realty Trust · Windermere Real Estate
(503) 284-7755
Listed By:
Jan Stranski, P.C. · License #980700144
(503) 329-7209
Added: Feb 12
Changed: Sep 13
Last Checked: Sep 13 at 6:06PM
MLS# 234089645
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 duplex contains 1,638 square feet arranged as two approximately 819-square-foot residences. Each side includes two bedrooms, one bathroom, a single-car attached garage, and storage space. The mirrored layouts have received updates including laminate flooring, light fixtures, cedar fencing, electrical improvements, and A/C. Appliances and window treatments are included. Ductless heating and a composition roof serve the property, which was built in 1969.
The 0.34-acre corner lot is zoned R3 and includes separate fenced backyards along with adjacent RV parking. The property is currently occupied, and each residence is configured for practical day-to-day living with its own garage, storage, and outdoor area.
The 0.34-acre corner lot is zoned R3 and includes separate fenced backyards along with adjacent RV parking. The property is currently occupied, and each residence is configured for practical day-to-day living with its own garage, storage, and outdoor area.
Key Highlights
- 1,638‑square‑foot duplex with two approximately 819‑square‑foot units
- Each unit includes 2 bedrooms, 1 bathroom, an attached single‑car garage, and storage
- 0.34‑acre oversized corner lot zoned R3
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
$22,978
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
4.20%
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%
$459,560
$459.6K
Cap Rate 7%
$328,257
$328.3K
Cap Rate 9%
$255,311
$255.3K
Market Conditions
NOI Build-Up for 1,638 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
$35.4K $21.60/SF
− Vacancy
−$2.6K −$1.56/SF
EGI
$32.8K $20.04/SF
− OpEx
−$9.8K −$6.01/SF
NOI
$23.0K $14.03/SF
Area
Deschutes County, OR
Vacancy
7.22%
Lease Rate
$21.60 /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%
$459,560
Cap Rate 7%
$328,257
Cap Rate 9%
$255,311
Alternative Uses
Best Use
Multifamily LT 5
$328.3K
$287.2K – $383.0K
NOI $22,978 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$299.7K
$262.2K – $349.6K
NOI $20,977 @ 7.0% cap · market cap 3.83%
Theoretical Best
Retail
$563.7K
$493.3K – $657.7K
NOI $39,461 @ 7.0% cap · market cap 7.21%
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
285
Businesses Nearby
Explore this area
Business Placement
Demographics for 97756, OR
42,168
Population
18,335
Households
2.3
Avg Household Size
40
Median Age
32%
College-Educated
92%
High-School Grad
126.3 sq mi
ZIP Area
334
Density / Sq Mi
$84,067
Median Household Income
$41,909
Median Earnings
$1,473
Median Rent
$469,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Two matching units offer updated interiors, divided fenced yards, and included appliances.
Where is this duplex located?
The property is located at 2412 SW WICKIUP Ave Redmond, OR.
What is the asking price?
The asking price for this property is $547,500.
What are key features of this property?
This property features: 1,638‑square‑foot duplex with two approximately 819‑square‑foot units; Each unit includes 2 bedrooms, 1 bathroom, an attached single‑car garage, and storage; 0.34‑acre oversized corner lot zoned R3
