New-Construction
New
For Sale
$749,800
595-597 NE Evergreen Av, Dallas, OR 97338
Two matching rental units offer fenced yards, off-street parking, private porches, and durable interior finishes.
Property Size2,666 SF
Price / SF$281.25
Days on Market5
Property Features for 595-597 NE Evergreen Av
General Information
Standard status
Active
Size
2,666 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2025
Buildings
1
Listing Agency:
Homesmart Realty Group
(503) 409-3738
Listed By:
Matin Real Estate
(503) 208-8406
Source:
Portlandrealestate
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 22 at 4:10PM
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 Homesmart Realty Group
Investment Insights
Based on property information with market context.
Completed in 2025, this 2,666-square-foot duplex includes two matching units designed for residential income use. Each unit features a fully fenced backyard, private back porch, luxury vinyl plank flooring, hard-surface countertops, and 9-foot ceilings. An energy-efficient furnace and central AC serve each residence, while off-street parking supports everyday convenience.
The property is located at 595-597 NE Evergreen Av in Dallas, Oregon, with both porches positioned toward open scenery. The two-unit configuration and separately fenced outdoor areas provide a straightforward layout for rental ownership, including buyers evaluating a 1031 exchange or expanding a rental portfolio.
The property is located at 595-597 NE Evergreen Av in Dallas, Oregon, with both porches positioned toward open scenery. The two-unit configuration and separately fenced outdoor areas provide a straightforward layout for rental ownership, including buyers evaluating a 1031 exchange or expanding a rental portfolio.
Key Highlights
- Two‑unit duplex completed in 2025
- 2,666 SF building at 595‑597 NE Evergreen Av, Dallas, OR 97338
- Each unit includes a fully fenced backyard and private back porch
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
$32,019
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
4.27%
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%
$640,380
$640.4K
Cap Rate 7%
$457,414
$457.4K
Cap Rate 9%
$355,767
$355.8K
Market Conditions
NOI Build-Up for 2,666 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
$48.9K $18.36/SF
− Vacancy
−$3.2K −$1.20/SF
EGI
$45.7K $17.16/SF
− OpEx
−$13.7K −$5.15/SF
NOI
$32.0K $12.01/SF
Area
Polk County, OR
Vacancy
6.55%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
30.00%
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%
$640,380
Cap Rate 7%
$457,414
Cap Rate 9%
$355,767
Alternative Uses
Best Use
Multifamily LT 5
$457.4K
$400.2K – $533.7K
NOI $32,019 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$421.2K
$368.6K – $491.5K
NOI $29,487 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$707.8K
$619.4K – $825.8K
NOI $49,549 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Explore this area
Business Placement
Demographics for 97338, OR
22,741
Population
9,109
Households
2.5
Avg Household Size
44
Median Age
25%
College-Educated
92%
High-School Grad
124.8 sq mi
ZIP Area
182
Density / Sq Mi
$73,345
Median Household Income
$37,359
Median Earnings
$1,197
Median Rent
$388,100
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?
Duplex - Two matching rental units offer fenced yards, off-street parking, private porches, and durable interior finishes.
Where is this duplex located?
The property is located at 595-597 NE Evergreen Av Dallas, OR.
What is the asking price?
The asking price for this property is $749,800.
What are key features of this property?
This property features: Two‑unit duplex completed in 2025; 2,666 SF building at 595‑597 NE Evergreen Av, Dallas, OR 97338; Each unit includes a fully fenced backyard and private back porch
