Duke Street Townhouses 580 SE Duke St 10 Unit Apartment Building $2,050,200 CAD ($205,020 CAD/Unit) 4.56% Cap Rate Madras, OR 97741

The Rhoades Group of Marcus & Millichap is pleased to present the opportunity to acquire Duke Street Townhouses, a high quality multifamily asset in Madras, the county seat of Jefferson County.? Situated atop a hill, the property offers an elevated residential setting with mountain views to the east and west.? Located in a quiet neighborhood just blocks from the town's primary commercial corridor, residents enjoy convenient access to shopping, dining, employment centers, and essential services while maintaining a peaceful residential atmosphere.?
The property consists of 10 well maintained townhouse style units, each featuring two bedrooms and two and a half bathrooms.? This spacious and increasingly scarce unit configuration differentiates the asset within the local rental market.? Every unit includes a private entry, attached garage, and private balcony, delivering a single family or condo quality living experience that enhances tenant appeal.? The functional floor plans accommodate a wide range of renters, including professionals seeking work from home flexibility and households prioritizing separation between living and sleeping areas, supporting strong occupancy and tenant retention.?
Constructed in 2005, Duke Street Townhouses benefits from durable, low maintenance construction, including Hardie plank siding, vinyl windows, and a recently resealed parking lot.? Interior finishes include a mix of luxury vinyl plank, carpet, and linoleum flooring, cadet heating systems, in wall air conditioning, and multiple bathrooms per unit.? The quality of construction and building envelope positions the property as a low deferred maintenance asset, allowing future ownership to focus capital on strategic interior improvements to drive rent growth and increased NOI.?
This is the first time the property has been offered for sale.? The current owner acquired the asset directly from the developer and has maintained it for nearly two decades.? In place rents are estimated to be approximately 40 percent below prevailing market rates within a one mile radius, providing a clear value add opportunity through measured rent optimization and interior enhancements.? Supported by continued economic growth across Central Oregon, Duke Street Townhouses represents a compelling investment with durable construction, stable cash flow, and meaningful long term upside.?