Remodeled Duplex with Historic
For Sale
$464,900
655 MONROE St, Eugene, OR 97402
MultiFamily, Eugene, OR
Property Size2,424 SF
Lot Size0.09 Acres
Price / SF$191.79
Days on Market156
Property Features for 655 MONROE St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 3
Subdivision
Whitaker
Elementary school
River Road
Middle school
Kelly
High school
North Eugene
Directions
Yellow home between 6th & 7th Ave on Monroe St.
Standard status
Active
APN
0265940
Size
2,424 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
TL 06500
Tax Annual Amount
3470
Legal Description
TL 06500
Utilities
Cooling system
Window Unit(s)
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Real Broker
(855) 450-0442
Listed By:
Daniel Gandee · License #201235300
(458) 209-0163
Added: Mar 20
Changed: Aug 22
Last Checked: Aug 22 at 5:06PM
MLS# 726412931
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.
Built in 1890, this duplex contains 2,424 square feet across two residences. The lower unit offers 3 bedrooms and 1 bath following a comprehensive renovation with new flooring, interior paint, trim, lighting, hardware, cabinetry, solid surface countertops, tile backsplash, stainless steel appliances, and updated bathroom finishes. Furnishings are negotiable. The upper residence includes 1 bedroom and 1 bath and is occupied by a long-term tenant, creating a mixed short- and long-term rental configuration.
The property sits on a 0.09-acre lot in Eugene and carries C-2 zoning. It is located near Sweet Life, the Beer Garden, parks, and downtown Eugene. Additional physical features include composition roofing and window-unit cooling.
The property sits on a 0.09-acre lot in Eugene and carries C-2 zoning. It is located near Sweet Life, the Beer Garden, parks, and downtown Eugene. Additional physical features include composition roofing and window-unit cooling.
Key Highlights
- 2,424‑square‑foot duplex built in 1890
- Two‑unit layout: 3‑bedroom lower residence and 1‑bedroom upper residence
- Lower unit comprehensively renovated with updated kitchen and bathroom finishes
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
$21,740
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
4.68%
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%
$434,800
$434.8K
Cap Rate 7%
$310,571
$310.6K
Cap Rate 9%
$241,556
$241.6K
Market Conditions
NOI Build-Up for 2,424 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
$31.4K $12.96/SF
− Vacancy
−$358 −$0.15/SF
EGI
$31.1K $12.81/SF
− OpEx
−$9.3K −$3.84/SF
NOI
$21.7K $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%
$434,800
Cap Rate 7%
$310,571
Cap Rate 9%
$241,556
Alternative Uses
Best Use
Multifamily LT 5
$310.6K
$271.8K – $362.3K
NOI $21,740 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$271.0K
$237.1K – $316.1K
NOI $18,968 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$731.4K
$639.9K – $853.3K
NOI $51,195 @ 7.0% cap · market cap 11.01%
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
3,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 97402, OR
56,610
Population
23,882
Households
2.4
Avg Household Size
38
Median Age
26%
College-Educated
91%
High-School Grad
68.6 sq mi
ZIP Area
825
Density / Sq Mi
$55,743
Median Household Income
$35,728
Median Earnings
$1,287
Median Rent
$330,000
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 - Two-unit property combines a renovated short-term rental with a separate long-term tenant residence.
Where is this duplex located?
The property is located at 655 MONROE St Eugene, OR.
What is the asking price?
The asking price for this property is $464,900.
What are key features of this property?
This property features: 2,424‑square‑foot duplex built in 1890; Two‑unit layout: 3‑bedroom lower residence and 1‑bedroom upper residence; Lower unit comprehensively renovated with updated kitchen and bathroom finishes
