Renovated Two-Unit
For Sale
$489,900
1340 1340/1342 Q St, Springfield, OR 97477
Two occupied residences offer updated interiors, attached garages, and washer/dryer hookups.
Property Size2,145 SF
Price / SF$228.39
Days on Market14
Property Features for 1340 1340/1342 Q St
General Information
Standard status
Active
Size
2,145 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Parking per Unit
1
Building Details
Year Built
1977
Buildings
1
Listing Agency:
ICON Real Estate Group
(541) 915-2080
Listed By:
Sandra Boyst · License #201208715
Source:
Switzerrealestategroup
Added: Aug 19
Changed: Aug 31
Last Checked: Aug 31 at 6:42PM
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 2,145-square-foot duplex contains two three-bedroom, one-and-a-half-bath residences, each with an attached garage. Both units are occupied and include a built-in dishwasher, freestanding refrigerator, range, and washer/dryer hookups. Interior improvements include updated cabinets, windows, doors, carpet, and luxury vinyl plank flooring in the kitchens and bathrooms.
Unit 1340 was updated in April 2025, while Unit 1342 was renovated around 2021. Both leases extend through March 31, 2027. Built in 1977, the property sits in a cul-de-sac at 1340/1342 Q St in Springfield, near shopping, dining, and everyday amenities.
Unit 1340 was updated in April 2025, while Unit 1342 was renovated around 2021. Both leases extend through March 31, 2027. Built in 1977, the property sits in a cul-de-sac at 1340/1342 Q St in Springfield, near shopping, dining, and everyday amenities.
Key Highlights
- 2,145 SF duplex with two 3‑bedroom, 1.5‑bath units
- Both units have leases through March 31, 2027
- Unit 1340 was fully updated in April 2025
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
4.30%
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 4.30%
Second Best
Apartment 5plus
$280.1K
$245.1K – $326.7K
NOI $19,604 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$542.7K
$474.8K – $633.1K
NOI $37,986 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
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 washer/dryer hookups.
Where is this duplex located?
The property is located at 1340 1340/1342 Q St Springfield, OR.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: 2,145 SF duplex with two 3‑bedroom, 1.5‑bath units; Both units have leases through March 31, 2027; Unit 1340 was fully updated in April 2025
