Duplex with Three-Bedroom, Two-Bath
For Sale
$735,000
903 HOWARD Ave, Eugene, OR 97404
MULTI_FAMILY - Eugene, OR
Property Size2,485 SF
Lot Size0.15 Acres
Price / SF$295.77
Days on Market48
Property Features for 903 HOWARD Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
GO
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 5, Bathroom 2, Bathroom 3, Bedroom 1, Bathroom 4
Elementary school
Howard
Middle school
Kelly
High school
North Eugene
Directions
North on River Rd West on Howard.
Subdivision
_247
Standard status
Active
APN
1884590
Size
2,485 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
17-04-14-32-09300
Tax Annual Amount
5727
Legal Description
17-04-14-32-09300
Utilities
Heating system
Ductless (Heating)
Cooling system
Wall Unit(s)
Building Details
Year built
2018
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
Thomas Richards Real Estate
(541) 521-5201
Listed By:
Thomas Richards
(541) 521-5201
Added: Jul 16
Changed: Aug 13
Last Checked: Sep 1 at 7:06AM
MLS# 364154777
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 duplex at 903 HOWARD Ave, Eugene, OR 97404 provides three bedrooms and two bathrooms per side. Built in 2018, the property is equipped with ductless heating and wall-unit cooling, and features a composition roof. At approximately 2,485 SF on a 0.15-acre lot, it offers a practical layout for an owner-occupied setup while also supporting long-term rental use.
The home is described as located in a newer subdivision and is currently occupied by excellent tenants. The listing notes viewings are available only with an accepted offer and a pre-qualification letter.
Zoned GO, the property is positioned for buyers looking for a relatively newer duplex configuration with each side featuring a similar three-bedroom, two-bath arrangement.
The home is described as located in a newer subdivision and is currently occupied by excellent tenants. The listing notes viewings are available only with an accepted offer and a pre-qualification letter.
Zoned GO, the property is positioned for buyers looking for a relatively newer duplex configuration with each side featuring a similar three-bedroom, two-bath arrangement.
Key Highlights
- Three bedrooms and two bathrooms per side
- Built in 2018 with ductless (heating) and wall unit(s) cooling
- Approx. 2,485 SF on a 0.15‑acre lot
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
$22,287
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
3.03%
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%
$445,740
$445.7K
Cap Rate 7%
$318,386
$318.4K
Cap Rate 9%
$247,633
$247.6K
Market Conditions
NOI Build-Up for 2,485 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
$32.2K $12.96/SF
− Vacancy
−$367 −$0.15/SF
EGI
$31.8K $12.81/SF
− OpEx
−$9.6K −$3.84/SF
NOI
$22.3K $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%
$445,740
Cap Rate 7%
$318,386
Cap Rate 9%
$247,633
Alternative Uses
Best Use
Multifamily LT 5
$318.4K
$278.6K – $371.5K
NOI $22,287 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$277.8K
$243.1K – $324.1K
NOI $19,445 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$749.8K
$656.0K – $874.7K
NOI $52,483 @ 7.0% cap · market cap 7.14%
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
190
Businesses Nearby
Explore this area
Business Placement
Demographics for 97404, OR
34,345
Population
13,823
Households
2.5
Avg Household Size
43
Median Age
33%
College-Educated
94%
High-School Grad
9.6 sq mi
ZIP Area
3,578
Density / Sq Mi
$80,355
Median Household Income
$41,184
Median Earnings
$1,408
Median Rent
$397,700
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 - Built in 2018, this duplex offers three bedrooms and two bathrooms per side with ductless heat and wall-unit cooling.
Where is this duplex located?
The property is located at 903 HOWARD Ave Eugene, OR.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Three bedrooms and two bathrooms per side; Built in 2018 with ductless (heating) and wall unit(s) cooling; Approx. 2,485 SF on a 0.15‑acre lot
