Midtown Office Building For
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1598 Pearl St, Eugene, OR 97401
Two-story office building near downtown and the University of Oregon.
Property Size1,028 SF
Price / SF$413.42
Days on Market153
Property Features for 1598 Pearl St
General Information
Standard status
Active
Size
1,028 SF
Property subtype
Office
Zoning
C-2 | TD
Building Details
Year Built
1935
Units
1
Listing Agency:
Evans, Elder Brown & Seubert
(541) 345-4860
Listed By:
Jeff Elder · License #OR
Source:
Crexi
Added: Mar 12
Changed: Aug 9
Last Checked: Aug 10 at 4:49AM
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 Evans, Elder Brown & Seubert
Investment Insights
Based on property information with market context.
This two-story office building, originally constructed in 1935 and updated in 1995 and 2014, contains approximately 1,028 square feet according to the Lane County Assessor. It is located on the corner of Pearl Street and 16th Avenue, near eateries and attractions such as Mucho Gusto, Toshi’s Ramen, Newman’s Fish Company, Whole Foods, Safeway, Kidsports, and South Eugene High School. The building is conveniently located between Downtown and South Eugene and near the University of Oregon campus. The building is also adjacent to The Midtown, a newly constructed luxury condominium building that features underground on-site parking and multiple condo sizes from studios to town-homes. The building features four offices split between the first and second floor. The first floor features a reception area, two offices (one with a private entrance), and two restrooms including one shower. The second floor features two offices with natural light and storage cabinets. The property is located in Zone X, an area determined to be outside the 500-year flood. There is an underground sump pump located below the building. The property is zoned C-2, Community Commercial, allowing for a variety of uses.
Key Highlights
- Prime location on a high‑traffic corner near popular amenities.
- Convenient access to Downtown, South Eugene, and the University of Oregon.
- C‑2 Community Commercial zoning allows for a variety of business uses.
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
$15,728
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
3.70%
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%
$314,560
$314.6K
Cap Rate 7%
$224,686
$224.7K
Cap Rate 9%
$174,756
$174.8K
Market Conditions
NOI Build-Up for 1,028 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
$24.7K $24.00/SF
− Vacancy
−$3.7K −$3.60/SF
EGI
$21.0K $20.40/SF
− OpEx
−$5.2K −$5.10/SF
NOI
$15.7K $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%
$314,560
Cap Rate 7%
$224,686
Cap Rate 9%
$174,756
Alternative Uses
Best Use
Office B
$224.7K
$196.6K – $262.1K
NOI $15,728 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$310.2K
$271.4K – $361.9K
NOI $21,711 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Office building - Two-story office building near downtown and the University of Oregon.
Where is this office building located?
The property is located at 1598 Pearl St Eugene, OR.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Prime location on a high‑traffic corner near popular amenities.; Convenient access to Downtown, South Eugene, and the University of Oregon.; C‑2 Community Commercial zoning allows for a variety of business uses.
