Mixed-Use Property with
For Sale
$4,950,000
488 Main St, Springfield, OR 97477
Newly completed development combines residential apartments with retail and live/work space in one commercial property.
Property Size13,408 SF
Price / SF$369.18
Days on Market96
Property Features for 488 Main St
General Information
Standard status
Active
Size
13,408 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
13
Building Details
Year Built
2024
Tenancy
Multi
Listing Agency:
Windermere RE Lane County
Listed By:
Kristena Cox
(541) 465-8108
Source:
Switzerrealestategroup
Added: Jul 12
Changed: Oct 3
Last Checked: Oct 7 at 4:27PM
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 Windermere RE Lane County
Investment Insights
Based on property information with market context.
Completed in December 2024, this 13,408-square-foot mixed-use property combines residential and commercial components within a single development. The second floor contains 12 townhouse-style apartments, while the ground-level commercial offering includes two retail spaces and one live/work unit.
The apartment component is eligible for a 10-year property tax freeze, excluding the commercial units. Apartment lease-up has begun, and the seller will lease back any apartment that remains unleased at closing.
The apartment component is eligible for a 10-year property tax freeze, excluding the commercial units. Apartment lease-up has begun, and the seller will lease back any apartment that remains unleased at closing.
Key Highlights
- 13,408‑square‑foot mixed‑use property completed in December 2024
- 12 townhouse‑style apartments on the second floor
- Two retail spaces included in the commercial component
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$185,738
Cap Rate
3.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,714,760
$3.7M
Cap Rate 7%
$2,653,400
$2.7M
Cap Rate 9%
$2,063,756
$2.1M
Market Conditions
NOI Build-Up for 13,408 SF
Gross rent
$297.7K $22.20/SF
− Vacancy
−$50.0K −$3.73/SF
EGI
$247.7K $18.47/SF
− OpEx
−$61.9K −$4.62/SF
NOI
$185.7K $13.85/SF
Area
Lane County, OR
Vacancy
16.80%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,714,760
Cap Rate 7%
$2,653,400
Cap Rate 9%
$2,063,756
Alternative Uses
Best Use
Office B
$2.65M
$2.32M – $3.10M
NOI $185,738 @ 7.0% cap · market cap 3.75%
Second Best
Retail
$2.46M
$2.15M – $2.86M
NOI $171,897 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$3.39M
$2.97M – $3.96M
NOI $237,444 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
13
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
826
Businesses Nearby
Explore this area
Business Placement
Demographics for 97477, OR
37,602
Population
16,572
Households
2.3
Avg Household Size
39
Median Age
23%
College-Educated
89%
High-School Grad
12.4 sq mi
ZIP Area
3,032
Density / Sq Mi
$63,574
Median Household Income
$35,645
Median Earnings
$1,176
Median Rent
$345,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Newly completed development combines residential apartments with retail and live/work space in one commercial property.
Where is this mixed-use property located?
The property is located at 488 Main St Springfield, OR.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 13,408‑square‑foot mixed‑use property completed in December 2024; 12 townhouse‑style apartments on the second floor; Two retail spaces included in the commercial component
