Duplex With Lower-Level
New
For Sale
$780,000
515 FULVUE Dr, Eugene, OR 97405
MultiFamily, Eugene, OR
Property Size2,829 SF
Lot Size0.17 Acres
Price / SF$275.72
Days on Market3
Property Features for 515 FULVUE Dr
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
residen
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 3, Bedroom 6
View
City, Park
Elementary school
Adams
Middle school
Spencer Butte
High school
South Eugene
Directions
Willamette to Crest, left to stay on Crest, left on Fulvue
Subdivision
_244
Standard status
Active
APN
0638849
Size
2,829 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
TL 08000
Tax Annual Amount
7429
Legal Description
TL 08000
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air, Heat Pump
Building Details
Year built
1937
Floors in Building
3
Number of units
2
Listing Agency:
HomeSmart Realty Group · HomeSmart International
(541) 255-4914
Listed By:
Lauren Berg
(541) 799-5454
Added: Sep 2
Last Checked: Sep 4 at 3:06PM
MLS# 500810287
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 2,829-square-foot duplex in Eugene includes six bedrooms and three bathrooms across a 0.17-acre residential parcel. Built in 1937, the home combines original character with a refreshed kitchen featuring granite work surfaces and stainless appliances. Hardwood flooring and substantial natural light add to the interior presentation, while heat pump heating and central air conditioning serve the property.
The lower level has its own garage entry along with a full kitchen, bathroom, and fireplace, creating a distinct secondary living area within the home. The property is situated in South Eugene near parks, trails, shopping, and schools. Residential zoning is identified as “residen.”
The lower level has its own garage entry along with a full kitchen, bathroom, and fireplace, creating a distinct secondary living area within the home. The property is situated in South Eugene near parks, trails, shopping, and schools. Residential zoning is identified as “residen.”
Key Highlights
- 2,829‑square‑foot duplex on a 0.17‑acre residential parcel
- Six bedrooms and three bathrooms
- Lower level includes separate garage entrance, full kitchen, bathroom, and fireplace
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
$25,372
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
3.25%
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%
$507,440
$507.4K
Cap Rate 7%
$362,457
$362.5K
Cap Rate 9%
$281,911
$281.9K
Market Conditions
NOI Build-Up for 2,829 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
$36.7K $12.96/SF
− Vacancy
−$418 −$0.15/SF
EGI
$36.2K $12.81/SF
− OpEx
−$10.9K −$3.84/SF
NOI
$25.4K $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%
$507,440
Cap Rate 7%
$362,457
Cap Rate 9%
$281,911
Alternative Uses
Best Use
Multifamily LT 5
$362.5K
$317.2K – $422.9K
NOI $25,372 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$316.2K
$276.7K – $369.0K
NOI $22,137 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$853.5K
$746.9K – $995.8K
NOI $59,748 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
326
Businesses Nearby
Explore this area
Business Placement
Demographics for 97405, OR
46,303
Population
20,395
Households
2.3
Avg Household Size
44
Median Age
57%
College-Educated
97%
High-School Grad
129.2 sq mi
ZIP Area
358
Density / Sq Mi
$93,136
Median Household Income
$41,482
Median Earnings
$1,417
Median Rent
$494,000
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 - Updated Eugene residence with separate lower-level access, kitchen, bath, and fireplace.
Where is this duplex located?
The property is located at 515 FULVUE Dr Eugene, OR.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: 2,829‑square‑foot duplex on a 0.17‑acre residential parcel; Six bedrooms and three bathrooms; Lower level includes separate garage entrance, full kitchen, bathroom, and fireplace
