New-Construction
New
For Sale
$749,800
602-608 NE Kerns Dr, Dallas, OR 97338
Two matching residences offer private outdoor space, durable finishes, and central air conditioning.
Property Size2,666 SF
Price / SF$281.25
Days on Market5
Property Features for 602-608 NE Kerns Dr
General Information
Standard status
Active
Size
2,666 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
fully fenced backyard
luxury vinyl plank flooring
hard-surface counters
9-ft ceilings
energy-efficient furnace with central AC
private back porch
Building Details
Year Built
2025
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 21 at 6:12AM
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 contains two matching units designed with practical residential finishes and separate outdoor areas. Each residence includes a fully fenced backyard, a private back porch, luxury vinyl plank flooring, hard-surface countertops, and 9-foot ceilings. Heating and cooling are provided by an energy-efficient furnace and central AC, while off-street parking supports everyday resident use.
The property is located at 602-608 NE Kerns Dr in Dallas, Oregon, with open scenery viewed from the rear porches. The two-unit configuration provides a straightforward small-scale rental property with consistent layouts and shared physical characteristics across both residences.
The property is located at 602-608 NE Kerns Dr in Dallas, Oregon, with open scenery viewed from the rear porches. The two-unit configuration provides a straightforward small-scale rental property with consistent layouts and shared physical characteristics across both residences.
Key Highlights
- 2,666‑square‑foot duplex completed in 2025
- Two identical residential units
- Fully fenced backyard serving each unit
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
19
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 residences offer private outdoor space, durable finishes, and central air conditioning.
Where is this duplex located?
The property is located at 602-608 NE Kerns Dr 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: 2,666‑square‑foot duplex completed in 2025; Two identical residential units; Fully fenced backyard serving each unit
