R-2 Multifamily zoning offers a unique investment and value-add opportunity in the heart of Madras. This property features one completed and livable unit, while the additional units are ready for the next owner to finish and customize. The unfinished units includes a completed exterior along with rough framing, rough electrical, and rough HVAC already in place, providing a significant head start toward completion.
The county has this listed as an 8 bedroom, 3 bath. Currently 1 unit is complete featuring 2 bedrooms and 1 bath. 8 bed potential once project is completed.
With much of the groundwork already completed, this is a rare opportunity to finish this multifamily unit to your specifications and capitalize on the growing demand for housing in Central Oregon. Buyer to perform all due diligence regarding permits, approvals, zoning, and requirements for completion of the unfinished portion.
Active
Price cut: $9K (9/16)
$300,000
575 SW Madison St, Madras, OR 97741
8beds
3baths
3,632sqft
Single Family Residence
Built in 1948
0.26 Acres Lot
$-- Zestimate®
$83/sqft
$-- HOA
What's special
Completed exterior
- 92 days
- 844
- 41
Zillow last checked:
Listing updated:
Listed by:
Windermere Realty Trust 541-923-4663
Source: Oregon Datashare,MLS#: 220223781
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 8
- Bathrooms: 3
Heating
- Electric
Cooling
- None
Appliances
- Included: Dryer, Oven, Range, Range Hood, Washer, Water Heater
Features
- Breakfast Bar, Fiberglass Stall Shower
- Flooring: Concrete, Laminate, Vinyl
- Windows: Aluminum Frames, Double Pane Windows, Vinyl Frames
- Basement: None
- Has fireplace: No
- Common walls with other units/homes: 2+ Common Walls
Interior area
- Total structure area: 3,632
- Total interior livable area: 3,632 sqft
Video & virtual tour
Property
Parking
- Parking features: Alley Access, Concrete, Driveway, On Street, RV Access/Parking
- Has uncovered spaces: Yes
Features
- Levels: Two
- Stories: 2
- Has view: Yes
- View description: Neighborhood
Lot
- Size: 0.26 Acres
- Features: Level
Details
- Parcel number: 9649
- Zoning description: R2
- Special conditions: Standard
Construction
Type & style
- Home type: SingleFamily
- Architectural style: Ranch
- Property subtype: Single Family Residence
Materials
- Block, Frame
- Foundation: Slab, Stemwall
- Roof: Composition
Condition
- New construction: No
- Year built: 1948
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Community & HOA
Community
- Subdivision: Railroad
HOA
- Has HOA: No
Location
- Region: Madras
Financial & listing details
- Price per square foot: $83/sqft
- Tax assessed value: $266,630
- Annual tax amount: $2,505
- Date on market: 8/20/2026
- Cumulative days on market: 93 days
- Listing terms: Cash,Conventional
- Exclusions: Sellers personal property
- Road surface type: Paved
Estimated market value
Not available
Estimated sales range
Not available
$2,735/mo
Price history
| Date | Event | Price |
|---|---|---|
| 9/16/2026 | Price change | $300,000-2.9%$83/sqft |
Source:  Oregon Datashare #220223781 Report a problem | ||
| 8/20/2026 | Listed for sale | $309,000$85/sqft |
Source: Oregon Datashare #220223781 Report a problem | ||
| 8/11/2026 | Pending sale | $309,000$85/sqft |
Source: Oregon Datashare #220223781 Report a problem | ||
| 8/4/2026 | Price change | $309,000-4.9%$85/sqft |
Source: Oregon Datashare #220223781 Report a problem | ||
| 6/19/2026 | Listed for sale | $325,000$89/sqft |
Source: Oregon Datashare #220223781 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $2,506 +1.7% | $121,970 +3% |
| 2024 | $2,463 +6.8% | $118,420 +3% |
| 2023 | $2,307 +1.5% | $114,980 +3% |
| 2022 | $2,273 +4.4% | $111,640 +3% |
| 2021 | $2,176 +2.1% | $108,390 +3% |
| 2020 | $2,131 +7% | $105,240 +6.1% |
| 2018 | $1,991 +8.1% | $99,210 +3% |
| 2017 | $1,841 +31.2% | $96,330 +24.7% |
| 2016 | $1,403 | $77,220 +32.8% |
| 2015 | $1,403 +41.1% | $58,160 +7.9% |
| 2014 | $995 | $53,900 +7.1% |
| 2013 | $995 -4.2% | $50,340 -2.9% |
| 2012 | $1,039 +1.2% | $51,820 |
| 2011 | $1,027 -22.4% | $51,820 -22.5% |
| 2010 | $1,324 | $66,840 -29.9% |
| 2009 | -- | $95,370 |
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.
