$300,000
1/52.91 AC · Industrial
1197 NW Highway 26
Madras, OR 97741
#220222596 01 / 50
For sale Price cut $25K on Sep 16
$300,000
575 SW Madison Street
Madras, OR 97741 · Railroad
- Beds
- 8
- Baths
- 3
- Sq ft
- 3,632
- Acres
- 0.26
- Built
- 1948
- $/SF
- $83
Est. $1,838/mo~68 min to downtown Bend (approx.)
Listing by Windermere Realty Trust · 541-923-4663
MLS# 220223781 · Active
01
About this home
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.
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03
Price history
Cut $25K| Date | Event | Price |
|---|---|---|
| Sep 16, 2026 | Price cut−$25,000 (7.7%) | $300,000 |
| Aug 19, 2026 | Listed for sale | $325,000 |
From the MLS: original list price and latest price change. 48 days on market.
04
Drive times
~68 min to downtown Bend- Smith Rock State Park~35 min · 23.4 mi
- Redmond Airport (RDM)~46 min · 33.6 mi
- Sisters~54 min · 40.3 mi
- St. Charles Bend~66 min · 50.8 mi
- Downtown Bend~68 min · 52.5 mi
- Old Mill District~69 min · 53.5 mi
- Mt. Bachelor~86 min · 68.3 mi
- Sunriver Village~88 min · 70.2 mi
Approx. Straight-line distance × 1.3 for roads, at in-town and highway speeds. No traffic, snow, or Hwy 97 construction. Ask Cody about real commute times.
05
Facts & features
Built 1948- Type
- Single Family Residence
- Year built
- 1948
- Stories
- 2
- Lot
- 0.26 AC · 11,326 SF
- Price / SF
- $83
- HOA
- None reported
- Taxes
- $2,506/yr
- Subdivision
- Railroad
- County
- Jefferson
- Days on market
- 48
- MLS #
- 220223781
- Interior
- Breakfast Bar · Fiberglass Stall Shower
- Appliances
- Dryer · Oven · Range · Range Hood · Washer · Water Heater
- Flooring
- Concrete · Laminate · Vinyl
- Heating
- Electric
- Parking
- Alley Access · Concrete · Driveway · On Street · RV Access/Parking
- View
- Neighborhood
- Lot
- Level
- Construction
- Block · Frame
- Roof
- Composition
06
Location & schools
Railroad44.6281° N · 121.1350° W
Directions- Elementary
- Buff Elementary
- Middle
- Jefferson County Middle
- High
- Madras High
Assignments come from the listing broker and boundaries change. Verify with the school district before you count on them.
07
Monthly payment
$1,838/mo$1,838/mo
$240,000 loan · 30 yr fixed · 6.5%
- Principal & interest
- $1,517
- Property tax (listing)
- $209
- Home insurance (est.)
- $113
20% · $60,000
6.500%
Loan term
Estimate only. Taxes use the listing's reported amount when there is one; insurance is approximated. A lender can give you an exact number.
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#220221701Listing information provided by Oregon Data Share. Data last updated Oct 7, 2026, 2:01 PM.
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