9-Unit Apartment
For Sale
$2,295,000
422-438 Warren St S, Monmouth, OR 97383
Student housing property combining two multifamily buildings with a detached home and garage.
Property Size11,527 SF
Lot Size0.45 Acres
Price / SF$199.10
Days on Market52
Property Features for 422-438 Warren St S
General Information
Standard status
Active
Size
11,527 SF
Lot size
0.45 Acres
Property subtype
Multi-Family
Net Operating Income
$90,883
Units
Unit Mix
8 x 3BR/3BA, 1 x 2BR/3BA
Multifamily Units
9
Additional Details
Gross Income
$155,400
Building Details
Year Built
2004
Buildings
3
Units
9
Listing Agency:
NED BAKER REAL ESTATE
(503) 881-5286
Listed By:
Levi Wilson · License #200111024
(503) 881-5286
Source:
Nedbaker.idxbroker
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 29 at 5:56AM
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 NED BAKER REAL ESTATE
Investment Insights
Based on property information with market context.
Built in 2004, this 9-unit apartment portfolio includes two fourplex buildings and a separate single-family residence. The multifamily component contains eight 3-bedroom, 3-bathroom units measuring 1,295 SF each. The detached home provides 2 bedrooms, 3 bathrooms, a garage, and 1,075 SF. Together, the improvements total 11,527 SF on 0.45 acres.
The property is located at 422-438 Warren St S in Monmouth, Oregon, serving as student housing within the Monmouth and Independence market. Its unit mix combines consistent three-bedroom layouts with a smaller detached residence, providing distinct configurations within one property.
The property is located at 422-438 Warren St S in Monmouth, Oregon, serving as student housing within the Monmouth and Independence market. Its unit mix combines consistent three-bedroom layouts with a smaller detached residence, providing distinct configurations within one property.
Key Highlights
- 9‑unit apartment portfolio at 422‑438 Warren St S, Monmouth, OR 97383
- Eight 3‑bedroom, 3‑bathroom units measuring 1,295 SF each
- Detached 2BR/3BA single‑family home with garage and 1,075 SF
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
$127,492
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
5.56%
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%
$2,549,840
$2.5M
Cap Rate 7%
$1,821,314
$1.8M
Cap Rate 9%
$1,416,578
$1.4M
Market Conditions
NOI Build-Up for 11,527 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
$249.0K $21.60/SF
− Vacancy
−$17.2K −$1.49/SF
EGI
$231.8K $20.11/SF
− OpEx
−$104.3K −$9.05/SF
NOI
$127.5K $11.06/SF
Area
Polk County, OR
Vacancy
6.90%
Lease Rate
$21.60 /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%
$2,549,840
Cap Rate 7%
$1,821,314
Cap Rate 9%
$1,416,578
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,492 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.06M
$2.68M – $3.57M
NOI $214,236 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 97383, OR
10,079
Population
4,116
Households
2.4
Avg Household Size
39
Median Age
25%
College-Educated
88%
High-School Grad
47.6 sq mi
ZIP Area
212
Density / Sq Mi
$75,094
Median Household Income
$41,366
Median Earnings
$1,090
Median Rent
$408,300
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 - Student housing property combining two multifamily buildings with a detached home and garage.
Where is this apartment building located?
The property is located at 422-438 Warren St S Monmouth, OR.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 9‑unit apartment portfolio at 422‑438 Warren St S, Monmouth, OR 97383; Eight 3‑bedroom, 3‑bathroom units measuring 1,295 SF each; Detached 2BR/3BA single‑family home with garage and 1,075 SF
