Mixed-Use Building with
488 Main St, Springfield, OR 97477
For Sale
$4,950,000
MultiFamily, Springfield, OR
Property Size13,408 SF
Lot Size0.11 Acres
Price / SF$369.18
Days on Market652
Property Features for 488 Main St
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
View
Middle school
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Mixed-Use Components
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Cooling system
Building Details
Year built
Floors in Building
Number of units
Roof type
Listing Agency:
Windermere RE Lane County · Windermere Real Estate
(541) 484-2022
Listed By:
Kristena Cox
(541) 501-3399
Added: Jan 28, 2025
Changed: Nov 10
Last Checked: Nov 10 at 6:06AM
MLS# 352831896
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Completed in December 2024, this mixed-use property contains 13,408 square feet across a compact 0.11-acre site. The second floor includes 12 townhouse-style apartments, while the commercial component provides two retail spaces and one live/work unit. Heat pump systems provide heating and cooling, and the building has a membrane roof.
The property is located at 488 Main St in Springfield, Oregon, within the MUC zoning designation. Apartment lease-up has begun, and the seller will lease back any apartment that remains unleased at closing. A 10-year property tax freeze applies to the apartments and excludes the commercial units.
The property is located at 488 Main St in Springfield, Oregon, within the MUC zoning designation. Apartment lease-up has begun, and the seller will lease back any apartment that remains unleased at closing. A 10-year property tax freeze applies to the apartments and excludes the commercial units.
Key Highlights
- 13,408‑square‑foot mixed‑use property completed in December 2024
- 12 townhouse‑style apartments located on the second floor
- Two retail spaces plus one live/work unit
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
12
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
826
Businesses Nearby
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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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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Recently completed property combining townhouse-style apartments, retail suites, and a live/work unit in one development.
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 located on the second floor; Two retail spaces plus one live/work unit
