Fourplex with Two-Bedroom
For Sale
$814,900
80-86 Boatlanding St, Independence, OR 97351
The property includes laundry hookups, low-maintenance landscaping, and ample parking.
Property Size3,384 SF
Price / SF$240.81
Days on Market14
Property Features for 80-86 Boatlanding St
General Information
Standard status
Active
Size
3,384 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Amenities
washer/dryer hookups
Building Details
Year Built
2003
Listing Agency:
HomeSmart Realty Group
(503) 364-9596
Listed By:
Brian Smith
Source:
Wisser
Added: Aug 16
Changed: Aug 28
Last Checked: Aug 28 at 8:32AM
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.
Built in 2003, this 3,384-square-foot quadplex contains four residential units with a consistent two-bedroom, one-bathroom layout. Each unit includes washer and dryer hookups, while the property also offers low-maintenance landscaping and ample parking. The asset has a reported rental history and low vacancy.
Located at 80-86 Boatlanding St in Independence, the property sits a few blocks from downtown and is convenient to Hwy 22, Western Oregon University, and Salem. Two units are currently rented below market rates, as reported in the property information.
Located at 80-86 Boatlanding St in Independence, the property sits a few blocks from downtown and is convenient to Hwy 22, Western Oregon University, and Salem. Two units are currently rented below market rates, as reported in the property information.
Key Highlights
- Four‑unit quadplex with 3,384 square feet
- Each unit offers 2 bedrooms, 1 bathroom, and washer/dryer hookups
- Built in 2003
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
$40,642
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
4.99%
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%
$812,840
$812.8K
Cap Rate 7%
$580,600
$580.6K
Cap Rate 9%
$451,578
$451.6K
Market Conditions
NOI Build-Up for 3,384 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
$62.1K $18.36/SF
− Vacancy
−$4.1K −$1.20/SF
EGI
$58.1K $17.16/SF
− OpEx
−$17.4K −$5.15/SF
NOI
$40.6K $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%
$812,840
Cap Rate 7%
$580,600
Cap Rate 9%
$451,578
Alternative Uses
Best Use
Multifamily LT 5
$580.6K
$508.0K – $677.4K
NOI $40,642 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$534.7K
$467.9K – $623.8K
NOI $37,428 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$898.5K
$786.2K – $1.05M
NOI $62,894 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
285
Businesses Nearby
Explore this area
Business Placement
Demographics for 97351, OR
11,292
Population
3,697
Households
3.1
Avg Household Size
34
Median Age
25%
College-Educated
89%
High-School Grad
52.3 sq mi
ZIP Area
216
Density / Sq Mi
$84,717
Median Household Income
$40,990
Median Earnings
$1,592
Median Rent
$357,700
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?
Quadplex - The property includes laundry hookups, low-maintenance landscaping, and ample parking.
Where is this quadplex located?
The property is located at 80-86 Boatlanding St Independence, OR.
What is the asking price?
The asking price for this property is $814,900.
What are key features of this property?
This property features: Four‑unit quadplex with 3,384 square feet; Each unit offers 2 bedrooms, 1 bathroom, and washer/dryer hookups; Built in 2003
