5-Cottage Multifamily
New
For Sale
$1,995,000
450 MILLER St, Oregon City, OR 97045
MultiFamily, OregonCity, OR
Property Size5,215 SF
Lot Size0.74 Acres
Price / SF$382.55
Days on Market2
Property Features for 450 MILLER St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-6
Bedrooms
9
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 6, Bathroom 4, Bathroom 5, Bedroom 7, Bathroom 9, Bedroom 9, Bathroom 8, Bedroom 6, Bathroom 7, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 8, Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 1
Subdivision
CANEMAH
View
River
Elementary school
Holcomb
Middle school
Gardiner
High school
Oregon City
Directions
99E, S 2nd ST, S End Rd, R on 5th Ave to Miller
Standard status
Active
APN
00743262
Size
5,215 SF
Lot size
0.74 Acres
Taxes and HOA fees
Tax Description
6 CANEMAH LT 6 BLK 15
Tax Annual Amount
24293
Legal Description
6 CANEMAH LT 6 BLK 15
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Amenities
shared green spaces
Building Details
Year built
2023
Floors in Building
2
Number of units
5
Roof type
Composition
Listing Agency:
Oregon First
(503) 369-6633
Listed By:
Channon Burns
(503) 233-8883
Added: Oct 15
Changed: Oct 16
Last Checked: Oct 16 at 2:06PM
MLS# 149892568
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.
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Investment Insights
Based on property information with market context.
This multifamily property consists of five detached cottages completed in 2023, with 5,215 square feet of building area on a 0.74-acre site. Each residence has its own floor plan, wood-framed windows, vaulted ceilings, a contemporary kitchen with stainless steel appliances, and a deck or covered porch. Shared landscaping includes communal green space and native plantings. Heat pump systems provide heating and cooling, and the roofs are composition. The property is zoned R-6.
In Oregon City’s Canemah District, the cottages sit near downtown restaurants, breweries, shops, parks, and historic sites. The Willamette River corridor and Tumwater Village riverfront district are also nearby, with access to the greater Portland area.
In Oregon City’s Canemah District, the cottages sit near downtown restaurants, breweries, shops, parks, and historic sites. The Willamette River corridor and Tumwater Village riverfront district are also nearby, with access to the greater Portland area.
Key Highlights
- Five detached cottages built in 2023
- 5,215 square feet of building area on 0.74 acres
- R‑6 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,960
Cap Rate
3.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,339,200
$1.3M
Cap Rate 7%
$956,571
$956.6K
Cap Rate 9%
$744,000
$744.0K
Market Conditions
NOI Build-Up for 5,215 SF
Gross rent
$128.3K $24.60/SF
− Vacancy
−$6.5K −$1.25/SF
EGI
$121.7K $23.35/SF
− OpEx
−$54.8K −$10.51/SF
NOI
$67.0K $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 Rate 5%
$1,339,200
Cap Rate 7%
$956,571
Cap Rate 9%
$744,000
Alternative Uses
Best Use
Apartment 5plus
$956.6K
$837.0K – $1.12M
NOI $66,960 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,536 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
141
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Five separate residences feature contemporary interiors, private outdoor areas, and landscaped shared grounds.
Where is this multifamily property located?
The property is located at 450 MILLER St Oregon City, OR.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Five detached cottages built in 2023; 5,215 square feet of building area on 0.74 acres; R‑6 zoning
