Eight-Unit Apartment
New
For Sale
$1,300,000
1217 R St, Springfield, OR 97477
MultiFamily, Springfield, OR
Property Size6,784 SF
Lot Size0.39 Acres
Price / SF$191.63
Days on Market4
Property Features for 1217 R St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 4, Bedroom 10, Bedroom 14, Bathroom 5, Bedroom 13, Bedroom 11, Bedroom 3, Bathroom 4, Bedroom 5, Bedroom 9, Bathroom 3, Bathroom 8, Bedroom 7, Bedroom 15, Bedroom 1, Bedroom 8, Bedroom 16, Bathroom 7, Bathroom 2, Bedroom 12, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 6
Elementary school
Page
Middle school
Briggs
High school
Springfield
Directions
Q st north on 10th East on R to Property
Subdivision
_232
Standard status
Active
APN
1458726
Size
6,784 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Description
Map & Taxlot # 17-03-26-14-03606 & Map & Taxlot# 17-03-26-14-03605
Tax Annual Amount
11257
Legal Description
Map & Taxlot # 17-03-26-14-03606 & Map & Taxlot# 17-03-26-14-03605
Utilities
Heating system
Zoned
Amenities
on-site laundry
storage areas
Building Details
Year built
1991
Floors in Building
2
Number of units
8
Roof type
Composition
Listing Agency:
RE/MAX Integrity · RE/MAX International
(541) 345-8100
Listed By:
Michael Sims · License #910200151
(541) 510-0552
Added: Aug 26
Last Checked: Aug 29 at 11:06AM
MLS# 471020697
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 apartment property comprises two four-unit buildings on two legal lots, totaling 8 units and 6,784 square feet. Constructed in 1991, the buildings feature zoned heating and composition roofs. Each residence is assigned two paved parking spaces, while onsite laundry and separate storage areas serve the units. Several apartments have received updates that include floor coverings, paint, and appliances.
The property is located in Springfield near bus service, shopping, and the EWEB bike path. The 0.39-acre site is zoned R2 and identified by the address 1217 R St, Springfield, OR 97477.
The property is located in Springfield near bus service, shopping, and the EWEB bike path. The 0.39-acre site is zoned R2 and identified by the address 1217 R St, Springfield, OR 97477.
Key Highlights
- Two four‑unit apartment buildings on two legal lots
- 8 units totaling 6,784 square feet
- 0.39‑acre site zoned R2
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
$62,001
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
4.77%
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%
$1,240,020
$1.2M
Cap Rate 7%
$885,729
$885.7K
Cap Rate 9%
$688,900
$688.9K
Market Conditions
NOI Build-Up for 6,784 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
$119.7K $17.64/SF
− Vacancy
−$6.9K −$1.02/SF
EGI
$112.7K $16.62/SF
− OpEx
−$50.7K −$7.48/SF
NOI
$62.0K $9.14/SF
Area
Lane County, OR
Vacancy
5.80%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,240,020
Cap Rate 7%
$885,729
Cap Rate 9%
$688,900
Alternative Uses
Best Use
Apartment 5plus
$885.7K
$775.0K – $1.03M
NOI $62,001 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,139 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two apartment buildings offer updated interiors, dedicated parking, laundry facilities, and individual storage areas.
Where is this apartment building located?
The property is located at 1217 R St Springfield, OR.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Two four‑unit apartment buildings on two legal lots; 8 units totaling 6,784 square feet; 0.39‑acre site zoned R2
