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 Market159
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
Bedroom 10, Bathroom 3, Bathroom 4, Bathroom 1, Bedroom 6, Bedroom 9, Bedroom 4, Bathroom 9, Bedroom 3, Bathroom 11, Bedroom 1, Bedroom 8, Bathroom 2, Bathroom 6, Bedroom 5, Bathroom 7, Bathroom 8, Bedroom 7, Bedroom 2, Bathroom 12, Bathroom 10, Bathroom 5
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
Taxes and HOA fees
Tax Description
Fairhaven Vista Phases 1 & 2 Lot 3
Tax Annual Amount
9144
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: Sep 13
Last Checked: Sep 13 at 7:06PM
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.
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 = 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
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
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
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?
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
