Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    490 West 4th Avenue Eugene, OR 97401

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $325,000

    Land with potential for apartment or SRO complex development.

    Type:Multi Family
    Property size:
    602 SF
    Added:
    Jun 19, 2025
    Days on Market:
    304
    Last Refresh:
    Apr 10 at 10:19 am

    Property Features for 490 West 4th Avenue

    General Information

    Standard status
    Active
    Size
    602 SF
    Property subtype
    Multi Family

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Kit Sixel
    Kit Sixel

    Listing agent Kit Sixel License #200710134

    Listing office Sixel Real Estate

    Listing date Jun 19, 2025

    Source Compass

    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 Sixel Real Estate

    Overview

    Development Opportunity in Downtown Eugene

    This property presents a development opportunity in downtown Eugene. Preliminary plans are available for a 20-unit apartment building or a 69-unit single-room occupancy complex. The property has a great walk and bike score and is located near the Owen Rose Garden, downtown shops, Whiteaker breweries, and the Willamette River. The property is 602 square feet. It may also serve as a long-term rental investment with current tenants.
    Location Intelligence

    Current Use by Public Records

    Needle exchange Pharmacy

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Law Firm Big Box & Wholesale Store Auto Repair Shop Spa & Massage Center Hair Salon Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Eugene
    County
    Lane
    State
    Oregon
    Longitude
    -123.1000818
    Latitude
    44.0552169

    Nearby Similar for Sale

    • $599,900
      2,682 SF

      Two Homes, One Lot

      Dual-home setup with rental income and development potential.
      1445 W 11TH Ave, Eugene, OR 97402
      View Details
    • $550,000

      Turnkey Cultivation Facility in Eugene

      8100 SF OLCC-licensed indoor cultivation facility for sale.
      620 Seneca Road, Eugene, OR 97402
      View Details
    • $560,000
      2,480 SF

      Updated Duplex in Eugene, Oregon

      Updated duplex near West University and Friendly neighborhoods.
      623 W 18TH Ave, Eugene, OR 97402
      View Details
    • $549,000
      2,208 SF

      Eugene Duplex Near UofO Campus

      Rare duplex near UofO, ideal for investors or owner-occupants.
      1826 MILL St, Eugene, OR 97401
      View Details
    • $549,900

      Remodeled Home with ADU Potential

      Completely remodeled home with a separate ADU for rental income.
      1682 HEMLOCK St, Eugene, OR 97404
      View Details
    • $995,000

      Eugene Multifamily Investment Opportunity

      Six-unit apartment building in the Jefferson Westside Whiteaker neighborhood.
      527 MONROE St, Eugene, OR 97402
      View Details
    • $349,900

      Cottage-Style Duplex Near University

      Detached duplex near University of Oregon and Hendricks Park.
      1702 AUGUSTA St, Eugene, OR 97403
      View Details
    • $399,000

      Development Opportunity in Eugene, Oregon

      0.81 acre developable parcel for up to 7 lots.
      2093 W IRWIN Way, Eugene, OR 97402
      View Details
    • $575,000

      Prime Development Land in Eugene

      Exceptional 2.98-acre development opportunity in a sought-after Eugene location.
      2870 HAWKINS Ln, Eugene, OR 97405
      View Details
    • $79,000

      Buildable Lot in South Eugene

      Buildable 0.20-acre lot in a convenient South Eugene location.
      University St, Eugene, OR 97405
      View Details
    • $1,000,000

      Rare R-3 Infill Opportunity

      R-3 infill opportunity in Eugene's student housing corridor.
      1828 HILYARD St, Eugene, OR 97401
      View Details
    • $725,500
      2,708 SF

      Corner-Lot Duplex in Lake Shore

      Duplex with flexible living options in gated community.
      2063 LAKE WIND Dr, Eugene, OR 97408
      View Details

    FAQs

    What type of property is this?
    Commercial land - Land with potential for apartment or SRO complex development.
    Where is this commercial land located?
    The property is located at 490 West 4th Avenue Eugene, OR.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: Development opportunity in downtown Eugene.; Preliminary plans for a 20‑unit apartment or up to a 69‑unit single room occupancy complex.; Great walk & bike score.
    (541) 954-1915
    We can help!
    Listing Contact
    Kit Sixel
    Kit Sixel
    Real Estate License ID: 200710134
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!