Modern Office/Retail Condo For
For Sale
Contact for pricing
321 Mill St, Eugene, OR 97401
Ground floor condo ideal for office or retail use.
Property Size660 SF
Price / SF$492.42
Days on Market162
Property Features for 321 Mill St
General Information
Standard status
Active
Size
660 SF
Property subtype
Office, Retail
Zoning
S-W | SR
Building Details
Year Built
2006
Units
1
Listing Agency:
Evans, Elder Brown & Seubert
(541) 345-4860
Listed By:
Stephanie Seubert · License #OR 200009074
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 12 at 8:38AM
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.
Located near the Market District in Eugene, the Watershed Building's Unit 6 is available for sale. The property is situated just off Ferry Street Bridge and offers convenient access to the 5th Street Market, Oakway Center, Autzen Stadium, and the River District. Downtown Eugene, Coburg Road, and Ferry Street Bridge are easily accessible from this location. Built in 2006, this ground floor office/retail condo features high-quality wooden windows and three full-lite exterior doors providing access to Mill Street, E 3rd Ave, and the building’s private courtyard. The unit includes a private ADA restroom. The unit offers 660 square feet of space. The monthly condominium fees are $363.67. The zoning is S-W, Whiteaker Special Area, Overlay: Site Review. The property taxes for 2025-2026 are $1,642.72. The map and tax lot are 17-03-29-33-90006. This space is suitable for a small high-end office or retail business.
Key Highlights
- Prime location near Ferry Street Bridge, Market District, 5th Street Market, Oakway Center, Autzen Stadium, and the River District.
- Modern ground floor office/retail condo with three exterior doors providing access to Mill Street, E 3rd Ave., and the private courtyard.
- Ideal for small high‑end office or retail use.
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
$10,098
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
3.11%
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%
$201,960
$202.0K
Cap Rate 7%
$144,257
$144.3K
Cap Rate 9%
$112,200
$112.2K
Market Conditions
NOI Build-Up for 660 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
$15.8K $24.00/SF
− Vacancy
−$2.4K −$3.60/SF
EGI
$13.5K $20.40/SF
− OpEx
−$3.4K −$5.10/SF
NOI
$10.1K $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%
$201,960
Cap Rate 7%
$144,257
Cap Rate 9%
$112,200
Alternative Uses
Best Use
Office B
$144.3K
$126.2K – $168.3K
NOI $10,098 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$199.1K
$174.2K – $232.3K
NOI $13,939 @ 7.0% cap · market cap 4.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,980
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 units - Ground floor condo ideal for office or retail use.
Where is this office units located?
The property is located at 321 Mill St Eugene, OR.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Prime location near Ferry Street Bridge, Market District, 5th Street Market, Oakway Center, Autzen Stadium, and the River District.; Modern ground floor office/retail condo with three exterior doors providing access to Mill Street, E 3rd Ave., and the private courtyard.; Ideal for small high‑end office or retail use.
