Updated Two-Unit
For Sale
$524,900
217 SMITH Loop, Springfield, OR 97478
MultiFamily, Springfield, OR
Property Size2,268 SF
Lot Size0.14 Acres
Price / SF$231.44
Days on Market114
Property Features for 217 SMITH Loop
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MD
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 4, Bathroom 1, Bedroom 6, Bedroom 3
Elementary school
Riverbend
Middle school
Agnes Stewart
High school
Thurston
Directions
43rd St
Subdivision
_249
Standard status
Active
APN
1286572
Size
2,268 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
FISHERS PLAT, Sec/Twn/Rng/Mer: SEC 32 TWN 17 RNG 02
Tax Annual Amount
4481
Legal Description
FISHERS PLAT, Sec/Twn/Rng/Mer: SEC 32 TWN 17 RNG 02
Building Details
Year built
1993
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Real Broker
(855) 450-0442
Listed By:
Daniel Gandee · License #201235300
(458) 209-0163
Added: May 1
Changed: Aug 22
Last Checked: Aug 22 at 8:06PM
MLS# 353491641
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 two-unit residential property contains 2,268 square feet of living area on a 6,098-square-foot lot. Built in 1993, the duplex is configured with two matching residences, each offering three bedrooms and one-and-a-half bathrooms. One unit is vacant, while the other is occupied. The property is zoned MD, or Medium Density Residential.
Recent improvements include new siding, windows, sliding doors, and mini-split heating and air-conditioning systems. The shingle roof is approximately 4–5 years old. Located in Springfield’s Thurston neighborhood, the property is addressed at 217 SMITH Loop, Springfield, OR 97478.
Recent improvements include new siding, windows, sliding doors, and mini-split heating and air-conditioning systems. The shingle roof is approximately 4–5 years old. Located in Springfield’s Thurston neighborhood, the property is addressed at 217 SMITH Loop, Springfield, OR 97478.
Key Highlights
- 2,268 square feet of total living space across two residential units
- Each unit features 3 bedrooms and 1.5 bathrooms
- 6,098 SF lot, equal to 0.14 acres
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
$22,266
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
4.24%
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%
$445,320
$445.3K
Cap Rate 7%
$318,086
$318.1K
Cap Rate 9%
$247,400
$247.4K
Market Conditions
NOI Build-Up for 2,268 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
$34.0K $15.00/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$31.8K $14.03/SF
− OpEx
−$9.5K −$4.21/SF
NOI
$22.3K $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%
$445,320
Cap Rate 7%
$318,086
Cap Rate 9%
$247,400
Alternative Uses
Best Use
Multifamily LT 5
$318.1K
$278.3K – $371.1K
NOI $22,266 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$296.1K
$259.1K – $345.5K
NOI $20,728 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$573.8K
$502.1K – $669.4K
NOI $40,164 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
Explore this area
Business Placement
Demographics for 97478, OR
39,155
Population
15,182
Households
2.6
Avg Household Size
40
Median Age
22%
College-Educated
92%
High-School Grad
168.4 sq mi
ZIP Area
233
Density / Sq Mi
$79,051
Median Household Income
$38,508
Median Earnings
$1,314
Median Rent
$361,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers three bedrooms and one-and-a-half baths, with one unit currently vacant.
Where is this duplex located?
The property is located at 217 SMITH Loop Springfield, OR.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: 2,268 square feet of total living space across two residential units; Each unit features 3 bedrooms and 1.5 bathrooms; 6,098 SF lot, equal to 0.14 acres
