4-Unit Quadplex with Metal
New
For Sale
$800,000
121 W C St, Springfield, OR 97477
MultiFamily, Springfield, OR
Property Size3,000 SF
Lot Size0.13 Acres
Price / SF$266.67
Days on Market3
Property Features for 121 W C St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
see rmk
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bathroom 4, Bathroom 3, Bathroom 2, Bedroom 7, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 6, Bedroom 2, Bedroom 5
Elementary school
Centennial
Middle school
Hamlin
High school
Springfield
Directions
MLK Jr. Parkway, to Pionerer Pkwy, to C Street to address
Subdivision
_249
Standard status
Active
APN
0311215
Size
3,000 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
to be released with the preliminary title report
Tax Annual Amount
4044
Legal Description
to be released with the preliminary title report
Utilities
Heating system
Zoned
Building Details
Year built
1950
Floors in Building
1
Number of units
4
Roof type
Metal
Listing Agency:
Keller Williams Realty Eugene and Springfield
(541) 431-6480
Listed By:
Derrick Roser · License #201224743
(541) 653-7377
Added: Oct 1
Changed: Oct 2
Last Checked: Oct 3 at 3:06AM
MLS# 717395713
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 1950-built quadplex contains four two-bedroom, one-bathroom apartments, each approximately 650 square feet. The building measures 3,000 square feet and has a metal roof. One apartment has its own washer and dryer hookups; a main-level common area was previously used for laundry. Unfinished upper-level storage is approximately 1,800 square feet, according to county records.
Two adjacent lots are included: one is 0.12 acres with community commercial zoning, and the other is 0.25 acres with residential zoning. The property is near Willamalane Recreation Center, the Senior Center, Historic Downtown Springfield, and Island Park. Any proposed use is subject to due diligence with the City of Springfield.
Two adjacent lots are included: one is 0.12 acres with community commercial zoning, and the other is 0.25 acres with residential zoning. The property is near Willamalane Recreation Center, the Senior Center, Historic Downtown Springfield, and Island Park. Any proposed use is subject to due diligence with the City of Springfield.
Key Highlights
- Four apartments, each with 2 bedrooms and 1 bathroom
- Each unit is approximately 650 square feet
- One unit has dedicated washer and dryer hookups
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
$29,452
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
3.68%
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%
$589,040
$589.0K
Cap Rate 7%
$420,743
$420.7K
Cap Rate 9%
$327,244
$327.2K
Market Conditions
NOI Build-Up for 3,000 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
$45.0K $15.00/SF
− Vacancy
−$2.9K −$0.98/SF
EGI
$42.1K $14.03/SF
− OpEx
−$12.6K −$4.21/SF
NOI
$29.5K $9.82/SF
Area
Lane County, OR
Vacancy
6.50%
Lease Rate
$15.00 /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%
$589,040
Cap Rate 7%
$420,743
Cap Rate 9%
$327,244
Alternative Uses
Best Use
Multifamily LT 5
$420.7K
$368.2K – $490.9K
NOI $29,452 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$391.7K
$342.7K – $457.0K
NOI $27,418 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$759.0K
$664.1K – $885.5K
NOI $53,127 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
818
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Two neighboring parcels carry community commercial and residential zoning, respectively.
Where is this quadplex located?
The property is located at 121 W C St Springfield, OR.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms and 1 bathroom; Each unit is approximately 650 square feet; One unit has dedicated washer and dryer hookups
