Townhome-Style
For Sale
$1,149,000
2531 NW Cedar Ave, Redmond, OR 97756
Corner-lot fourplex with updated interiors, full appliances, and in-unit washers and dryers.
Property Size4,848 SF
Price / SF$237
Days on Market13
Property Features for 2531 NW Cedar Ave
General Information
Standard status
Active
Size
4,848 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2.5BA, 2 x 3BR/2.5BA
Multifamily Units
4
Building Details
Year Built
2002
Buildings
1
Listing Agency:
Keller Williams PDX Central
(503) 388-1881
Listed By:
Tami Liesy · License #200108097
Source:
Wisser
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 8:23PM
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 Keller Williams PDX Central
Investment Insights
Based on property information with market context.
Built in 2002, this four-unit multifamily property is arranged in townhome-style residences with open-concept layouts. Each unit includes full kitchen appliances along with a washer and dryer. Interior improvements vary by residence and include newer appliances, luxury vinyl plank flooring, carpet, paint, blinds, baseboards, hardware, and plumbing fixtures.
Units 1 and 4 measure approximately 1,100 SF and offer two bedrooms with 2.5 baths. Units 2 and 3 measure approximately 1,200 SF and provide three bedrooms with 2.5 baths. Units 1–3 are leased, while Unit 4 is available for appointment-only showings. The property occupies a corner lot in a neighborhood with sidewalks and nearby homes. Schools, parks, and trails are close by, while shopping and dining are less than 1.5 miles away. The projected cap rate is 6.18%, and the HOA has used the same management company for 15 years.
Units 1 and 4 measure approximately 1,100 SF and offer two bedrooms with 2.5 baths. Units 2 and 3 measure approximately 1,200 SF and provide three bedrooms with 2.5 baths. Units 1–3 are leased, while Unit 4 is available for appointment-only showings. The property occupies a corner lot in a neighborhood with sidewalks and nearby homes. Schools, parks, and trails are close by, while shopping and dining are less than 1.5 miles away. The projected cap rate is 6.18%, and the HOA has used the same management company for 15 years.
Key Highlights
- Four‑unit townhome‑style property built in 2002
- Units 1 and 4: approximately 1,100sf, 2 bedrooms, and 2.5 baths
- Units 2 and 3: approximately 1,200sf, 3 bedrooms, and 2.5 baths
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
$68,009
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
5.92%
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%
$1,360,180
$1.4M
Cap Rate 7%
$971,557
$971.6K
Cap Rate 9%
$755,656
$755.7K
Market Conditions
NOI Build-Up for 4,848 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
$104.7K $21.60/SF
− Vacancy
−$7.6K −$1.56/SF
EGI
$97.2K $20.04/SF
− OpEx
−$29.1K −$6.01/SF
NOI
$68.0K $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%
$1,360,180
Cap Rate 7%
$971,557
Cap Rate 9%
$755,656
Alternative Uses
Best Use
Multifamily LT 5
$971.6K
$850.1K – $1.13M
NOI $68,009 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$887.0K
$776.1K – $1.03M
NOI $62,087 @ 7.0% cap · market cap 5.40%
Theoretical Best
Retail
$1.67M
$1.46M – $1.95M
NOI $116,794 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
154
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Corner-lot fourplex with updated interiors, full appliances, and in-unit washers and dryers.
Where is this quadplex located?
The property is located at 2531 NW Cedar Ave Redmond, OR.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: Four‑unit townhome‑style property built in 2002; Units 1 and 4: approximately 1,100sf, 2 bedrooms, and 2.5 baths; Units 2 and 3: approximately 1,200sf, 3 bedrooms, and 2.5 baths
