$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.
Open the virtual tour02
Ask about this home
AI
Ask about this home
AI answers are off right now. Text Cody the question and get a straight answer, usually within the hour.
AI answer from 541 Home Sales using listing data, not from the MLS. It can be wrong. Verify anything that matters with Cody before you rely on it.
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
- 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.
More
Similar homes in Madras
#220222596
Price cut $25K
$299,900
1/55 BD · 2 BA · 1,883 SF · 0.18 AC
485 SE Ponderosa Drive
Madras, OR 97741
#220228049
Price cut $100K
$299,000
1/51.15 AC · Commercial
00504 Hwy 97 and 26 (South Madras)
Madras, OR 97741
#220138701
Price cut $54K
$295,999
1/53 BD · 2 BA · 1,416 SF · 0.14 AC
577 SE Sugar Pine Way
Madras, OR 97741
#220221701Listing information provided by Oregon Data Share. Data last updated Oct 7, 2026, 10:30 AM.
© 2025 Oregon Data Share. All rights reserved. The content relating to real estate for sale on this website comes in part from the Internet Data Exchange (IDX) program of Oregon Data Share. Listings held by brokerage firms other than 541 Home Sales are marked with the Oregon Data Share logo, and detailed information about these properties includes the name of the listing firm and the email address or phone number provided by the listing participant. Some properties which appear for sale on this website may subsequently have sold or may no longer be available. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. The consumer will not copy, retransmit nor redistribute any of the content from this website. Information provided is deemed reliable, but not guaranteed.