Three-Unit Multifamily
For Sale
$574,900
308 HIGH St, Oregon City, OR 97045
MultiFamily, OregonCity, OR
Property Size3,174 SF
Lot Size0.08 Acres
Price / SF$181.13
Days on Market102
Property Features for 308 HIGH St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3.5
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 7, Bathroom 3, Bedroom 6, Bedroom 1, Bedroom 5, Bedroom 4, Bathroom 1
Subdivision
MCLOUGHLIN
Elementary school
Holcomb
Middle school
Gardiner
High school
Oregon City
Directions
From OR 99E, head east on 7th St, left on High St to property. DND tenants.
Standard status
Active
APN
00573828
Size
3,174 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
2 OREGON CITY PT LT 6 BLK 36
Tax Annual Amount
4074
Legal Description
2 OREGON CITY PT LT 6 BLK 36
Utilities
Heating system
Forced Air
Building Details
Year built
1905
Floors in Building
3
Number of units
3
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: May 21
Changed: Aug 30
Last Checked: Aug 30 at 8:06PM
MLS# 727175603
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 1905, this 3,174-square-foot triplex contains one residence on each level and sits on a 0.08-acre lot. The property is zoned R3.5 and uses forced-air heating. Work completed in 2025 included a composition roof, siding, gutters, porch components, dormer repairs, selected windows, railings, and fencing. Interior improvements included kitchen cabinetry and appliances, lighting, bathrooms, heating, plumbing, paint, and attic finish work. Updated electrical panels, furnaces, and water heaters serve the basement utility area.
Located at 308 High St in Oregon City, the property is across from Promenade Park, with views toward historic downtown and Willamette Falls. Downtown shops, restaurants, coffee, pubs, river viewpoints, Clackamette Park, Canemah, Providence Willamette Falls Medical Center, Clackamas Community College, and commuter routes are nearby. Street parking is available.
Located at 308 High St in Oregon City, the property is across from Promenade Park, with views toward historic downtown and Willamette Falls. Downtown shops, restaurants, coffee, pubs, river viewpoints, Clackamette Park, Canemah, Providence Willamette Falls Medical Center, Clackamas Community College, and commuter routes are nearby. Street parking is available.
Key Highlights
- Three units arranged with one residence on each level
- 3,174 square feet on a 0.08‑acre lot
- 2025 exterior work included roof, siding, gutters, porches, windows, and fencing
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
$40,754
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
7.09%
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%
$815,080
$815.1K
Cap Rate 7%
$582,200
$582.2K
Cap Rate 9%
$452,822
$452.8K
Market Conditions
NOI Build-Up for 3,174 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
$78.1K $24.60/SF
− Vacancy
−$4.0K −$1.25/SF
EGI
$74.1K $23.35/SF
− OpEx
−$33.3K −$10.51/SF
NOI
$40.8K $12.84/SF
Area
Clackamas County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$815,080
Cap Rate 7%
$582,200
Cap Rate 9%
$452,822
Alternative Uses
Best Use
Apartment 5plus
$582.2K
$509.4K – $679.2K
NOI $40,754 @ 7.0% cap · market cap 7.09%
Second Best
Multifamily LT 5
$569.6K
$498.4K – $664.5K
NOI $39,869 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$856.7K
$749.7K – $999.5K
NOI $59,972 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,176
Businesses Nearby
Explore this area
Business Placement
Demographics for 97045, OR
57,403
Population
21,702
Households
2.6
Avg Household Size
41
Median Age
33%
College-Educated
95%
High-School Grad
86.8 sq mi
ZIP Area
661
Density / Sq Mi
$100,388
Median Household Income
$49,342
Median Earnings
$1,600
Median Rent
$563,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Historic three-level rental property with updated systems, exterior improvements, and access to Oregon City’s downtown core.
Where is this triplex located?
The property is located at 308 HIGH St Oregon City, OR.
What is the asking price?
The asking price for this property is $574,900.
What are key features of this property?
This property features: Three units arranged with one residence on each level; 3,174 square feet on a 0.08‑acre lot; 2025 exterior work included roof, siding, gutters, porches, windows, and fencing
