Duplex with Private
For Sale
$550,000
488 WALNUT Ln, Eugene, OR 97401
MultiFamily, Eugene, OR
Property Size2,184 SF
Lot Size0.16 Acres
Price / SF$251.83
Days on Market47
Property Features for 488 WALNUT Ln
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 2
View
Territorial, City
Elementary school
Bertha Holt
Middle school
Monroe
High school
Sheldon
Directions
Coburg Rd to Harlow Rd to Walnut Ln
Subdivision
_242
Standard status
Active
APN
1771466
Size
2,184 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Commonly known as 488/490 Walnut Ln. Legal desc. to be attached upon receipt of preliminary title.
Tax Annual Amount
4835
Legal Description
Commonly known as 488/490 Walnut Ln. Legal desc. to be attached upon receipt of preliminary title.
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
wood burning fireplace
air conditioning
covered deck
private deck
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
RE/MAX Integrity · RE/MAX International
(541) 345-8100
Listed By:
Michael O'Connell Jr. · License #891200225
(541) 953-0350
Added: Jul 24
Changed: Sep 2
Last Checked: Sep 8 at 2:06PM
MLS# 227518442
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.
Investment Insights
Based on property information with market context.
This 1915 duplex contains 2,184 square feet across two residential units on a 0.16-acre parcel. The main-level residence includes 3 bedrooms, 1 1/2 baths, a wood-burning fireplace, central air conditioning, and a covered deck. The upper unit offers 2 bedrooms, 1 bath, air conditioning, and a private deck. A full basement adds 540 square feet of finished and unfinished space that is excluded from the stated property size.
The property has received more than $30,000 in recent upgrades and features established landscaping. Forced-air heating, a composition roof, and R-1 zoning are also in place. The duplex is situated in Eugene, OR 97401, within a residential setting described as consisting of single-family homes.
The property has received more than $30,000 in recent upgrades and features established landscaping. Forced-air heating, a composition roof, and R-1 zoning are also in place. The duplex is situated in Eugene, OR 97401, within a residential setting described as consisting of single-family homes.
Key Highlights
- 2,184 square feet on a 0.16‑acre lot
- Two‑unit layout with 3‑bedroom and 2‑bedroom residences
- Full basement adds 540 square feet of finished and unfinished space
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 residential units include air conditioning, outdoor living areas, and additional 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: 2,184 square feet on a 0.16‑acre lot; Two‑unit layout with 3‑bedroom and 2‑bedroom residences; Full basement adds 540 square feet of finished and unfinished space
