127-Unit Apartment
For Sale
Contact for pricing
3653 West 18th Avenue Eugene, Eugene, OR 97402
Garden-style multifamily property with upgraded climate control, resident amenities, dedicated parking, and a diverse unit mix.
Property Size107,604 SF
Lot Size13.50 Acres
Price / SF$227.69
Days on Market132
Property Features for 3653 West 18th Avenue Eugene
General Information
Standard status
Active
Size
107,604 SF
Total Parking Spaces
242
Lot size
13.50 Acres
Property subtype
Multifamily
Zoning
R-1
Occupancy
92%
Investment Type
Value Add
Net Operating Income
$1,473,714
Units
Unit Mix
9 x studio, 70 x 2BR/1BA, 48 x 3BR/1.5BA
Multifamily Units
127
Additional Details
Road Access
Yes
Amenities
clubhouse/rec room
playground
basketball court
laundry facility
in-unit laundry hook-ups
private patio/yard
ductless heating and cooling
Building Details
Year Built
1973
Year Renovated
2021
Buildings
48
Stories
1
Units
242
Tenancy
Multi
Construction
garden-style
Listing Agency:
CENTURY 21 North Homes Realty Redmond
(541) 548-2131
Listed By:
Corey Clark · License #OR 200506069
Source:
Crexi
Added: Apr 22
Changed: Aug 30
Last Checked: Aug 30 at 10:20PM
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 CENTURY 21 North Homes Realty Redmond
Investment Insights
Based on property information with market context.
This R-1-zoned apartment property includes 127 units across 48 buildings, with a mix of studios, two-bedroom apartments, and three-bedroom apartments. The 107,604-square-foot community was built in 1973 and includes a roughly 2,720-square-foot clubhouse and recreation building, playground, basketball court, open common areas, and a six-machine laundry facility. Units feature recently installed ductless heating and cooling, while most include laundry hookups, vinyl plank flooring, stainless steel refrigerators, and private patio or yard areas.
The 13.5-acre property occupies the corner of Bailey Hill Road and West 18th Avenue, with frontage on both roads. Village Avenue, a private road serving the development, borders the north side. Churchill High School is directly across the street, and the property is in Eugene, home to the University of Oregon.
Parking totals 242 spaces, divided between covered and uncovered areas. Each apartment has an assigned covered space, with additional field parking available throughout the site.
The 13.5-acre property occupies the corner of Bailey Hill Road and West 18th Avenue, with frontage on both roads. Village Avenue, a private road serving the development, borders the north side. Churchill High School is directly across the street, and the property is in Eugene, home to the University of Oregon.
Parking totals 242 spaces, divided between covered and uncovered areas. Each apartment has an assigned covered space, with additional field parking available throughout the site.
Key Highlights
- 127 units in a mix of 9 studios, 70 two‑bedroom/one‑bath, and 48 three‑bedroom/1.5‑bath apartments
- 13.5‑acre garden‑style community across 48 buildings
- 107,604 square feet, built in 1973
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
$841,997
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
3.44%
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%
$16,839,940
$16.8M
Cap Rate 7%
$12,028,529
$12.0M
Cap Rate 9%
$9,355,522
$9.4M
Market Conditions
NOI Build-Up for 107,604 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
$1.55M $14.40/SF
− Vacancy
−$18.6K −$0.17/SF
EGI
$1.53M $14.23/SF
− OpEx
−$688.9K −$6.40/SF
NOI
$842.0K $7.82/SF
Area
Eugene, OR
Vacancy
1.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$16,839,940
Cap Rate 7%
$12,028,529
Cap Rate 9%
$9,355,522
Alternative Uses
Best Use
Apartment 5plus
$12.03M
$10.52M – $14.03M
NOI $841,997 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$32.47M
$28.41M – $37.88M
NOI $2,272,596 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
127
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
482
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Garden-style multifamily property with upgraded climate control, resident amenities, dedicated parking, and a diverse unit mix.
Where is this apartment building located?
The property is located at 3653 West 18th Avenue Eugene Eugene, OR.
What is the asking price?
The asking price for this property is $24,500,000.
What are key features of this property?
This property features: 127 units in a mix of 9 studios, 70 two‑bedroom/one‑bath, and 48 three‑bedroom/1.5‑bath apartments; 13.5‑acre garden‑style community across 48 buildings; 107,604 square feet, built in 1973
