Mixed-Use Building with
For Sale
$4,950,000
488 Main St, Springfield, OR 97477
MultiFamily, Springfield, OR
Property Size13,408 SF
Lot Size0.11 Acres
Price / SF$369.18
Days on Market575
Property Features for 488 Main St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MUC
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1
View
City
Middle school
Springfield
Directions
Main St. to address. Located at corner of 5th & Main
Subdivision
_249
Standard status
Active
APN
0313641
Size
13,408 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
To be provided by escrow
Tax Annual Amount
11467
Legal Description
To be provided by escrow
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
2024
Floors in Building
2
Number of units
15
Roof type
Membrane
Listing Agency:
Windermere RE Lane County · Windermere Real Estate
(541) 484-2022
Listed By:
Kristena Cox
(541) 501-3399
Added: Jan 28, 2025
Changed: Aug 26
Last Checked: Aug 26 at 10:06AM
MLS# 352831896
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.
Completed in December 2024, this mixed-use property contains 13,408 square feet across a compact 0.11-acre site. The second floor includes 12 townhouse-style apartments, while the commercial component provides two retail spaces and one live/work unit. Heat pump systems provide heating and cooling, and the building has a membrane roof.
The property is located at 488 Main St in Springfield, Oregon, within the MUC zoning designation. Apartment lease-up has begun, and the seller will lease back any apartment that remains unleased at closing. A 10-year property tax freeze applies to the apartments and excludes the commercial units.
The property is located at 488 Main St in Springfield, Oregon, within the MUC zoning designation. Apartment lease-up has begun, and the seller will lease back any apartment that remains unleased at closing. A 10-year property tax freeze applies to the apartments and excludes the commercial units.
Key Highlights
- 13,408‑square‑foot mixed‑use property completed in December 2024
- 12 townhouse‑style apartments located on the second floor
- Two retail spaces plus one live/work 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
$185,738
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
3.75%
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%
$3,714,760
$3.7M
Cap Rate 7%
$2,653,400
$2.7M
Cap Rate 9%
$2,063,756
$2.1M
Market Conditions
NOI Build-Up for 13,408 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
$297.7K $22.20/SF
− Vacancy
−$50.0K −$3.73/SF
EGI
$247.7K $18.47/SF
− OpEx
−$61.9K −$4.62/SF
NOI
$185.7K $13.85/SF
Area
Lane County, OR
Vacancy
16.80%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$3,714,760
Cap Rate 7%
$2,653,400
Cap Rate 9%
$2,063,756
Alternative Uses
Best Use
Office B
$2.65M
$2.32M – $3.10M
NOI $185,738 @ 7.0% cap · market cap 3.75%
Second Best
Retail
$2.46M
$2.15M – $2.86M
NOI $171,897 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$3.39M
$2.97M – $3.96M
NOI $237,444 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
826
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Recently completed property combining townhouse-style apartments, retail suites, and a live/work unit in one development.
Where is this mixed-use property located?
The property is located at 488 Main St Springfield, OR.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 13,408‑square‑foot mixed‑use property completed in December 2024; 12 townhouse‑style apartments located on the second floor; Two retail spaces plus one live/work unit
