New Duplex with Covered
For Sale
$599,900
Pending
231 S 41ST PL, Springfield, OR 97478
Brand-new duplex features open layouts, covered decks, fenced backyards, and garages for each unit.
Property Size2,680 SF
Days on Market163
Property Features for 231 S 41ST PL
General Information
Standard status
Pending
Size
2,680 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$927
Amenities
stainless steel appliances
quartz countertops
luxury vinyl plank
wall to wall carpet
washer/dryer hookups
covered deck
fenced backyard
Building Details
Building Size
2,680 SF
Year Built
2026
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Elite Realty Professionals
Listed By:
Jamie Paddock · License #200703411
(541) 484-6000
Source:
Worthlandrealestate
Added: Apr 9
Changed: Sep 12
Last Checked: Sep 18 at 1:29PM
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.
Newly built in 2026, this duplex at 231 S 41ST PL in Springfield, OR 97478 offers two mirrored, independent living spaces designed for flexible ownership. Each unit includes an open floorplan with three bedrooms and two and a half bathrooms, along with a garage.
Interiors are finished with modern materials, including stainless steel appliances, quartz countertops, and luxury vinyl plank flooring with wall-to-wall carpet in the bedrooms. The primary bedroom is on the main level, with two additional bedrooms upstairs for separation of space. Practical in-home convenience is supported by washer and dryer hookups.
Outside, each unit has a covered deck and a fenced backyard, providing private outdoor space. The property can support an investor strategy, an owner-occupant setup, or a hybrid approach while keeping maintenance straightforward.
Interiors are finished with modern materials, including stainless steel appliances, quartz countertops, and luxury vinyl plank flooring with wall-to-wall carpet in the bedrooms. The primary bedroom is on the main level, with two additional bedrooms upstairs for separation of space. Practical in-home convenience is supported by washer and dryer hookups.
Outside, each unit has a covered deck and a fenced backyard, providing private outdoor space. The property can support an investor strategy, an owner-occupant setup, or a hybrid approach while keeping maintenance straightforward.
Key Highlights
- Built in 2026 duplex with two self‑contained units
- Each unit has three bedrooms and two and a half bathrooms
- Open floorplan with a primary bedroom on the main level
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
4.39%
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 4.39%
Second Best
Apartment 5plus
$349.9K
$306.2K – $408.2K
NOI $24,493 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$678.0K
$593.3K – $791.0K
NOI $47,460 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Brand-new duplex features open layouts, covered decks, fenced backyards, and garages for each unit.
Where is this duplex located?
The property is located at 231 S 41ST PL Springfield, OR.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Built in 2026 duplex with two self‑contained units; Each unit has three bedrooms and two and a half bathrooms; Open floorplan with a primary bedroom on the main level
