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308 High St - High St | Oregon City 3-Unit Investment 3 Unit Apartment Building Offered at $599,900 at a 6.30% Cap Rate Oregon City, OR 97045



Investment Highlights
- Three unit Oregon City multifamily investment with in place income and established rental history
- Significant owner improvements completed over time, with work focused on exterior presentation, interior refreshes, core functionality, and long term
- Close proximity to Providence Willamette Falls Medical Center, Clackamas Community College, Clackamette Park, Canemah, and Main Street services
- Memorable High Street setting across from Promenade Park with views toward historic downtown Oregon City and Willamette Falls
- Strong tenant retention drivers nearby, including McLoughlin Promenade, the Oregon City Municipal Elevator, downtown shops, restaurants, coffee, pubs,
- Stabilized income profile with potential long term upside through continued operations, future rent positioning, or eventual owner occupancy strategy,
Executive Summary
** 3 Unit Income Opportunity or House Hack ** Set across from Promenade Park with views toward historic downtown Oregon City and Willamette Falls, this three-unit multifamily offering pairs in-place income with a memorable High Street setting. Built in 1905 and configured with one unit on each level, this property gives investors an established rental profile in one of Oregon City’s most recognizable historic areas. The seller completed substantial work during ownership, strengthening both curb appeal and core functionality. *Exterior work in 2025 included roof, siding, and gutter replacement, kitchen porch and porch roof replacement, dormer window repairs, select window replacement, porch rail repairs, and fencing repairs. Inside, the units benefited from updated kitchen cabinets and appliances, lighting fixtures, bathroom updates, heating updates, plumbing repairs as needed, fresh paint, and attic finish work. The basement utility area was also improved with updated electrical panels, furnaces, and water heaters. The location is a key retention driver, with nearby access to downtown Oregon City, the Municipal Elevator, Main Street shops, coffee, restaurants, pubs, river viewpoints, Willamette Falls views, Clackamette Park, Canemah, Providence Willamette Falls Medical Center, Clackamas Community College, and commuter routes. Tenants can enjoy walkable access to scenic outdoor spaces, local dining, daily services, and the downtown core, creating a convenient setting that supports consistent demand. Street parking. Buyer to verify all property details, unit configuration, rents, expenses, square footage, zoning, legal use, and future potential.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$51,499
|
$16.23
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$51,499
|
$16.23
|
| Taxes |
$4,073
|
$1.28
|
| Operating Expenses |
$9,611
|
$3.03
|
| Total Expenses |
$13,684
|
$4.31
|
| Net Operating Income |
$37,815
|
$11.91
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $51,499 |
| Annual Per SF | $16.23 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $51,499 |
| Annual Per SF | $16.23 |
| Taxes | |
|---|---|
| Annual | $4,073 |
| Annual Per SF | $1.28 |
| Operating Expenses | |
|---|---|
| Annual | $9,611 |
| Annual Per SF | $3.03 |
| Total Expenses | |
|---|---|
| Annual | $13,684 |
| Annual Per SF | $4.31 |
| Net Operating Income | |
|---|---|
| Annual | $37,815 |
| Annual Per SF | $11.91 |
Property Facts
| Price | $599,900 | Lot Size | 0.08 AC |
| Price Per Unit | $199,967 | Building Size | 3,174 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| Cap Rate | 6.30% | No. Stories | 3 |
| No. Units | 3 | Year Built/Renovated | 1905/2025 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Zoning | R3.5 | ||
| Price | $599,900 |
| Price Per Unit | $199,967 |
| Sale Type | Investment |
| Cap Rate | 6.30% |
| No. Units | 3 |
| Property Type | Multifamily |
| Lot Size | 0.08 AC |
| Building Size | 3,174 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1905/2025 |
| Opportunity Zone |
Yes |
| Zoning | R3.5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 2 | $1,619 | 900 - 1,357 |
| 1+1 | 1 | $1,120 | 800 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 00573828 | Total Assessment | $203,323 |
| Land Assessment | $0 | Annual Taxes | $4,073 ($1.28/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
Property Taxes
Parcel Number
00573828
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$203,323
Annual Taxes
$4,073 ($1.28/SF)
Tax Year
2025
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308 High St - High St | Oregon City 3-Unit Investment
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