Flex Space with Garage
For Sale
Contact for pricing
1245 Main St, Springfield, OR 97477
Adaptable commercial building with an open work area, service-oriented improvements, and a secured outdoor area.
Property Size1,671 SF
Price / SF$206.46
Days on Market137
Property Features for 1245 Main St
General Information
Standard status
Active
Size
1,671 SF
Class
B
Property subtype
Office, Retail
Zoning
C-2
Lease Type
NNN
Building Details
Year Built
1948
Year Renovated
2025
Buildings
1
Stories
1
Listing Agency:
Campbell Commercial Real Estate
(541) 520-0067
Listed By:
Ben Wanichek · License #OR 201238379
Source:
Crexi
Added: Apr 16
Changed: Aug 29
Last Checked: Aug 29 at 5:46PM
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 Campbell Commercial Real Estate
Investment Insights
Based on property information with market context.
This 1,671-square-foot flex property at 1245 Main St includes an open workspace, conference room, breakroom, and restroom with shower. Interior improvements support office, retail, service, or light industrial functions, while oversized garage doors and a car lift add operational capability. Built in 1948, the building combines work areas with practical service features.
The property occupies a 0.17-acre lot in Springfield, Oregon. The site is fully paved and fenced, providing on-site space for parking, storage, or outdoor operations. Its Main Street placement offers direct exposure along a central commercial corridor.
The property occupies a 0.17-acre lot in Springfield, Oregon. The site is fully paved and fenced, providing on-site space for parking, storage, or outdoor operations. Its Main Street placement offers direct exposure along a central commercial corridor.
Key Highlights
- 1,671 SF flex building on a 0.17‑acre lot
- Open workspace with conference room, breakroom, and restroom with shower
- Oversized garage doors and an installed car lift
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
$23,148
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
6.71%
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%
$462,960
$463.0K
Cap Rate 7%
$330,686
$330.7K
Cap Rate 9%
$257,200
$257.2K
Market Conditions
NOI Build-Up for 1,671 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
$37.1K $22.20/SF
− Vacancy
−$6.2K −$3.73/SF
EGI
$30.9K $18.47/SF
− OpEx
−$7.7K −$4.62/SF
NOI
$23.1K $13.85/SF
Area
Lane County, OR
Vacancy
16.80%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$462,960
Cap Rate 7%
$330,686
Cap Rate 9%
$257,200
Alternative Uses
Best Use
Office B
$330.7K
$289.4K – $385.8K
NOI $23,148 @ 7.0% cap · market cap 6.71%
Second Best
Retail
$306.0K
$267.8K – $357.1K
NOI $21,423 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$422.7K
$369.9K – $493.2K
NOI $29,592 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
792
Businesses Nearby
Under-served
Demand for This Use
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 Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Quiroz’s taqueria — 1720 Main St, Springfield, OR 97477
- Chipper Swirls — 1846 I St, Springfield, OR 97477
Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial building with an open work area, service-oriented improvements, and a secured outdoor area.
Where is this flex space located?
The property is located at 1245 Main St Springfield, OR.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 1,671 SF flex building on a 0.17‑acre lot; Open workspace with conference room, breakroom, and restroom with shower; Oversized garage doors and an installed car lift
