Build-Ready Rural Land with
For Sale
$315,000
64796 WAPITI Ln, Meacham, OR 97859
Land, Meacham, OR
Property Size1,632 SF
Lot Size12.55 Acres
Price / SF$193.01
Days on Market156
Property Features for 64796 WAPITI Ln
General Information
Property type
Land
Property subtype
Single Family Residence
Zoning
FR5
View
Territorial
Elementary school
Washington
Middle school
Sunridge
High school
Pendleton
Directions
I-84 to Old Oregon Trail to Wapiti
Subdivision
_436
Standard status
Active
APN
166095
Lot size
12.55 Acres
Taxes and HOA fees
Tax Description
PARCEL 2 PARTITION PLAT 2015-30
Tax Annual Amount
415
HOA Fee
$400 Annually
Legal Description
PARCEL 2 PARTITION PLAT 2015-30
Amenities
community water
road maintenance
snow plowing
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Charles Grant
(503) 729-5029
Added: Mar 18
Changed: Aug 19
Last Checked: Aug 20 at 7:06AM
MLS# 142625471
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.
Investment Insights
Based on property information with market context.
This build-ready rural property offers 12.55 buildable acres with septic/perc approval. An existing 34-by-48 shop provides 1,632 square feet under roof and includes a 380-amp service, a Generac backup panel, a 14-foot center door, two 10-foot side doors, and 14-foot eaves. The property also includes two 50-amp service connections for powering an RV and equipment, with one interior and one exterior connection.
Located at 64796 WAPITI Ln in Meacham, OR 97859. The land is about 1/4 mile from Road 3030 with access to nearby national forest land. The listing also notes proximity to Pendleton (about 30 minutes) and Wildhorse Resort (about 25 minutes), plus nearby services including a local store and deli roughly 1.4 miles away.
HOA amenities listed for the community include community water, road maintenance, and snow plowing, and the ODOT Meacham Maintenance station is described as being close enough to support regular winter plowing.
Located at 64796 WAPITI Ln in Meacham, OR 97859. The land is about 1/4 mile from Road 3030 with access to nearby national forest land. The listing also notes proximity to Pendleton (about 30 minutes) and Wildhorse Resort (about 25 minutes), plus nearby services including a local store and deli roughly 1.4 miles away.
HOA amenities listed for the community include community water, road maintenance, and snow plowing, and the ODOT Meacham Maintenance station is described as being close enough to support regular winter plowing.
Key Highlights
- 12.55 buildable acres with Septic/Perc approval for a custom residence or manufactured home
- Existing 34' x 48' (1,632 SF) shop with 380‑amp service, Generac backup panel, and 14' eaves
- Shop includes 14' center door and two 10' side doors, plus power for RVs and equipment via two 50‑amp service connections
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
$11,686
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
3.71%
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%
$233,720
$233.7K
Cap Rate 7%
$166,943
$166.9K
Cap Rate 9%
$129,844
$129.8K
Market Conditions
NOI Build-Up for 1,632 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
$14.7K $9.00/SF
− Vacancy
−$940 −$0.58/SF
EGI
$13.7K $8.42/SF
− OpEx
−$2.1K −$1.26/SF
NOI
$11.7K $7.16/SF
Area
Umatilla County, OR
Vacancy
6.40%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$233,720
Cap Rate 7%
$166,943
Cap Rate 9%
$129,844
Alternative Uses
Best Use
Warehouse
$166.9K
$146.1K – $194.8K
NOI $11,686 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$341.6K
$298.9K – $398.6K
NOI $23,914 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 97859, OR
170
Population
176
Households
1
Avg Household Size
54
Median Age
26%
College-Educated
89%
High-School Grad
109.5 sq mi
ZIP Area
2
Density / Sq Mi
$60,417
Median Household Income
$49,500
Median Earnings
$250,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Buildable rural acreage with septic/perk approval and an existing 34-by-48 shop with 380-amp service.
Where is this residential land & home lot located?
The property is located at 64796 WAPITI Ln Meacham, OR.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 12.55 buildable acres with Septic/Perc approval for a custom residence or manufactured home; Existing 34' x 48' (1,632 SF) shop with 380‑amp service, Generac backup panel, and 14' eaves; Shop includes 14' center door and two 10' side doors, plus power for RVs and equipment via two 50‑amp service connections
