Vacant Two-Unit
For Sale
$609,000
1880 LAKE COVE Ave, Eugene, OR 97408
MultiFamily, Eugene, OR
Property Size2,256 SF
Lot Size0.12 Acres
Price / SF$269.95
Days on Market400
Property Features for 1880 LAKE COVE Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R_2 PD
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 1
Subdivision
LAKE SHORE ESTATES
Elementary school
Gilham
Middle school
Cal Young
High school
Sheldon
Directions
North on Gilham, Left on Ayers, Left at Lake Shore Estates
Standard status
Active
APN
1514031
Size
2,256 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
1703083301137
Tax Annual Amount
7557
Legal Description
1703083301137
Utilities
Heating system
Forced Air, Heat Pump (Heating)
Cooling system
Heat Pump, Central Air
Amenities
common area with lake views
scenic lakeside walking path
Building Details
Year built
1998
Floors in Building
1
Number of units
2
Roof type
Tile
Listing Agency:
John L. Scott Portland Central
(503) 230-8600
Listed By:
Kristin Clark · License #200610184
(541) 912-2646
Added: Aug 5, 2025
Changed: Sep 3
Last Checked: Sep 8 at 7:06AM
MLS# 189946520
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 2,256-square-foot duplex, built in 1998, contains two vacant units, each with 2 bedrooms and 1 bathroom. Both residences include a private patio, an attached single-car garage, and laundry facilities. Unit 1880 has a tub-and-shower combination, while Unit 3328 Lake Glenn includes a walk-in shower.
The property sits within the gated Lake Shore Estates community and includes access to a shared area with lake views and a lakeside walking path. Additional building features include a tile roof, heat pump and forced-air heating, and heat pump and central air cooling. The 0.12-acre property is zoned R_2 PD.
The property sits within the gated Lake Shore Estates community and includes access to a shared area with lake views and a lakeside walking path. Additional building features include a tile roof, heat pump and forced-air heating, and heat pump and central air cooling. The 0.12-acre property is zoned R_2 PD.
Key Highlights
- Two vacant units, each with 2 bedrooms and 1 bathroom
- 2,256 square feet on a 0.12‑acre lot
- Private patio and attached single‑car garage for each unit
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
$20,233
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
3.32%
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%
$404,660
$404.7K
Cap Rate 7%
$289,043
$289.0K
Cap Rate 9%
$224,811
$224.8K
Market Conditions
NOI Build-Up for 2,256 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
$29.2K $12.96/SF
− Vacancy
−$333 −$0.15/SF
EGI
$28.9K $12.81/SF
− OpEx
−$8.7K −$3.84/SF
NOI
$20.2K $8.97/SF
Area
Eugene, OR
Vacancy
1.14%
Lease Rate
$12.96 /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%
$404,660
Cap Rate 7%
$289,043
Cap Rate 9%
$224,811
Alternative Uses
Best Use
Multifamily LT 5
$289.0K
$252.9K – $337.2K
NOI $20,233 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$252.2K
$220.7K – $294.2K
NOI $17,653 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$680.7K
$595.6K – $794.1K
NOI $47,647 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Explore this area
Business Placement
Demographics for 97408, OR
14,655
Population
6,585
Households
2.2
Avg Household Size
44
Median Age
49%
College-Educated
96%
High-School Grad
49.8 sq mi
ZIP Area
294
Density / Sq Mi
$102,063
Median Household Income
$47,280
Median Earnings
$1,731
Median Rent
$535,300
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 - Well-maintained residential income property with private patios, attached garages, and access to gated community amenities.
Where is this duplex located?
The property is located at 1880 LAKE COVE Ave Eugene, OR.
What is the asking price?
The asking price for this property is $609,000.
What are key features of this property?
This property features: Two vacant units, each with 2 bedrooms and 1 bathroom; 2,256 square feet on a 0.12‑acre lot; Private patio and attached single‑car garage for each unit
