Restored Historic
For Sale
$475,000
655 Monroe Street, Eugene, OR 97402
C-2-zoned property with a remodeled lower unit and a separate long-term residential tenancy.
Property Size2,424 SF
Price / SF$195.96
Days on Market166
Property Features for 655 Monroe Street
General Information
Standard status
Active
Size
2,424 SF
Property subtype
Multi Family
Zoning
C-2
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,470
Amenities
2
Finished, Storage Space
Concrete Perimeter
Composition
Wood Siding
Building Details
Year Built
1890
Buildings
1
Construction
Queen Anne
Tenancy
Multi
Listing Agency:
Real Broker
(458) 209-0163
Listed By:
Daniel Gandee · License #201235300
(458) 209-0163
Source:
Compass
Added: Mar 20
Changed: Aug 30
Last Checked: Aug 31 at 9:55PM
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 Real Broker
Investment Insights
Based on property information with market context.
Built in 1890, this 2,424 SF Queen Anne duplex combines preserved architectural character with substantial interior improvements. The lower residence offers three bedrooms and one bathroom following a comprehensive remodel that includes new flooring, interior paint, trim, lighting, hardware, cabinetry, solid surface countertops, tile backsplash, stainless steel appliances, and updated bathroom finishes. Furnishings are negotiable.
The upper residence contains one bedroom and one bathroom and is occupied by a long-term tenant. The lower unit operates as a short-term rental, creating two distinct residential configurations within the property. C-2 zoning is documented for the site. The address is near Sweet Life, the Beer Garden, parks, and downtown Eugene.
The upper residence contains one bedroom and one bathroom and is occupied by a long-term tenant. The lower unit operates as a short-term rental, creating two distinct residential configurations within the property. C-2 zoning is documented for the site. The address is near Sweet Life, the Beer Garden, parks, and downtown Eugene.
Key Highlights
- 2,424 SF duplex built in 1890
- Two units: 3‑bedroom/1‑bath lower residence and 1‑bedroom/1‑bath upper residence
- Lower unit remodeled with new flooring, cabinetry, countertops, appliances, lighting, and bathroom finishes
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
$21,740
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
4.58%
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%
$434,800
$434.8K
Cap Rate 7%
$310,571
$310.6K
Cap Rate 9%
$241,556
$241.6K
Market Conditions
NOI Build-Up for 2,424 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
$31.4K $12.96/SF
− Vacancy
−$358 −$0.15/SF
EGI
$31.1K $12.81/SF
− OpEx
−$9.3K −$3.84/SF
NOI
$21.7K $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%
$434,800
Cap Rate 7%
$310,571
Cap Rate 9%
$241,556
Alternative Uses
Best Use
Multifamily LT 5
$310.6K
$271.8K – $362.3K
NOI $21,740 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$271.0K
$237.1K – $316.1K
NOI $18,968 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$731.4K
$639.9K – $853.3K
NOI $51,195 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 97402, OR
56,610
Population
23,882
Households
2.4
Avg Household Size
38
Median Age
26%
College-Educated
91%
High-School Grad
68.6 sq mi
ZIP Area
825
Density / Sq Mi
$55,743
Median Household Income
$35,728
Median Earnings
$1,287
Median Rent
$330,000
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 - C-2-zoned property with a remodeled lower unit and a separate long-term residential tenancy.
Where is this duplex located?
The property is located at 655 Monroe Street Eugene, OR.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2,424 SF duplex built in 1890; Two units: 3‑bedroom/1‑bath lower residence and 1‑bedroom/1‑bath upper residence; Lower unit remodeled with new flooring, cabinetry, countertops, appliances, lighting, and bathroom finishes
