Building Details

Year Built 2003

Listing Agency: HOMESMART REALTY GROUP

Listed By: BRIAN SMITH Show Phone

Source: Wisser

Added: Aug 16 Changed: Oct 15 Last Checked: Oct 5 at 10:42PM

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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

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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.

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 / Yr

$40,642

Cap Rate

5.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$812,840 $812.8K

Cap Rate 7%

$580,600 $580.6K

Cap Rate 9%

$451,578 $451.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,384 SF

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 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 (±1% cap)

NOI $40,642 @ 7.0% cap · market cap 5.08%

Second Best

Apartment 5plus

$534.7K

$467.9K – $623.8K (±1% cap)

NOI $37,428 @ 7.0% cap · market cap 4.68%

Theoretical Best

Office A

$898.5K

$786.2K – $1.05M (±1% cap)

NOI $62,894 @ 7.0% cap · market cap 7.86%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Plumbing Service Dental Office (Bike/Boat/Book/etc) Store Carpet & Flooring Store HVAC Service Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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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 $799,900.

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