4-Unit Apartment Building with Outdoor
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 Market595
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 5, Bedroom 8, Bathroom 4, Bedroom 1, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 6, Bedroom 7, Bathroom 2, Bedroom 4, Bedroom 3
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
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5120
Utilities
Heating system
Zoned, Baseboard, Electric (Heating)
Amenities
laundry facilities
upstairs balconies
lower patios
greenspace
easy-care grounds
Building Details
Year built
1971
Number of units
4
Flooring type
Carpet, Laminate, Vinyl, Other (refer to remarks)
Roof type
Shingle, Composition
Listing Agency:
EXP REALTY, LLC
(888) 814-9613
Listed By:
CHAD HARRINGTON · License #201225668
(541) 905-2698
Added: Mar 18, 2025
Changed: Nov 2
Last Checked: Nov 2 at 5:06PM
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.
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Investment Insights
Based on property information with market context.
This four-unit apartment property contains 3,280 square feet on a 0.21-acre lot and was built in 1971. Three of the four residences have been remodeled. The property includes shared laundry facilities, upstairs balconies, lower-level patios, green space, and a seven-space parking lot. Heating is electric, with zoned baseboard systems; flooring includes carpet, laminate, vinyl, and other types.
The property is two blocks from Western Oregon University and one block from downtown Monmouth. Its location puts both the campus and downtown within walking distance.
The property is two blocks from Western Oregon University and one block from downtown Monmouth. Its location puts both the campus and downtown within walking distance.
Key Highlights
- Four apartment units in a 3,280‑square‑foot building
- Three of four units have been remodeled
- 0.21‑acre parcel with seven parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,393
Cap Rate
4.38%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Three residences have been remodeled, with shared laundry and on-site parking serving the four-unit property.
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 apartment units in a 3,280‑square‑foot building; Three of four units have been remodeled; 0.21‑acre parcel with seven parking spaces
