Renovated 2-Unit
For Sale
$499,900
1340-1342 Q Street, Springfield, OR 97477
Two occupied residences offer updated interiors, attached garages, and in-unit laundry hookups within an R2-zoned property.
Property Size2,145 SF
Price / SF$233.05
Days on Market123
Property Features for 1340-1342 Q Street
General Information
Standard status
Active
Size
2,145 SF
Property subtype
Multi Family
Zoning
R2
Occupancy
100%
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,322
Amenities
2
Crawl Space
Concrete Perimeter
Composition
T111Siding
Building Details
Year Built
1977
Buildings
1
Tenancy
Multi
Listing Agency:
ICON Real Estate Group
(541) 729-4063
Listed By:
Sandra Boyst · License #201208715
(541) 729-4063
Source:
Compass
Added: May 3
Changed: Aug 30
Last Checked: Aug 31 at 9:53PM
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
Investment Insights
Based on property information with market context.
This duplex contains two three-bedroom residences, each with one full and one half bathroom, an attached garage, and 1,072.5 square feet. The property was built in 1977 and has a crawl space with a concrete perimeter. Interior improvements include updated cabinetry, windows, doors, carpeting, and luxury vinyl plank flooring in the kitchens and bathrooms. Each residence also includes a built-in dishwasher, freestanding refrigerator, range, and washer/dryer hookups.
Both units are currently occupied. Unit 1340 received a full update in April 2025, while Unit 1342 was renovated around 2021. The property is zoned R2 and sits on a quiet cul-de-sac near shopping, dining, and everyday amenities. Showings are subject to Oregon tenant laws, and tenants should not be disturbed.
Both units are currently occupied. Unit 1340 received a full update in April 2025, while Unit 1342 was renovated around 2021. The property is zoned R2 and sits on a quiet cul-de-sac near shopping, dining, and everyday amenities. Showings are subject to Oregon tenant laws, and tenants should not be disturbed.
Key Highlights
- Two‑unit duplex with 2,145 SF total building area
- Each unit includes 3 bedrooms, 1.5 bathrooms, and an attached garage
- Both units currently fully occupied
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
$21,059
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
4.21%
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%
$421,180
$421.2K
Cap Rate 7%
$300,843
$300.8K
Cap Rate 9%
$233,989
$234.0K
Market Conditions
NOI Build-Up for 2,145 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
$32.2K $15.00/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$30.1K $14.03/SF
− OpEx
−$9.0K −$4.21/SF
NOI
$21.1K $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%
$421,180
Cap Rate 7%
$300,843
Cap Rate 9%
$233,989
Alternative Uses
Best Use
Multifamily LT 5
$300.8K
$263.2K – $351.0K
NOI $21,059 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$280.1K
$245.1K – $326.7K
NOI $19,604 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$542.7K
$474.8K – $633.1K
NOI $37,986 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
645
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?
Duplex - Two occupied residences offer updated interiors, attached garages, and in-unit laundry hookups within an R2-zoned property.
Where is this duplex located?
The property is located at 1340-1342 Q Street Springfield, OR.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,145 SF total building area; Each unit includes 3 bedrooms, 1.5 bathrooms, and an attached garage; Both units currently fully occupied
