Renovated Duplex with Attached
For Sale
$489,900
1340/1342 Q St, Springfield, OR 97477
MultiFamily, Springfield, OR
Property Size2,145 SF
Lot Size0.20 Acres
Price / SF$228.39
Days on Market127
Property Features for 1340/1342 Q St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
6
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 2, Bathroom 9, Bathroom 6, Bedroom 5, Bathroom 12, Bedroom 4, Bathroom 3, Bedroom 3, Bathroom 2, Bathroom 10, Bathroom 1, Bathroom 11, Bathroom 7, Bedroom 6, Bathroom 4, Bathroom 5, Bedroom 1, Bathroom 8
Elementary school
Page
Middle school
Briggs
High school
Springfield
Directions
Q ST
Subdivision
_249
Standard status
Active
APN
1155272
Size
2,145 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
17-03-25-23-01720
Tax Annual Amount
4322
Legal Description
17-03-25-23-01720
Utilities
Heating system
Zoned
Building Details
Year built
1977
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
ICON Real Estate Group
(541) 915-2080
Listed By:
Sandra Boyst · License #201208715
(541) 729-4063
Added: May 5
Changed: Sep 4
Last Checked: Sep 8 at 11:06AM
MLS# 555931783
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex at 1340/1342 Q St in Springfield contains 2,145 square feet on a 0.2-acre parcel. Built in 1977, the property includes two three-bedroom units, each with 1.5 bathrooms and an attached garage. Both residences are occupied and leased through March 31, 2027. Zoning is R2.
Unit 1340 received a full update in April 2025, while Unit 1342 was renovated around 2021. Improvements include cabinets, windows, doors, carpet, and luxury vinyl plank flooring in the kitchens and bathrooms. Each unit includes a built-in dishwasher, freestanding refrigerator, range, and washer/dryer hookups. Zoned heating and a composition roof are also present.
The duplex is positioned on a quiet cul-de-sac near shopping, dining, and everyday amenities. Showings are limited and subject to Oregon tenant laws.
Unit 1340 received a full update in April 2025, while Unit 1342 was renovated around 2021. Improvements include cabinets, windows, doors, carpet, and luxury vinyl plank flooring in the kitchens and bathrooms. Each unit includes a built-in dishwasher, freestanding refrigerator, range, and washer/dryer hookups. Zoned heating and a composition roof are also present.
The duplex is positioned on a quiet cul-de-sac near shopping, dining, and everyday amenities. Showings are limited and subject to Oregon tenant laws.
Key Highlights
- 2,145‑square‑foot duplex on a 0.2‑acre parcel
- Two 3‑bedroom, 1.5‑bath units with attached garages
- Both units leased through March 31, 2027
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,059
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$421,180
$421.2K
Cap Rate 7%
$300,843
$300.8K
Cap Rate 9%
$233,989
$234.0K
Market Conditions
NOI Build-Up for 2,145 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$32.2K $15.00/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$30.1K $14.03/SF
− OpEx
−$9.0K −$4.21/SF
NOI
$21.1K $9.82/SF
Area
Lane County, OR
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$421,180
Cap Rate 7%
$300,843
Cap Rate 9%
$233,989
Alternative Uses
Best Use
Multifamily LT 5
$300.8K
$263.2K – $351.0K
NOI $21,059 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$280.1K
$245.1K – $326.7K
NOI $19,604 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$542.7K
$474.8K – $633.1K
NOI $37,986 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
645
Businesses Nearby
Explore this area
Business Placement
Demographics for 97477, OR
37,602
Population
16,572
Households
2.3
Avg Household Size
39
Median Age
23%
College-Educated
89%
High-School Grad
12.4 sq mi
ZIP Area
3,032
Density / Sq Mi
$63,574
Median Household Income
$35,645
Median Earnings
$1,176
Median Rent
$345,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences each offer three bedrooms, one-and-a-half baths, and a private attached garage.
Where is this duplex located?
The property is located at 1340/1342 Q St Springfield, OR.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: 2,145‑square‑foot duplex on a 0.2‑acre parcel; Two 3‑bedroom, 1.5‑bath units with attached garages; Both units leased through March 31, 2027
