Occupied Triplex
New
For Sale
$525,000
766 S 2nd St, Lebanon, OR 97355
Multi Family, Lebanon, OR
Property Size3,666 SF
Lot Size0.24 Acres
Price / SF$143.21
Days on Market4
Property Features for 766 S 2nd St
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Central Business
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bedroom 8, Bathroom 4, Bathroom 6, Bedroom 7, Bathroom 2, Bathroom 1, Bathroom 5, Bedroom 5, Bedroom 6, Bedroom 4
Fireplace
1
Subdivision
Lebanon, Plan of
Lot features
Dimension Above, Lot: 3
View
Territorial
Elementary school
Green Acres
Middle school
Seven Oak
High school
Lebanon
Directions
South on Main St, Right on Sherman, left on 2nd St
Standard status
Active
APN
179040
Size
3,666 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4581
Utilities
Heating system
Ductless (Heating)
Building Details
Year built
1948
Number of units
3
Flooring type
Wood
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS REALTY MID-WILLAMETTE - GILLOTT TEAM
(541) 738-7770
Listed By:
LAURA GILLOTT · License #920300248
(541) 990-7785
Added: Sep 11
Last Checked: Sep 14 at 3:06PM
MLS# 844917
Copyright © 2026 Willamette Valley Multiple Listing Service. 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 Central Business-zoned triplex includes three residential units distributed across two properties. One building contains a 1-bedroom, 1-bath unit measuring 336 square feet and a 4-bedroom, 2.5-bath unit measuring 2,103 square feet. The second property is a detached 3-bedroom, 2-bath home. Combined property size is 3,666 square feet on 0.24 acres.
All three residences are occupied. The improvements date to 1948 and include wood flooring, ductless heating, shingle roofing, and a fireplace. The property is located at 766 S 2nd St in Lebanon, Oregon.
All three residences are occupied. The improvements date to 1948 and include wood flooring, ductless heating, shingle roofing, and a fireplace. The property is located at 766 S 2nd St in Lebanon, Oregon.
Key Highlights
- Three residential units across two properties
- All units currently occupied
- 1BD/1BA unit with 336 SF
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
$34,606
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
6.59%
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%
$692,120
$692.1K
Cap Rate 7%
$494,371
$494.4K
Cap Rate 9%
$384,511
$384.5K
Market Conditions
NOI Build-Up for 3,666 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
$50.6K $13.80/SF
− Vacancy
−$1.2K −$0.31/SF
EGI
$49.4K $13.49/SF
− OpEx
−$14.8K −$4.05/SF
NOI
$34.6K $9.44/SF
Area
Linn County, OR
Vacancy
2.28%
Lease Rate
$13.80 /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%
$692,120
Cap Rate 7%
$494,371
Cap Rate 9%
$384,511
Alternative Uses
Best Use
Multifamily LT 5
$494.4K
$432.6K – $576.8K
NOI $34,606 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$455.4K
$398.5K – $531.3K
NOI $31,880 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$1.07M
$934.5K – $1.25M
NOI $74,758 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 97355, OR
32,413
Population
13,623
Households
2.4
Avg Household Size
41
Median Age
18%
College-Educated
91%
High-School Grad
214.3 sq mi
ZIP Area
151
Density / Sq Mi
$64,307
Median Household Income
$39,934
Median Earnings
$1,267
Median Rent
$332,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied residences across two properties, including a detached home and a two-unit building.
Where is this triplex located?
The property is located at 766 S 2nd St Lebanon, OR.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three residential units across two properties; All units currently occupied; 1BD/1BA unit with 336 SF
