New Construction Three-Bedroom
For Sale
$650,000
231-233 South 41st Place, Springfield, OR 97478
Two well-appointed units feature garages, modern finishes, flexible living areas, and fenced outdoor space.
Property Size2,680 SF
Price / SF$242.54
Days on Market146
Property Features for 231-233 South 41st Place
General Information
Standard status
Active
Size
2,680 SF
Total Parking Spaces
2
Property subtype
Multi Family
Zoning
R2
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$927
Amenities
covered deck
fenced backyard
washer and dryer hookups
2
Crawl Space
Composition
Cement Siding
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Elite Realty Professionals
(541) 484-6000
Listed By:
Jamie Paddock · License #200703411
(541) 484-6000
Source:
Compass
Added: Apr 9
Changed: Aug 31
Last Checked: Aug 31 at 9:47PM
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 Elite Realty Professionals
Investment Insights
Based on property information with market context.
This 2,680-square-foot duplex, completed in 2026, contains two matching residences with open layouts and contemporary interior finishes. Each unit offers three bedrooms, two-and-a-half bathrooms, a garage, stainless steel appliances, quartz countertops, and a combination of luxury vinyl plank and carpeted bedroom flooring. The primary suite is positioned on the main level, with two additional bedrooms upstairs. Washer and dryer hookups are included in both units.
Each residence also provides a covered deck and a fenced backyard, creating separate outdoor areas for the occupants. The property includes crawl-space construction and an exterior finished with composition materials and cement siding. Zoned R2, the duplex is located at 231-233 South 41st Place in Springfield, Oregon.
Each residence also provides a covered deck and a fenced backyard, creating separate outdoor areas for the occupants. The property includes crawl-space construction and an exterior finished with composition materials and cement siding. Zoned R2, the duplex is located at 231-233 South 41st Place in Springfield, Oregon.
Key Highlights
- 2,680‑square‑foot duplex completed in 2026
- Two units, each with 3 bedrooms, 2.5 bathrooms, and a garage
- Open layouts with stainless steel appliances and quartz countertops
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
$26,311
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
4.05%
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%
$526,220
$526.2K
Cap Rate 7%
$375,871
$375.9K
Cap Rate 9%
$292,344
$292.3K
Market Conditions
NOI Build-Up for 2,680 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
$40.2K $15.00/SF
− Vacancy
−$2.6K −$0.98/SF
EGI
$37.6K $14.03/SF
− OpEx
−$11.3K −$4.21/SF
NOI
$26.3K $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%
$526,220
Cap Rate 7%
$375,871
Cap Rate 9%
$292,344
Alternative Uses
Best Use
Multifamily LT 5
$375.9K
$328.9K – $438.5K
NOI $26,311 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$349.9K
$306.2K – $408.2K
NOI $24,493 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$678.0K
$593.3K – $791.0K
NOI $47,460 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
Explore this area
Business Placement
Demographics for 97478, OR
39,155
Population
15,182
Households
2.6
Avg Household Size
40
Median Age
22%
College-Educated
92%
High-School Grad
168.4 sq mi
ZIP Area
233
Density / Sq Mi
$79,051
Median Household Income
$38,508
Median Earnings
$1,314
Median Rent
$361,200
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 well-appointed units feature garages, modern finishes, flexible living areas, and fenced outdoor space.
Where is this duplex located?
The property is located at 231-233 South 41st Place Springfield, OR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,680‑square‑foot duplex completed in 2026; Two units, each with 3 bedrooms, 2.5 bathrooms, and a garage; Open layouts with stainless steel appliances and quartz countertops
