Four-Unit Townhome
For Sale
$1,149,000
2531 NW CEDAR Ave, Redmond, OR 97756
MultiFamily, Redmond, OR
Property Size4,848 SF
Lot Size0.18 Acres
Price / SF$237
Days on Market208
Property Features for 2531 NW CEDAR Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
10
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 1, Bedroom 6, Bathroom 5, Bathroom 11, Bathroom 12, Bedroom 10, Bathroom 10, Bathroom 4, Bathroom 3, Bedroom 1, Bathroom 9, Bathroom 8, Bedroom 7, Bathroom 7, Bedroom 8, Bathroom 2, Bedroom 3, Bedroom 4, Bathroom 6, Bedroom 5, Bedroom 9, Bedroom 2
Elementary school
Hugh Hartman
Middle school
Elton Gregory
High school
Redmond
Directions
Hwy 97, W on SW Black Butte Blvd to W Antler, N on NW 25th Street
Subdivision
_320
Standard status
Active
APN
207179
Size
4,848 SF
Lot size
0.18 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Description
Fairhaven Vista Phases 1 & 2 Lot 3
Tax Annual Amount
9363
Legal Description
Fairhaven Vista Phases 1 & 2 Lot 3
Building Details
Year built
2002
Floors in Building
2
Number of units
10
Roof type
Composition
Listing Agency:
Keller Williams PDX Central · Keller Williams Realty
(503) 548-4848
Listed By:
Tami Liesy · License #200108097
(503) 388-1881
Added: Apr 8
Changed: Oct 26
Last Checked: Nov 1 at 1:06PM
MLS# 286696634
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.
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Investment Insights
Based on property information with market context.
Built in 2002, this R4-zoned quadplex contains 4,848 square feet across four townhome-style residences on a 0.18-acre corner lot. Each unit features an open-concept layout, full kitchen appliances, and a washer and dryer. Units 1 and 4 are approximately 1,100 square feet with two bedrooms and 2.5 baths, while Units 2 and 3 are approximately 1,200 square feet with three bedrooms and 2.5 baths. Improvements vary by residence and include newer appliances, luxury vinyl plank flooring, carpet, interior paint, blinds, baseboards, hardware, and plumbing fixtures.
The property is in Redmond, Oregon, near schools, parks, and trails. Shopping and dining are less than 1.5 miles away. Units 1–3 are currently leased, and Unit 4 is available for appointment-only showings. The HOA has used the same management company for 15 years. Projected cap rate is 6.18%.
The property is in Redmond, Oregon, near schools, parks, and trails. Shopping and dining are less than 1.5 miles away. Units 1–3 are currently leased, and Unit 4 is available for appointment-only showings. The HOA has used the same management company for 15 years. Projected cap rate is 6.18%.
Key Highlights
- Four‑unit R4‑zoned quadplex with 4,848 square feet on 0.18 acres
- Townhome‑style residences with open‑concept layouts and full kitchen appliances
- Units 1 and 4: approximately 1,100 SF, 2 bedrooms, and 2.5 baths
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,009
Cap Rate
5.92%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
154
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Corner-lot multifamily property with open-plan residences, in-unit laundry, and updated finishes across the four homes.
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 R4‑zoned quadplex with 4,848 square feet on 0.18 acres; Townhome‑style residences with open‑concept layouts and full kitchen appliances; Units 1 and 4: approximately 1,100 SF, 2 bedrooms, and 2.5 baths
