GOMU-Zoned Riverfront Commercial
New
For Sale
$319,000
1360 Henderson Ave, Eugene, OR 97403
Level redevelopment parcel with an existing three-bedroom house requiring substantial work before occupancy.
Property Size1,366 SF
Price / SF$233.53
Days on Market6
Property Features for 1360 Henderson Ave
General Information
Standard status
Active
Size
1,366 SF
Building Details
Year Built
1945
Listing Agency:
ICON Real Estate Group
(360) 844-3142
Listed By:
Joe Williams
Source:
Rosecityrealtygroup
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 30 at 7:17PM
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 level 0.86-acre commercial land parcel at 1360 Henderson AVE includes a three-bedroom house built in 1945. The residence is currently unlivable as-is, making the property primarily a redevelopment site rather than an immediately occupiable improvement. The parcel is located within the Franklin Riverfront zone and carries GOMU, or Glenwood Office Mixed Use, zoning with a nodal overlay.
The property offers access to Eugene, Springfield, the University of Oregon, and major thoroughfares. It is situated in the Glenwood area, where the Springfield Economic Development Agency completed a land acquisition in 2025 and has stated redevelopment goals for 2026–2027. Viewings require an appointment, and the property should not be disturbed without prior scheduling.
The property offers access to Eugene, Springfield, the University of Oregon, and major thoroughfares. It is situated in the Glenwood area, where the Springfield Economic Development Agency completed a land acquisition in 2025 and has stated redevelopment goals for 2026–2027. Viewings require an appointment, and the property should not be disturbed without prior scheduling.
Key Highlights
- 0.86‑acre level parcel in the Franklin Riverfront zone
- GOMU, Glenwood Office Mixed Use zoning with nodal overlay
- Existing three‑bedroom house built in 1945; currently unlivable as‑is
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
$20,285
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
6.36%
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%
$405,700
$405.7K
Cap Rate 7%
$289,786
$289.8K
Cap Rate 9%
$225,389
$225.4K
Market Conditions
NOI Build-Up for 1,366 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
$36.1K $26.40/SF
− Vacancy
−$3.6K −$2.64/SF
EGI
$32.5K $23.76/SF
− OpEx
−$12.2K −$8.91/SF
NOI
$20.3K $14.85/SF
Area
Eugene, OR
Vacancy
10.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
37.50%
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%
$405,700
Cap Rate 7%
$289,786
Cap Rate 9%
$225,389
Alternative Uses
Best Use
Mixed Use
$289.8K
$253.6K – $338.1K
NOI $20,285 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$412.1K
$360.6K – $480.8K
NOI $28,850 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
244
Businesses Nearby
Explore this area
Business Placement
Demographics for 97403, OR
15,275
Population
5,146
Households
3
Avg Household Size
26
Median Age
60%
College-Educated
93%
High-School Grad
4.2 sq mi
ZIP Area
3,637
Density / Sq Mi
$47,103
Median Household Income
$12,067
Median Earnings
$1,211
Median Rent
$550,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Level redevelopment parcel with an existing three-bedroom house requiring substantial work before occupancy.
Where is this commercial land located?
The property is located at 1360 Henderson Ave Eugene, OR.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: 0.86‑acre level parcel in the Franklin Riverfront zone; GOMU, Glenwood Office Mixed Use zoning with nodal overlay; Existing three‑bedroom house built in 1945; currently unlivable as‑is
