Duplex with Interior Connecting
For Sale
$315,000
410 SW MILL St, Sheridan, OR 97378
MULTI_FAMILY - Sheridan, OR
Property Size1,662 SF
Price / SF$189.53
Days on Market146
Property Features for 410 SW MILL St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3
Elementary school
Faulconer-Chap
Middle school
Faulconer-Chap
High school
Sheridan
Directions
Hwy 18 to S. Bridge. West on Mill to property.
Subdivision
_156
Standard status
Active
APN
226981
Taxes and HOA fees
Tax Description
LOTS 1 & 2 - BLOCK 3 IN GILSTRAP'S ADDITION
Tax Annual Amount
1649
Legal Description
LOTS 1 & 2 - BLOCK 3 IN GILSTRAP'S ADDITION
Utilities
Heating system
Zoned
Building Details
Year built
1979
Number of units
2
Roof type
Composition
Listing Agency:
Bella Casa Real Estate Group
(503) 435-7059
Listed By:
Lacey Summers · License #201225468
(503) 435-7059
Added: Mar 19
Changed: Aug 11
Last Checked: Aug 11 at 9:06PM
MLS# 143102133
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.
Income-producing duplex configured as two separate units, offering flexible use as a duplex now or conversion back to a single residence later. The interior includes a securable connecting door between the units, plus durable tile and laminate flooring in both sides for easier maintenance. One side features a cozy gas fireplace.
The property is zoned R1 and built in 1979. A single water meter serves the home, and the owner is currently covering water, sewer, and trash. The roof is composition.
Location is in Sheridan, Oregon, near schools, parks, and downtown, with easy access to Highway 18 and the Yamhill County wine country. The property is not in a flood zone.
The property is zoned R1 and built in 1979. A single water meter serves the home, and the owner is currently covering water, sewer, and trash. The roof is composition.
Location is in Sheridan, Oregon, near schools, parks, and downtown, with easy access to Highway 18 and the Yamhill County wine country. The property is not in a flood zone.
Key Highlights
- Duplex configured as two separate units with a securable interior connecting door
- 1,662 sq ft flexible layout to run as duplex now or convert back later
- Zoned R1 and built in 1979
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
$21,340
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
6.77%
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%
$426,800
$426.8K
Cap Rate 7%
$304,857
$304.9K
Cap Rate 9%
$237,111
$237.1K
Market Conditions
NOI Build-Up for 1,662 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
$40.9K $24.60/SF
− Vacancy
−$2.1K −$1.25/SF
EGI
$38.8K $23.35/SF
− OpEx
−$17.5K −$10.51/SF
NOI
$21.3K $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%
$426,800
Cap Rate 7%
$304,857
Cap Rate 9%
$237,111
Alternative Uses
Best Use
Apartment 5plus
$304.9K
$266.8K – $355.7K
NOI $21,340 @ 7.0% cap · market cap 6.77%
Second Best
Multifamily LT 5
$261.6K
$228.9K – $305.2K
NOI $18,310 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$448.6K
$392.5K – $523.4K
NOI $31,403 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
182
Businesses Nearby
Explore this area
Business Placement
Demographics for 97378, OR
9,195
Population
2,891
Households
3.2
Avg Household Size
41
Median Age
15%
College-Educated
88%
High-School Grad
116.7 sq mi
ZIP Area
79
Density / Sq Mi
$80,680
Median Household Income
$37,009
Median Earnings
$1,078
Median Rent
$341,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - R1-zoned duplex with zoned heating and flexible two-unit configuration near schools, parks, and downtown.
Where is this duplex located?
The property is located at 410 SW MILL St Sheridan, OR.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Duplex configured as two separate units with a securable interior connecting door; 1,662 sq ft flexible layout to run as duplex now or convert back later; Zoned R1 and built in 1979
