Duplex with Decks and
For Sale
$550,000
488 Walnut Ln, Eugene, OR 97401
Two separately configured units offer flexible living arrangements with outdoor decks, air conditioning, and supplemental basement space.
Property Size2,184 SF
Price / SF$251.83
Days on Market21
Property Features for 488 Walnut Ln
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1915
Listing Agency:
RE/MAX Integrity
(541) 345-8100
Listed By:
Michael O'Connell Jr. · License #891200225
Source:
Christiesrealestateevg
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 31 at 6:46PM
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 RE/MAX Integrity
Investment Insights
Based on property information with market context.
This 2,184-square-foot duplex, built in 1915, includes a three-bedroom main-level unit with 1 1/2 baths, a wood-burning fireplace, air conditioning, a covered deck, and basement space. The upper residence contains two bedrooms, one bath, air conditioning, and a large private deck. The basement adds 540 square feet of finished and unfinished area that is not included in the total building size.
The property is located in Eugene’s Sheldon area among single-family residences and established homes. Recent upgrades, landscaping, and separate unit layouts add practical appeal for an owner occupant or income-producing residential property. The address is 488 Walnut Ln, Eugene, OR 97401.
The property is located in Eugene’s Sheldon area among single-family residences and established homes. Recent upgrades, landscaping, and separate unit layouts add practical appeal for an owner occupant or income-producing residential property. The address is 488 Walnut Ln, Eugene, OR 97401.
Key Highlights
- Duplex totals 2,184 square feet and was built in 1915
- Main‑level unit has 3 bedrooms, 1 1/2 baths, fireplace, air conditioning, and covered deck
- Upper unit includes 2 bedrooms, 1 bath, air conditioning, and private deck
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
$19,587
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
3.56%
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%
$391,740
$391.7K
Cap Rate 7%
$279,814
$279.8K
Cap Rate 9%
$217,633
$217.6K
Market Conditions
NOI Build-Up for 2,184 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
$28.3K $12.96/SF
− Vacancy
−$323 −$0.15/SF
EGI
$28.0K $12.81/SF
− OpEx
−$8.4K −$3.84/SF
NOI
$19.6K $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%
$391,740
Cap Rate 7%
$279,814
Cap Rate 9%
$217,633
Alternative Uses
Best Use
Multifamily LT 5
$279.8K
$244.8K – $326.5K
NOI $19,587 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$244.1K
$213.6K – $284.8K
NOI $17,090 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$658.9K
$576.6K – $768.8K
NOI $46,126 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
933
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately configured units offer flexible living arrangements with outdoor decks, air conditioning, and supplemental basement space.
Where is this duplex located?
The property is located at 488 Walnut Ln Eugene, OR.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Duplex totals 2,184 square feet and was built in 1915; Main‑level unit has 3 bedrooms, 1 1/2 baths, fireplace, air conditioning, and covered deck; Upper unit includes 2 bedrooms, 1 bath, air conditioning, and private deck
