Historic Colonial Bed &
For Sale
$1,999,000
809 NE Evans St, McMinnville, OR 97128
Hospitality offering pairs a residential inn with a two-suite short-term rental property.
Property Size8,460 SF
Price / SF$236.29
Days on Market9
Property Features for 809 NE Evans St
General Information
Standard status
Active
Size
8,460 SF
Additional Details
Multifamily Units
4
Building Details
Year Built
1925
Listing Agency:
Vantage Point Brokers, LLC
(503) 580-1500
Listed By:
Kevin Riley · License #201215784
Source:
Foxrealestategroups
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 25 at 4:38AM
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 Vantage Point Brokers, LLC
Investment Insights
Based on property information with market context.
This offering combines two income-producing residential properties in McMinnville. The 1925 Colonial-style bed-and-breakfast at 809 NE Evans St. includes six bedrooms, 6.5 baths, an ADU, formal dining space, multiple indoor and outdoor gathering areas, and a basement configured as owner quarters. The ADU’s primary area is used as working quarters, and the property includes a non-conforming bedroom with a full bath that lacks egress.
At 419 NE 8th St., the 1913 Craftsman duplex is arranged as two short-term rental suites, with one one-bedroom suite and kitchen upstairs and another one-bedroom suite and kitchen downstairs. The property also includes a 24x30 detached garage, gardening space, and a mini-split/AC unit. Both properties are located blocks from McMinnville’s historic downtown setting. Combined property size is 8460 square feet, including both residences and the ADU. Financials for the last three years can be provided upon request.
At 419 NE 8th St., the 1913 Craftsman duplex is arranged as two short-term rental suites, with one one-bedroom suite and kitchen upstairs and another one-bedroom suite and kitchen downstairs. The property also includes a 24x30 detached garage, gardening space, and a mini-split/AC unit. Both properties are located blocks from McMinnville’s historic downtown setting. Combined property size is 8460 square feet, including both residences and the ADU. Financials for the last three years can be provided upon request.
Key Highlights
- Two income‑producing properties in McMinnville, including a bed‑and‑breakfast and a short‑term rental duplex
- 1925 Colonial‑style bed‑and‑breakfast with 6 bedrooms, 6.5 baths, and an ADU
- 1913 Craftsman duplex with two one‑bedroom suites, each with a kitchen
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
$108,626
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
5.43%
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%
$2,172,520
$2.2M
Cap Rate 7%
$1,551,800
$1.6M
Cap Rate 9%
$1,206,956
$1.2M
Market Conditions
NOI Build-Up for 8,460 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
$208.1K $24.60/SF
− Vacancy
−$10.6K −$1.25/SF
EGI
$197.5K $23.35/SF
− OpEx
−$88.9K −$10.51/SF
NOI
$108.6K $12.84/SF
Area
Yamhill County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$2,172,520
Cap Rate 7%
$1,551,800
Cap Rate 9%
$1,206,956
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,626 @ 7.0% cap · market cap 5.43%
Second Best
Multifamily LT 5
$1.33M
$1.17M – $1.55M
NOI $93,202 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,849 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,529
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97128, OR
38,394
Population
15,291
Households
2.5
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
112.2 sq mi
ZIP Area
342
Density / Sq Mi
$72,055
Median Household Income
$37,427
Median Earnings
$1,295
Median Rent
$419,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- 726 Fourth | Historic Wortman House — 726 NE 4th St, McMinnville, OR 97128
- A' Tuscan Estate Bed & Breakfast — 809 NE Evans St, McMinnville, OR 97128
Frequently Asked Questions
What type of property is this?
Bed & breakfast - Hospitality offering pairs a residential inn with a two-suite short-term rental property.
Where is this bed & breakfast located?
The property is located at 809 NE Evans St McMinnville, OR.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Two income‑producing properties in McMinnville, including a bed‑and‑breakfast and a short‑term rental duplex; 1925 Colonial‑style bed‑and‑breakfast with 6 bedrooms, 6.5 baths, and an ADU; 1913 Craftsman duplex with two one‑bedroom suites, each with a kitchen
