Fully Leased
For Sale
$572,500
Pending
2044 W 17TH AVE, Eugene, OR 97402
Four-unit property with onsite fitness and community facilities in Eugene’s Westmoreland Park.
Property Size2,322 SF
Days on Market8
Property Features for 2044 W 17TH AVE
General Information
Standard status
Pending
Size
2,322 SF
Property subtype
MULTI_FAMILY
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,391
Amenities
onsite Association office
fitness center
community center
Building Details
Building Size
2,322 SF
Year Built
1960
Listing Agency:
Jennings Group Inc
Listed By:
Darren Stone · License #201006104
(541) 434-2133
Source:
Worthlandrealestate
Added: Sep 11
Changed: Sep 17
Last Checked: Sep 16 at 10:25PM
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 Jennings Group Inc
Investment Insights
Based on property information with market context.
This four-unit multifamily property was built in 1960 and is fully leased. The property includes access to an onsite Association office, fitness center, and community center, providing shared facilities for occupants.
The property is located at 2044 W 17th AVE in Eugene’s Westmoreland Park. Schools, shopping, and the Amazon bike trail are nearby, while the University of Oregon is approximately 3 miles away.
The property is located at 2044 W 17th AVE in Eugene’s Westmoreland Park. Schools, shopping, and the Amazon bike trail are nearby, while the University of Oregon is approximately 3 miles away.
Key Highlights
- Four‑unit multifamily property
- Fully leased
- Built in 1960
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
$20,825
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
3.64%
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%
$416,500
$416.5K
Cap Rate 7%
$297,500
$297.5K
Cap Rate 9%
$231,389
$231.4K
Market Conditions
NOI Build-Up for 2,322 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
$30.1K $12.96/SF
− Vacancy
−$343 −$0.15/SF
EGI
$29.8K $12.81/SF
− OpEx
−$8.9K −$3.84/SF
NOI
$20.8K $8.97/SF
Area
Eugene, OR
Vacancy
1.14%
Lease Rate
$12.96 /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%
$416,500
Cap Rate 7%
$297,500
Cap Rate 9%
$231,389
Alternative Uses
Best Use
Multifamily LT 5
$297.5K
$260.3K – $347.1K
NOI $20,825 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$259.6K
$227.1K – $302.8K
NOI $18,170 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$700.6K
$613.0K – $817.4K
NOI $49,041 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
819
Businesses Nearby
Explore this area
Business Placement
Demographics for 97402, OR
56,610
Population
23,882
Households
2.4
Avg Household Size
38
Median Age
26%
College-Educated
91%
High-School Grad
68.6 sq mi
ZIP Area
825
Density / Sq Mi
$55,743
Median Household Income
$35,728
Median Earnings
$1,287
Median Rent
$330,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with onsite fitness and community facilities in Eugene’s Westmoreland Park.
Where is this quadplex located?
The property is located at 2044 W 17TH AVE Eugene, OR.
What is the asking price?
The asking price for this property is $572,500.
What are key features of this property?
This property features: Four‑unit multifamily property; Fully leased; Built in 1960
