Renovated Forest-Setting
New
For Sale
$650,000
85690 Cherry St, Florence, OR 97439
Two-building multifamily property near Old Town Florence with updated interiors and exterior improvements.
Property Size2,117 SF
Price / SF$307.04
Days on Market3
Property Features for 85690 Cherry St
General Information
Standard status
Active
Size
2,117 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1952
Buildings
2
Listing Agency:
Triple Oaks Realty LLC
Listed By:
Melissa Stiltner · License #201240500
(541) 225-8815
Source:
Switzerrealestategroup
Added: Sep 1
Last Checked: Sep 2 at 7:21PM
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 Triple Oaks Realty LLC
Investment Insights
Based on property information with market context.
This triplex includes two buildings within a private forest setting near Florence, Oregon. The property contains three residential units, with updated interiors and exterior improvements throughout. The total property size is 2,117 square feet, and the buildings were constructed in 1952.
The property is located at 85690 Cherry St, approximately one mile from Old Town Florence. Its setting places it in front of the area’s sand dunes and the Siuslaw River, combining a wooded environment with proximity to established coastal amenities. The three-unit configuration provides a straightforward multifamily layout for residential income use.
The property is located at 85690 Cherry St, approximately one mile from Old Town Florence. Its setting places it in front of the area’s sand dunes and the Siuslaw River, combining a wooded environment with proximity to established coastal amenities. The three-unit configuration provides a straightforward multifamily layout for residential income use.
Key Highlights
- Three‑unit multifamily property arranged across two buildings
- 2,117‑square‑foot property built in 1952
- Updated interiors and exterior improvements throughout
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
$20,784
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
3.20%
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%
$415,680
$415.7K
Cap Rate 7%
$296,914
$296.9K
Cap Rate 9%
$230,933
$230.9K
Market Conditions
NOI Build-Up for 2,117 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
$31.8K $15.00/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$29.7K $14.03/SF
− OpEx
−$8.9K −$4.21/SF
NOI
$20.8K $9.82/SF
Area
Lane County, OR
Vacancy
6.50%
Lease Rate
$15.00 /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%
$415,680
Cap Rate 7%
$296,914
Cap Rate 9%
$230,933
Alternative Uses
Best Use
Multifamily LT 5
$296.9K
$259.8K – $346.4K
NOI $20,784 @ 7.0% cap · market cap 3.20%
Second Best
Apartment 5plus
$276.4K
$241.9K – $322.5K
NOI $19,348 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$535.6K
$468.6K – $624.8K
NOI $37,490 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Explore this area
Business Placement
Demographics for 97439, OR
15,634
Population
9,056
Households
1.7
Avg Household Size
62
Median Age
27%
College-Educated
92%
High-School Grad
168.3 sq mi
ZIP Area
93
Density / Sq Mi
$58,576
Median Household Income
$36,146
Median Earnings
$1,164
Median Rent
$364,600
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?
Triplex - Two-building multifamily property near Old Town Florence with updated interiors and exterior improvements.
Where is this triplex located?
The property is located at 85690 Cherry St Florence, OR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three‑unit multifamily property arranged across two buildings; 2,117‑square‑foot property built in 1952; Updated interiors and exterior improvements throughout
