Craftsman Triplex with Mountain
For Sale
$984,900
SW 6th Street, Metolius, OR 97741
Residential Income, Metolius, OR
Property Size3,496 SF
Lot Size0.18 Acres
Price / SF$281.72
Days on Market51
Property Features for SW 6th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning description
R1
Parking features
Driveway
Window features
Double Pane Windows, Vinyl Frames
Interior features
Breakfast Bar, Ceiling Fan(s), Fiberglass Stall Shower, Kitchen Island, Open Floorplan, Pantry, Primary Downstairs, Shower/Tub Combo, Solid Surface Counters, Vaulted Ceiling(s)
Appliances
Dishwasher, Disposal, Microwave, Oven, Range, Range Hood, Water Heater
Subdivision
Murray Metolius
Lot features
Fenced, Level
View
Territorial, Mountains
Elementary school
Metolius Elem
Middle school
Jefferson County Middle
High school
Madras High
Standard status
Active
APN
22495
Size
3,496 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
486
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace, Energy Star Qualified Equipment (Heating), Electric (Heating), Ductless (Heating), Zoned
Cooling system
Ductless, ENERGY STAR Qualified Equipment, Zoned
Water source
Public
Amenities
covered back deck
fully fenced
Building Details
Year built
2026
Floors in Building
1
Number of units
3
Flooring type
Carpet, Vinyl
Building materials
Frame
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
Keller Williams Realty Central Oregon
(541) 585-3760
Listed By:
Holly Cole · License #201214610
(541) 480-4208
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 26 at 6:06AM
MLS# 220224801
Copyright © 2026 Oregon Data Share. 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 under-construction Craftsman triplex contains three individual units within 3,496 square feet on a 0.18-acre parcel. Each home is planned with an open great-room layout, wood-look flooring, abundant natural light, and sliding doors opening to a covered back deck. Kitchens include solid-surface counters, tiled backsplashes, substantial cabinetry, islands or breakfast bars, and pantry storage. Primary suites include private bathrooms, with two additional bedrooms and a shared full bath in each plan. Heating and cooling are provided by zoned ductless systems, and the property will include driveway parking, single- and double-car garages, and full fencing.
Located on SW 6th Street in Metolius, the property is minutes from downtown Metolius and a short drive from Lake Billy Chinook. Public water and sewer serve the site, and Cascade Mountain views are incorporated into the home designs.
Located on SW 6th Street in Metolius, the property is minutes from downtown Metolius and a short drive from Lake Billy Chinook. Public water and sewer serve the site, and Cascade Mountain views are incorporated into the home designs.
Key Highlights
- Three individual units totaling 3,496 square feet
- 0.18‑acre site in Metolius, OR
- Under construction with a 2026 year built
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
$49,043
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
4.98%
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%
$980,860
$980.9K
Cap Rate 7%
$700,614
$700.6K
Cap Rate 9%
$544,922
$544.9K
Market Conditions
NOI Build-Up for 3,496 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
$75.5K $21.60/SF
− Vacancy
−$5.5K −$1.56/SF
EGI
$70.1K $20.04/SF
− OpEx
−$21.0K −$6.01/SF
NOI
$49.0K $14.03/SF
Area
Jefferson County, OR
Vacancy
7.22%
Lease Rate
$21.60 /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%
$980,860
Cap Rate 7%
$700,614
Cap Rate 9%
$544,922
Alternative Uses
Best Use
Multifamily LT 5
$700.6K
$613.0K – $817.4K
NOI $49,043 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$639.6K
$559.7K – $746.2K
NOI $44,772 @ 7.0% cap · market cap 4.55%
Theoretical Best
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,719 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Explore this area
Business Placement
Demographics for 97741, OR
13,753
Population
4,777
Households
2.9
Avg Household Size
39
Median Age
21%
College-Educated
86%
High-School Grad
363.9 sq mi
ZIP Area
38
Density / Sq Mi
$69,696
Median Household Income
$37,641
Median Earnings
$993
Median Rent
$308,900
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 - The three-unit property offers open kitchens, covered decks, fenced yards, and a mix of single- and double-car garages.
Where is this triplex located?
The property is located at SW 6th Street Metolius, OR.
What is the asking price?
The asking price for this property is $984,900.
What are key features of this property?
This property features: Three individual units totaling 3,496 square feet; 0.18‑acre site in Metolius, OR; Under construction with a 2026 year built
