Duplex with Wood-Burning
For Sale
$550,000
488 WALNUT Ln, Eugene, OR 97401
MULTI_FAMILY - Eugene, OR
Property Size2,184 SF
Lot Size0.16 Acres
Price / SF$251.83
Days on Market34
Property Features for 488 WALNUT Ln
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 3, Bedroom 1
View
Territorial, City
Elementary school
Bertha Holt
Middle school
Monroe
High school
Sheldon
Directions
Coburg Rd to Harlow Rd to Walnut Ln
Subdivision
_242
Standard status
Active
APN
1771466
Size
2,184 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Commonly known as 488/490 Walnut Ln. Legal desc. to be attached upon receipt of preliminary title.
Tax Annual Amount
4835
Legal Description
Commonly known as 488/490 Walnut Ln. Legal desc. to be attached upon receipt of preliminary title.
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
wood burning fireplace
air conditioning
covered deck
large private deck
beautifully landscaped
full basement
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
RE/MAX Integrity · RE/MAX International
(541) 345-8100
Listed By:
Michael O'Connell Jr. · License #891200225
(541) 953-0350
Added: Jul 24
Changed: Aug 13
Last Checked: Aug 26 at 4:06AM
MLS# 227518442
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.
Duplex on a 0.16-acre lot zoned R-1, built in 1915, with 2,184 SF total building area. The main level includes a 3-bedroom unit with 1.5 baths, a wood-burning fireplace, air conditioning, and a covered deck, plus a full basement. The upper unit features 2 bedrooms, 1 bath, air conditioning, and a large private deck. Additional space includes 540 SF of finished and unfinished area not included in the stated total.
The property includes forced-air heating and central air, with a composition roof. The exterior is described as landscaped.
This layout offers two separate residential units within a single duplex building while retaining common shared site context typical of small-lot owner-occupied or investor setups. Buyer should verify all information to their satisfaction.
The property includes forced-air heating and central air, with a composition roof. The exterior is described as landscaped.
This layout offers two separate residential units within a single duplex building while retaining common shared site context typical of small-lot owner-occupied or investor setups. Buyer should verify all information to their satisfaction.
Key Highlights
- Duplex on a 0.16‑acre lot zoned R‑1
- 2,184 SF building area; additional 540 SF finished and unfinished space not included
- Main level 3‑bedroom unit with 1.5 baths, wood‑burning fireplace, air conditioning, covered deck
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
$19,587
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
3.56%
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%
$391,740
$391.7K
Cap Rate 7%
$279,814
$279.8K
Cap Rate 9%
$217,633
$217.6K
Market Conditions
NOI Build-Up for 2,184 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
$28.3K $12.96/SF
− Vacancy
−$323 −$0.15/SF
EGI
$28.0K $12.81/SF
− OpEx
−$8.4K −$3.84/SF
NOI
$19.6K $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%
$391,740
Cap Rate 7%
$279,814
Cap Rate 9%
$217,633
Alternative Uses
Best Use
Multifamily LT 5
$279.8K
$244.8K – $326.5K
NOI $19,587 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$244.1K
$213.6K – $284.8K
NOI $17,090 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$658.9K
$576.6K – $768.8K
NOI $46,126 @ 7.0% cap · market cap 8.39%
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
933
Businesses Nearby
Explore this area
Business Placement
Demographics for 97401, OR
45,634
Population
24,220
Households
1.9
Avg Household Size
32
Median Age
47%
College-Educated
96%
High-School Grad
9.3 sq mi
ZIP Area
4,907
Density / Sq Mi
$51,244
Median Household Income
$26,604
Median Earnings
$1,318
Median Rent
$472,200
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 - Duplex on a 0.16-acre R-1 lot with forced-air heat, central air, covered and private decks, and a wood-burning fireplace.
Where is this duplex located?
The property is located at 488 WALNUT Ln Eugene, OR.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Duplex on a 0.16‑acre lot zoned R‑1; 2,184 SF building area; additional 540 SF finished and unfinished space not included; Main level 3‑bedroom unit with 1.5 baths, wood‑burning fireplace, air conditioning, covered deck
