Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    425 S 3Rd St Springfield, OR 97477

    Sponsored
    For Sale
    $375,000

    MULTI_FAMILY - Springfield, OR

    Property size:
    2,803 SF
    Lot size:
    0.18 Acres
    Days on Market:
    2
    Last Refresh:
    Jan 22 at 3:06 am

    Property Features for 425 S 3Rd St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    LD
    Rooms
    Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 5
    Bedrooms
    5
    APN
    0315612
    Size
    2,803 SF
    Lot size
    0.18 Acres

    Utilities

    Heating system
    Baseboard, Forced Air

    Building Details

    Year built
    1942
    Number of units
    2

    We can help!

    Listing Contact
    Mack Spear

    Kelly Right Real Estate of Portland (509) 489-7000 [email protected]

    Listing agent Mack Spear (503) 719-6056

    Listing date Jan 21, 2026

    MLS# 588015404 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Two Detached Homes on One Lot

    This unique property in Springfield, Oregon, features two detached homes on a single lot. The combined living space is approximately 2,800 square feet. The property includes a 3-bedroom main house and a separate 2-bedroom residence, offering flexibility and privacy. The setup is suitable for multi-generational living or for an owner-occupier to live in one unit while generating income from the other. Both homes have nearly new roofs, and the gray home has been updated with newer vinyl siding. The lot size is 0.18 acres. The property is located close to schools, shopping, and everyday amenities, with easy access to commuter routes. One unit is currently vacant and easy to show.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Lane
    State
    Oregon
    Longitude
    -123.021841
    Latitude
    44.043135

    Nearby Similar for Sale

    • $1,745,000
      4,968 SF

      Turnkey 7-Unit Multifamily Property

      Newly constructed/renovated 7-unit property in Springfield, Oregon.
      1638 S St, Springfield, OR 97477
      View Details
    • $435,000
      1,666 SF

      Springfield Duplex with Rental History

      Desirable duplex in Springfield with a solid rental history.
      353 71St St, Springfield, OR 97478
      View Details
    • $699,000
      3,604 SF

      Springfield Fourplex with Immediate Income

      Four 2-bedroom units, leased, new roof, convenient location.
      1194 R St, Springfield, OR 97477
      View Details
    • New
      $985,000
      3,744 SF

      Four-Unit Multifamily Property in Springfield

      Four turnkey rental units, 100% occupied, in a convenient location.
      1905 17Th St, Springfield, OR 97477
      View Details
    • New
      $699,900
      3,372 SF

      Updated Fourplex in Springfield, Oregon

      Well-maintained fourplex with recent upgrades and long-term tenants.
      5495 72Nd St, Springfield, OR 97478
      View Details
    • $340,000
      2,528 SF

      Versatile Commercial Industrial Property

      Commercial Industrial-zoned property with shop/warehouse, ideal for various businesses.
      1089 28Th St, Springfield, OR 97477
      View Details
    • $85,000

      Charming Home in 55+ Community

      Comfortable 3-bedroom home in a premier 55+ community.
      1125 58Th St, Springfield, OR 97478
      View Details
    • $350,000

      Updated Condo at The Pointe

      Updated condo with modern finishes and fantastic community amenities.
      650 Harlow Rd, Springfield, OR 97477
      View Details
    • $69,900
      784 SF

      2023 Fleetwood Home in 55+ Community

      Modern 2-bedroom home in active 55+ community with resort-style amenities.
      5335 Main St, Springfield, OR 97478
      View Details
    • $2,124,035
      2,932 SF

      Burger King NNN Investment Opportunity

      Long-term Burger King NNN lease with attractive annual rent increases.
      1899 Olympic St, Springfield, OR 97477
      View Details
    • $420,000

      Farm-Ready Property with Updated Home

      Versatile property featuring updated home, fruit trees, and outbuildings.
      90948 Sunderman Rd, Springfield, OR 97478
      View Details
    • Contact for pricing
      840 SF

      Chalet Village Home for Sale

      Two-bedroom home in 55+ community with amenities and convenient location.
      205 S 54Th St, Springfield, OR 97478
      View Details

    FAQs

    What type of property is this?
    Duplex - Two homes on one lot, great for multi-generational living.
    Where is this duplex located?
    The property is located at 425 S 3Rd St Springfield, OR.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: - Two Detached Homes on One Lot; - Vacant Unit Ready for Move-In; - Ideal for Multi-Generational Living or Rental Income
    (503) 719-6056
    Request Owner's contact information
    425 S 3Rd St Springfield, OR 97477
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    425 S 3Rd St
    Springfield, OR 97477
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    425 S 3Rd St Springfield, OR 97477
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Mack Spear
    (503) 719-6056
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.