Fantastic Central Oregon Investment Property - Fifteen (15) Units, fully leased, professionally managed apartment complex. Don't miss this rare opportunity to purchase rental property in Madras, OR. These properties offer strong rental history & immediate cash flow opportunity. Each unit is 2 bedroom / 1 bath with mini split HVAC, washer/dryer hookups (some units provided). Walking distance to shopping, restaurants and bus service to Bend/Redmond. Excellent potential for investors looking to expand their portfolio with reliable income producing properties in a mature market at a affordable purchase price.
Active
$1,555,000
1535 SW Highway 97, Madras, OR 97741
2beds
14,408sqft
Multi Family
Built in 1950
-- sqft lot
$-- Zestimate®
$108/sqft
$-- HOA
What's special
Mini split hvac
- 52 days
- 104
- 4
Zillow last checked:
Listing updated:
Listed by:
Willow Canyon Group 541-475-2220
Source: Oregon Datashare,MLS#: 220227963
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 2
- Bathrooms: 1
- Full bathrooms: 1
Heating
- Baseboard, Wall Furnace, Other
Cooling
- Ductless, Other
Appliances
- Included: Dishwasher, Dryer, Oven, Range, Range Hood, Refrigerator, Washer, Water Heater
Features
- Laminate Counters, Linen Closet, Open Floorplan, Shower/Tub Combo
- Flooring: Carpet, Vinyl
- Windows: Aluminum Frames, Vinyl Frames
- Basement: None
- Has fireplace: No
- Common walls with other units/homes: 1 Common Wall,2+ Common Walls
Interior area
- Total structure area: 14,408
- Total interior livable area: 14,408 sqft
Property
Parking
- Parking features: Asphalt, Driveway, On Street
- Has uncovered spaces: Yes
Features
- Levels: One,Two
- Stories: 2
- Patio & porch: Rear Porch
Lot
- Size: 1.45 Acres
- Features: Corner Lot, Landscaped, Sloped
Details
- Parcel number: 1828
- Zoning description: MUE
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Traditional
- Property subtype: Multi Family
Materials
- Block, Frame
- Foundation: Stemwall
- Roof: Composition
Condition
- New construction: No
- Year built: 1950
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Community & HOA
Community
- Security: Carbon Monoxide Detector(s), Smoke Detector(s)
- Subdivision: Manathiela
HOA
- Has HOA: No
Location
- Region: Madras
Financial & listing details
- Price per square foot: $108/sqft
- Tax assessed value: $1,049,430
- Annual tax amount: $14,441
- Date on market: 8/31/2026
- Cumulative days on market: 53 days
- Listing terms: Cash,Conventional
- Road surface type: Paved
Estimated market value
Not available
Estimated sales range
Not available
$1,454/mo
Price history
| Date | Event | Price |
|---|---|---|
| 8/25/2026 | Listed for sale | $1,555,000+167%$108/sqft |
Source:  OCMLS #26-2338 Report a problem | ||
| 7/20/2016 | Sold | $582,500$40/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $14,442 +1.7% | $702,990 +3% |
| 2024 | $14,194 +6.8% | $682,520 +3% |
| 2023 | $13,295 +14.4% | $662,650 +3% |
| 2022 | $11,619 +0.7% | $643,350 +3% |
| 2021 | $11,533 -0.4% | $624,620 +3% |
| 2020 | $11,578 +0.9% | $606,430 +6.1% |
| 2018 | $11,472 +13.2% | $571,630 +3% |
| 2017 | $10,135 +11.5% | $554,990 +11% |
| 2016 | $9,088 | $500,000 |
| 2015 | $9,088 -7.2% | $500,000 -5.8% |
| 2014 | $9,797 | $530,710 -2.8% |
| 2013 | $9,797 -11.1% | $545,930 +3% |
| 2012 | $11,016 +2.7% | $530,030 +3% |
| 2011 | $10,728 +1.2% | $514,600 +3% |
| 2010 | $10,599 | $499,620 |
| 2009 | -- | $499,620 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: 97741
Nearby schools
Schools provided by the listing agent
- Elementary: Buff Elementary
- Middle: Jefferson County Middle
- High: Madras High
Source: Oregon Datashare. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
