Updated Duplex with Covered
New
For Sale
$410,000
2501 Prairie Pl SE, Albany, OR 97322
Two one-bedroom residences with included appliances, dedicated parking, and recent exterior improvements.
Property Size1,352 SF
Price / SF$303.25
Days on Market2
Property Features for 2501 Prairie Pl SE
General Information
Standard status
Active
Size
1,352 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1978
Listing Agency:
STELLAR REALTY NORTHWEST
Listed By:
KATY ROSECRANS · License #200402282
(541) 905-1962
Source:
Wisser
Added: Sep 13
Last Checked: Sep 13 at 3:01PM
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 STELLAR REALTY NORTHWEST
Investment Insights
Based on property information with market context.
This well-maintained duplex contains 1,352 square feet and was built in 1978. Each residence offers one bedroom, one bathroom, a generously sized bedroom, and a spacious living area. Included appliances are a washer and dryer, refrigerator, range, and dishwasher. Recent improvements include a roof replacement in 2024, new windows in 2022, and interior painting completed in 2026.
The property is positioned on a cul-de-sac across from Grand Prairie Park in Albany, Oregon. Parking includes a covered carport space and a second tandem space in the driveway. Water, sewer, and yard maintenance are paid by the owner, while tenants cover the remaining utilities. Both units are occupied; access should be coordinated without disturbing residents.
The property is positioned on a cul-de-sac across from Grand Prairie Park in Albany, Oregon. Parking includes a covered carport space and a second tandem space in the driveway. Water, sewer, and yard maintenance are paid by the owner, while tenants cover the remaining utilities. Both units are occupied; access should be coordinated without disturbing residents.
Key Highlights
- Duplex with 1,352 SF of total building area
- Two units, each with 1 bedroom and 1 bathroom
- Roof updated in 2024; windows updated in 2022
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
$12,763
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
3.11%
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%
$255,260
$255.3K
Cap Rate 7%
$182,329
$182.3K
Cap Rate 9%
$141,811
$141.8K
Market Conditions
NOI Build-Up for 1,352 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
$18.7K $13.80/SF
− Vacancy
−$425 −$0.31/SF
EGI
$18.2K $13.49/SF
− OpEx
−$5.5K −$4.05/SF
NOI
$12.8K $9.44/SF
Area
Linn County, OR
Vacancy
2.28%
Lease Rate
$13.80 /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%
$255,260
Cap Rate 7%
$182,329
Cap Rate 9%
$141,811
Alternative Uses
Best Use
Multifamily LT 5
$182.3K
$159.5K – $212.7K
NOI $12,763 @ 7.0% cap · market cap 3.11%
Second Best
Apartment 5plus
$168.0K
$147.0K – $196.0K
NOI $11,757 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$393.9K
$344.6K – $459.5K
NOI $27,570 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
122
Businesses Nearby
Explore this area
Business Placement
Demographics for 97322, OR
37,148
Population
14,867
Households
2.5
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
63.3 sq mi
ZIP Area
587
Density / Sq Mi
$68,536
Median Household Income
$43,530
Median Earnings
$1,335
Median Rent
$321,200
Median Home Value
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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 one-bedroom residences with included appliances, dedicated parking, and recent exterior improvements.
Where is this duplex located?
The property is located at 2501 Prairie Pl SE Albany, OR.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Duplex with 1,352 SF of total building area; Two units, each with 1 bedroom and 1 bathroom; Roof updated in 2024; windows updated in 2022
