Springfield Fourplex with New
1194 R Street, Springfield, OR 97477
Four 2-bedroom units with in-unit laundry and designated parking.
Type:Multi Family
Property size:
3,604 SFPrice / SF:
$193/SF- Added:
- May 5, 2025
- Days on Market:
- 394
- Last Refresh:
- Mar 13 at 6:15 pm
Property Features for 1194 R Street
General Information
- Standard status
- Active
- Size
- 3,604 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1982
Listing agent Joshua Glaspie License #201224520 (541) 359-9132
Listing office ICON Real Estate Group (541) 359-9132
Listing date May 5, 2025
Source Compass
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of ICON Real Estate Group
HighLights
- Brand new roof ensures low maintenance and long‑term value.
- Four 2‑bedroom, 1.5‑bathroom units provide a desirable tenant profile.
- All units are currently leased, offering immediate rental income.
- In‑unit laundry hookups are a highly desirable amenity for tenants.
- Convenient location near shopping, restaurants, and public transit enhances tenant appeal.
- Opportunity to purchase an adjacent fourplex on the same lot, potentially acquiring eight units total.
Overview
This fourplex is located in Springfield’s Hayden Bridge neighborhood. The property features four units, each with 2 bedrooms and 1.5 bathrooms. Each unit includes in-unit laundry hookups and designated parking. All units are currently leased. The property is positioned with access to shopping, restaurants, and public transit. The building has a new roof. The property size is 3,604 square feet. An adjacent fourplex on the same lot is also offered separately, creating an opportunity to acquire up to eight total units in one location, with flexibility to purchase individually or together as a package.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.1k | $15.00 |
| − Vacancy | −$3.5k | −$0.98 |
| EGI | $50.5k | $14.03 |
| − OpEx | −$15.2k | −$4.21 |
| NOI | $35.4k | $9.82 |
3,604 SF · lease $15.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$505.5K
$442.3K – $589.7K
NOI $35,382 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$470.5K
$411.7K – $549.0K
NOI $32,938 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$911.8K
$797.8K – $1.06M
NOI $63,824 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Lane
- State
- Oregon
- Longitude
- -123.0088076
- Latitude
- 44.0639902
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four 2-bedroom units with in-unit laundry and designated parking.
Where is this quadplex located?
The property is located at 1194 R Street Springfield, OR.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Brand new roof ensures low maintenance and long‑term value.; Four 2‑bedroom, 1.5‑bathroom units provide a desirable tenant profile.; All units are currently leased, offering immediate rental income.
