Five-Unit Apartment
507 Northeast Davis Street McMinnville, OR 97128
507 Northeast Davis Street, McMinnville, OR, 97128
$1,330,000
For Sale
$1,330,000
Five apartments with renovated kitchens and baths in four units, plus ductless heat pumps throughout.
Property Size5,350 SF
Price / SF$248.60
Days on Market290
Property Features for 507 Northeast Davis Street
General Information
- Standard status
- Active
- Size
- 5,350 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1940
Listing agency
Bella Casa Real Estate Group
(971) 241-9647
Listed by
Brielle Houston · License #201259483
(971) 241-9647
Source
Compass
Added: Oct 6, 2025 Updated: Jul 22 at 7:31AM Checked: Jul 22 at 7:31AM
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 Bella Casa Real Estate Group
Investment Insights
Based on property information with market context.
This five-unit apartment building includes five uniquely designed apartments, with four units featuring newly renovated kitchens and bathrooms. The property also has custom finishes such as fresh paint and updated window coverings. New ductless heat pumps have been installed throughout for tenant comfort.
The building is described as being located just steps from McMinnville’s downtown, with a walk score of 92. Two of the apartments are currently used as short-term rentals.
A basement level is set up as a shared common space with a kitchen, and it could potentially be reconfigured into private storage lockers for tenants or wine lockers for guests. The property also includes updated wiring for an EV charging station.
The building is described as being located just steps from McMinnville’s downtown, with a walk score of 92. Two of the apartments are currently used as short-term rentals.
A basement level is set up as a shared common space with a kitchen, and it could potentially be reconfigured into private storage lockers for tenants or wine lockers for guests. The property also includes updated wiring for an EV charging station.
Key Highlights
- Five‑apartment, 2‑story multi‑unit property built in 1940
- Four units feature newly renovated kitchens and bathrooms with updated finishes, including fresh paint and window coverings
- New ductless heat pumps installed throughout for heating and cooling
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $131.6k | $24.60 |
| − Vacancy | −$6.7k | −$1.25 |
| EGI | $124.9k | $23.35 |
| − OpEx | −$56.2k | −$10.51 |
| NOI | $68.7k | $12.84 |
5,350 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$981.3K
$858.7K – $1.14M
NOI $68,694 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,087 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Mid-Valley Davis Street ...
Medical Clinic
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FAQs
What type of property is this?
Apartment building - Five apartments with renovated kitchens and baths in four units, plus ductless heat pumps throughout.
Where is this apartment building located?
The property is located at 507 Northeast Davis Street McMinnville, OR.
What is the asking price?
The asking price for this property is $1,330,000.
What are key features of this property?
This property features: Five‑apartment, 2‑story multi‑unit property built in 1940; Four units feature newly renovated kitchens and bathrooms with updated finishes, including fresh paint and window coverings; New ductless heat pumps installed throughout for heating and cooling
