Remodeled Quadplex Near
For Sale
$899,990
297 Main St W, Monmouth, OR 97361
Multi Family, Monmouth, OR
Property Size3,280 SF
Lot Size0.21 Acres
Price / SF$274.39
Days on Market566
Property Features for 297 Main St W
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 1, Bedroom 6, Bedroom 8, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 5, Bathroom 2, Bathroom 4, Bedroom 3, Bathroom 1
Patio and Porch features
Deck, Patio
Subdivision
TOWN OF MONMOUTH
Lot features
Irregular, Lot: 3
View
Territorial
Elementary school
Monmouth
Middle school
Talmadge
High school
Central
Standard status
Active
APN
194882
Size
3,280 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5120
Utilities
Heating system
Baseboard, Zoned, Electric (Heating)
Amenities
laundry facilities
balconies
patios
greenspace
Building Details
Year built
1971
Number of units
4
Flooring type
Other (refer to remarks), Laminate, Vinyl, Carpet
Roof type
Composition, Shingle
Listing Agency:
EXP REALTY, LLC
(888) 814-9613
Listed By:
CHAD HARRINGTON · License #201225668
(541) 905-2698
Added: Mar 18, 2025
Changed: Sep 15
Last Checked: Oct 4 at 4:06PM
MLS# 826630
Copyright © 2026 Willamette Valley Multiple Listing Service. 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 3,280-square-foot quadplex contains four residential units, with three fully remodeled. The property includes updated in-house laundry facilities, upstairs balconies, lower-level patios, greenspace, and a 7-spot parking lot. Flooring includes laminate, carpet, and vinyl, while heating is provided by zoned electric baseboard systems. The building was constructed in 1971 and carries RM zoning on a 0.21-acre lot.
Located at 297 Main St W in Monmouth, the property is two blocks from Western Oregon University and one block from downtown. Two units are currently HUD, with scheduled increases noted in the property information. Roof replacement at closing is included in the offering.
Located at 297 Main St W in Monmouth, the property is two blocks from Western Oregon University and one block from downtown. Two units are currently HUD, with scheduled increases noted in the property information. Roof replacement at closing is included in the offering.
Key Highlights
- Four‑unit quadplex with 3,280 square feet on 0.21 acres
- Three of 4 units have been completely remodeled
- Two units are currently HUD with scheduled increases
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
$39,393
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
4.38%
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%
$787,860
$787.9K
Cap Rate 7%
$562,757
$562.8K
Cap Rate 9%
$437,700
$437.7K
Market Conditions
NOI Build-Up for 3,280 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
$60.2K $18.36/SF
− Vacancy
−$3.9K −$1.20/SF
EGI
$56.3K $17.16/SF
− OpEx
−$16.9K −$5.15/SF
NOI
$39.4K $12.01/SF
Area
Polk County, OR
Vacancy
6.55%
Lease Rate
$18.36 /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%
$787,860
Cap Rate 7%
$562,757
Cap Rate 9%
$437,700
Alternative Uses
Best Use
Multifamily LT 5
$562.8K
$492.4K – $656.6K
NOI $39,393 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$518.3K
$453.5K – $604.6K
NOI $36,278 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$870.9K
$762.0K – $1.02M
NOI $60,961 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Explore this area
Business Placement
Demographics for 97361, OR
13,412
Population
4,858
Households
2.8
Avg Household Size
29
Median Age
28%
College-Educated
94%
High-School Grad
132.9 sq mi
ZIP Area
101
Density / Sq Mi
$70,625
Median Household Income
$28,812
Median Earnings
$1,128
Median Rent
$407,100
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?
Quadplex - Four-unit income property with three renovated units, resident laundry, patios, balconies, and a seven-space lot.
Where is this quadplex located?
The property is located at 297 Main St W Monmouth, OR.
What is the asking price?
The asking price for this property is $899,990.
What are key features of this property?
This property features: Four‑unit quadplex with 3,280 square feet on 0.21 acres; Three of 4 units have been completely remodeled; Two units are currently HUD with scheduled increases
