Two-Story Duplex with
For Sale
$349,000
704 NW 4TH St, Pendleton, OR 97801
MULTI_FAMILY - Pendleton, OR
Property Size2,416 SF
Lot Size0.17 Acres
Price / SF$144.45
Days on Market93
Property Features for 704 NW 4TH St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bedroom 1
Subdivision
North Hill
View
Territorial, City
Elementary school
Washington
Middle school
Sunridge
High school
Pendleton
Directions
NW Horn, NW 4th St.
Standard status
Active
APN
104447
Size
2,416 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Tax map 2N3203DA08400
Tax Annual Amount
2951
Legal Description
Tax map 2N3203DA08400
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
deck
built-in dishwasher
laundry hookups
forced air heat and cooling
off street parking
Building Details
Year built
1979
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Coldwell Banker Farley Company · Coldwell Banker Real Estate
(541) 276-0021
Listed By:
Jef Farley · License #910300054
(541) 276-0021
Added: May 20
Changed: Aug 13
Last Checked: Aug 20 at 5:06AM
MLS# 539663343
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 two-story duplex offers two separate 2-bedroom, 1-bath units, each with approximately 1,208 SF (m/l). Both units include a large, appointed kitchen with built-in dishwashers, laundry hookups, and forced air heat with central air. Each unit has a deck with views of downtown and the Blue Mountains. Off-street parking is available, and there is an unfinished basement/crawl area used for storage and potentially suited for alternate use.
The upstairs unit has been remodeled and is described as adequate for a vacation rental or an owner occupant. The upstairs unit is currently rented and is scheduled to be vacant by the end of June. The downstairs unit is currently rented. Seller pays water/sewer/garbage. The property is zoned R1 and was built in 1979, with a composition roof.
With two self-contained living spaces, this duplex can support a variety of occupant or tenant configurations while retaining clear separation between units.
The upstairs unit has been remodeled and is described as adequate for a vacation rental or an owner occupant. The upstairs unit is currently rented and is scheduled to be vacant by the end of June. The downstairs unit is currently rented. Seller pays water/sewer/garbage. The property is zoned R1 and was built in 1979, with a composition roof.
With two self-contained living spaces, this duplex can support a variety of occupant or tenant configurations while retaining clear separation between units.
Key Highlights
- 0.17‑acre lot with two‑story duplex
- Two 2‑bedroom, 1‑bath units
- Approximately 1,208 SF (m/l) per 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
$11,263
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
3.23%
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%
$225,260
$225.3K
Cap Rate 7%
$160,900
$160.9K
Cap Rate 9%
$125,144
$125.1K
Market Conditions
NOI Build-Up for 2,416 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
$17.4K $7.20/SF
− Vacancy
−$1.3K −$0.54/SF
EGI
$16.1K $6.66/SF
− OpEx
−$4.8K −$2.00/SF
NOI
$11.3K $4.66/SF
Area
Umatilla County, OR
Vacancy
7.50%
Lease Rate
$7.20 /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%
$225,260
Cap Rate 7%
$160,900
Cap Rate 9%
$125,144
Alternative Uses
Best Use
Multifamily LT 5
$160.9K
$140.8K – $187.7K
NOI $11,263 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$148.3K
$129.8K – $173.0K
NOI $10,381 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$505.8K
$442.5K – $590.1K
NOI $35,403 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
Explore this area
Business Placement
Demographics for 97801, OR
21,882
Population
9,033
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
92%
High-School Grad
496.2 sq mi
ZIP Area
44
Density / Sq Mi
$73,308
Median Household Income
$38,719
Median Earnings
$924
Median Rent
$277,600
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 2-bedroom, 1-bath units with decks, forced air heat, and central air on a 0.17-acre lot.
Where is this duplex located?
The property is located at 704 NW 4TH St Pendleton, OR.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 0.17‑acre lot with two‑story duplex; Two 2‑bedroom, 1‑bath units; Approximately 1,208 SF (m/l) per unit
