2-Unit
New
For Sale
$465,000
423 E 18th Ave, Eugene, OR 97401
Upper- and lower-level residences each include dedicated living, kitchen, and bedroom areas.
Property Size1,782 SF
Price / SF$260.94
Days on Market2
Property Features for 423 E 18th Ave
General Information
Standard status
Active
Size
1,782 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
secured onsite bike parking
Building Details
Year Built
1952
Listing Agency:
Triple Oaks Realty LLC
Listed By:
Brent Cole · License #200607178
(541) 636-3666
Source:
Switzerrealestategroup
Added: Oct 4
Last Checked: Oct 4 at 2:32PM
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 Triple Oaks Realty LLC
Investment Insights
Based on property information with market context.
Built in 1952, this 1,782-square-foot duplex has two vertically arranged residences sharing a common entrance. Each unit contains separate living, kitchen, and bedroom areas, and secured bicycle parking is provided inside the entry. The property has a student-rental history and is currently fully leased.
Located at 423 E 18th Ave in Eugene, the property is identified as a campus-area investment. Its current leasing and prior rental history provide context for its existing residential use.
Located at 423 E 18th Ave in Eugene, the property is identified as a campus-area investment. Its current leasing and prior rental history provide context for its existing residential use.
Key Highlights
- Two units arranged on upper and lower levels
- 1,782 square feet; built in 1952
- Separate living, kitchen, and bedroom areas in each unit
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
$15,982
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%
$319,640
$319.6K
Cap Rate 7%
$228,314
$228.3K
Cap Rate 9%
$177,578
$177.6K
Market Conditions
NOI Build-Up for 1,782 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
$23.1K $12.96/SF
− Vacancy
−$263 −$0.15/SF
EGI
$22.8K $12.81/SF
− OpEx
−$6.8K −$3.84/SF
NOI
$16.0K $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%
$319,640
Cap Rate 7%
$228,314
Cap Rate 9%
$177,578
Alternative Uses
Best Use
Multifamily LT 5
$228.3K
$199.8K – $266.4K
NOI $15,982 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$199.2K
$174.3K – $232.4K
NOI $13,944 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$537.7K
$470.5K – $627.3K
NOI $37,636 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,629
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
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Upper- and lower-level residences each include dedicated living, kitchen, and bedroom areas.
Where is this duplex located?
The property is located at 423 E 18th Ave Eugene, OR.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two units arranged on upper and lower levels; 1,782 square feet; built in 1952; Separate living, kitchen, and bedroom areas in each unit
