Craftsman Mixed-Use
For Sale
$539,000
1492 Pearl St, Eugene, OR 97401
C2 zoning supports commercial and live-work uses, with an upstairs renovated apartment and two lower-level commercial areas.
Property Size2,084 SF
Price / SF$258.64
Days on Market31
Property Features for 1492 Pearl St
General Information
Standard status
Active
Size
2,084 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
C2
Site & Location
Corner Location
Yes
Utilities to Site
Yes
Amenities
covered front porch
wood floors
skylights
walk in shower
washer/dryer
automatic sprinklers
Building Details
Year Built
1920
Buildings
1
Construction
craftsman
Tenancy
Multi
Listing Agency:
Windermere RE Lane County
(503) 836-2010
Listed By:
Koalani Roberts · License #201209867
Source:
Wyndeekono
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 25 at 5:52AM
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 Windermere RE Lane County
Investment Insights
Based on property information with market context.
Built in 1920, this 2,084-square-foot craftsman property combines an upper-level residence with commercial space below. The renovated 2-bedroom, 1-bath apartment includes a full kitchen, tile counters, newer appliances, in-unit washer and dryer, updated flooring, skylights, and a walk-in shower. Two commercial areas occupy the lower level, with wood floors, a kitchen, 1.5 baths, abundant windows, and a covered front porch. Both areas are currently leased to one salon tenant; the business is not included in the sale.
The corner-lot property is served by a bus line along Pearl St and sits near downtown Eugene, the University of Oregon, YMCA, South Amazon running trail, Midtown Luxury Condos, restaurants, businesses, homes, and apartments. Parking includes 3 off-street spaces plus on-street availability. Improvements include a newer roof, updated electrical service, 2 water heaters, automatic sprinklers, a newer sewer line, interior paint, newer appliances, and flooring. The property has 3 electric meters and 1 water meter, with tenants paying their own electricity.
The corner-lot property is served by a bus line along Pearl St and sits near downtown Eugene, the University of Oregon, YMCA, South Amazon running trail, Midtown Luxury Condos, restaurants, businesses, homes, and apartments. Parking includes 3 off-street spaces plus on-street availability. Improvements include a newer roof, updated electrical service, 2 water heaters, automatic sprinklers, a newer sewer line, interior paint, newer appliances, and flooring. The property has 3 electric meters and 1 water meter, with tenants paying their own electricity.
Key Highlights
- C2 zoning allows commercial uses and mixed live‑work opportunities
- 2,084 SF craftsman property built in 1920
- Upper‑level renovated 2 BR, 1 BA apartment
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
$31,885
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
5.92%
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%
$637,700
$637.7K
Cap Rate 7%
$455,500
$455.5K
Cap Rate 9%
$354,278
$354.3K
Market Conditions
NOI Build-Up for 2,084 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
$50.0K $24.00/SF
− Vacancy
−$7.5K −$3.60/SF
EGI
$42.5K $20.40/SF
− OpEx
−$10.6K −$5.10/SF
NOI
$31.9K $15.30/SF
Area
Eugene, OR
Vacancy
15.00%
Lease Rate
$24.00 /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%
$637,700
Cap Rate 7%
$455,500
Cap Rate 9%
$354,278
Alternative Uses
Best Use
Office B
$455.5K
$398.6K – $531.4K
NOI $31,885 @ 7.0% cap · market cap 5.92%
Second Best
Mixed Use
$442.1K
$386.8K – $515.8K
NOI $30,947 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$628.8K
$550.2K – $733.6K
NOI $44,014 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,798
Businesses Nearby
Explore this area
Business Placement
Demographics for 97401, OR
45,634
Population
24,220
Households
1.9
Avg Household Size
32
Median Age
47%
College-Educated
96%
High-School Grad
9.3 sq mi
ZIP Area
4,907
Density / Sq Mi
$51,244
Median Household Income
$26,604
Median Earnings
$1,318
Median Rent
$472,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C2 zoning supports commercial and live-work uses, with an upstairs renovated apartment and two lower-level commercial areas.
Where is this mixed-use property located?
The property is located at 1492 Pearl St Eugene, OR.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: C2 zoning allows commercial uses and mixed live‑work opportunities; 2,084 SF craftsman property built in 1920; Upper‑level renovated 2 BR, 1 BA apartment
