Recently Built Apartment
For Sale
$5,100,000
354 S 8 St, Carlton, OR 97111
Uniform residences include laundry hookups and access to off-street parking within a straightforward multifamily layout.
Property Size20,658 SF
Days on Market192
Property Features for 354 S 8 St
General Information
Standard status
Active
Size
20,658 SF
Total Parking Spaces
29
Property subtype
Multi-Family
Occupancy
86%
Net Operating Income
$310,000
Units
Unit Mix
22 x 2BR/2BA
Multifamily Units
22
Additional Details
Cap Rate
6.1%
Amenities
laundry hookups
Dishwasher
Electric Range
Composition
Building Details
Building Size
20,658 SF
Year Built
2024
Listing Agency:
COLDWELL BNKR/COMMERCIAL DIV
(503) 588-3508
Listed By:
ALEX RHOTEN · License #200111024
(503) 588-3508
Source:
Kw
Added: Feb 19
Changed: Aug 28
Last Checked: Aug 29 at 5:05PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of COLDWELL BNKR/COMMERCIAL DIV
Investment Insights
Based on property information with market context.
Completed in 2024, this 22-unit apartment property in Carlton, Oregon, presents a consistent residential configuration across the building. Each apartment includes two bedrooms, two bathrooms, and laundry hookups, while the property provides 29 off-street parking spaces.
Current occupancy is 86.3%, with three units vacant. The property is located at 354 S 8 St in Carlton, within Yamhill County. A reported 6.10% cap rate adds an operating metric for review alongside the unit count, physical features, and current occupancy.
Current occupancy is 86.3%, with three units vacant. The property is located at 354 S 8 St in Carlton, within Yamhill County. A reported 6.10% cap rate adds an operating metric for review alongside the unit count, physical features, and current occupancy.
Key Highlights
- 22‑unit apartment property completed in 2024
- All apartments feature 2 bedrooms and 2 bathrooms
- Laundry hookups included in every unit
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
$265,248
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
5.20%
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%
$5,304,960
$5.3M
Cap Rate 7%
$3,789,257
$3.8M
Cap Rate 9%
$2,947,200
$2.9M
Market Conditions
NOI Build-Up for 20,658 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
$508.2K $24.60/SF
− Vacancy
−$25.9K −$1.25/SF
EGI
$482.3K $23.35/SF
− OpEx
−$217.0K −$10.51/SF
NOI
$265.2K $12.84/SF
Area
Yamhill 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%
$5,304,960
Cap Rate 7%
$3,789,257
Cap Rate 9%
$2,947,200
Alternative Uses
Best Use
Apartment 5plus
$3.79M
$3.32M – $4.42M
NOI $265,248 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.58M
$4.88M – $6.51M
NOI $390,327 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
22
Residential units
86.3%
Occupancy
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
Explore this area
Business Placement
Demographics for 97111, OR
3,435
Population
1,609
Households
2.1
Avg Household Size
41
Median Age
23%
College-Educated
91%
High-School Grad
38.0 sq mi
ZIP Area
90
Density / Sq Mi
$95,121
Median Household Income
$55,890
Median Earnings
$1,744
Median Rent
$472,900
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?
Apartment building - Uniform residences include laundry hookups and access to off-street parking within a straightforward multifamily layout.
Where is this apartment building located?
The property is located at 354 S 8 St Carlton, OR.
What is the asking price?
The asking price for this property is $5,100,000.
What are key features of this property?
This property features: 22‑unit apartment property completed in 2024; All apartments feature 2 bedrooms and 2 bathrooms; Laundry hookups included in every unit
