575 SW Madison Street, Madras, OR 97741
Railroad · Jefferson County
Key Facts
Description
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.
Property Information
Property Type
Residential
Sub-Type
Single Family Residence
Style
Ranch
Year Built
1948
Living Area
3,632 sq ft
Lot Size
0.26 acres
Days on Market
8
MLS® Listing#
220223781
Property Features
Interior
Appliances
Cooling
Heating
Flooring
Basement
Parking
Lot Features
Construction
Foundation
Roof
Windows
Sewer
Water Source
Schools
- Elementary:
- Buff Elementary
- Middle:
- Jefferson County Middle
- High:
- Madras High
Financial Details
HOA
None
Annual Taxes
$2,506
Tax year 2025
Parcel Number
9649
Affordability Calculator
$65,000
Estimated monthly payment
$1,730/mo
Principal $260,000 · Est. interest $362,723 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Madras, OR
- $442,857
- Median Listing Price
- 95
- Median Days on Market
- 1,687
- Median Sq Ft
- $253
- Median Price / Sq Ft
- 118
- Active Listings
- This home’s price is 27% below the area median.
- Its price per sq ft is 65% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Madras, OR.
Location
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Points of Interest in Madras, OR
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EXIT Agents in Madras
Listing Courtesy: Windermere Realty Trust - 5419234663
Last Updated: 2026-06-19