Two-Unit
For Sale
$735,000
903 Howard Ave, Eugene, OR 97404
Well-maintained duplex with matching three-bedroom, two-bath residences in a newer subdivision.
Property Size2,485 SF
Price / SF$295.77
Days on Market44
Property Features for 903 Howard Ave
General Information
Standard status
Active
Size
2,485 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
low deferred maintenance
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2018
Listing Agency:
Thomas Richards Real Estate
(541) 521-5201
Listed By:
Thomas Richards
Source:
Veraanneinternational
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 30 at 8:18PM
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 Thomas Richards Real Estate
Investment Insights
Based on property information with market context.
Completed in 2018, this duplex contains two residences with a combined 2,485 square feet. Each side offers three bedrooms and two bathrooms, creating a consistent layout across both units. The relatively recent construction supports a current residential configuration with limited age-related maintenance concerns stated in the property information.
The property is located at 903 Howard Ave in Eugene, Oregon, within a newer subdivision. Existing tenants have expressed interest in remaining, providing established occupancy continuity for a future owner.
The property is located at 903 Howard Ave in Eugene, Oregon, within a newer subdivision. Existing tenants have expressed interest in remaining, providing established occupancy continuity for a future owner.
Key Highlights
- Two‑unit duplex with 2,485 square feet
- Each unit has 3 bedrooms and 2 bathrooms
- Built in 2018
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
$22,287
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
3.03%
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%
$445,740
$445.7K
Cap Rate 7%
$318,386
$318.4K
Cap Rate 9%
$247,633
$247.6K
Market Conditions
NOI Build-Up for 2,485 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
$32.2K $12.96/SF
− Vacancy
−$367 −$0.15/SF
EGI
$31.8K $12.81/SF
− OpEx
−$9.6K −$3.84/SF
NOI
$22.3K $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%
$445,740
Cap Rate 7%
$318,386
Cap Rate 9%
$247,633
Alternative Uses
Best Use
Multifamily LT 5
$318.4K
$278.6K – $371.5K
NOI $22,287 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$277.8K
$243.1K – $324.1K
NOI $19,445 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$749.8K
$656.0K – $874.7K
NOI $52,483 @ 7.0% cap · market cap 7.14%
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
190
Businesses Nearby
Explore this area
Business Placement
Demographics for 97404, OR
34,345
Population
13,823
Households
2.5
Avg Household Size
43
Median Age
33%
College-Educated
94%
High-School Grad
9.6 sq mi
ZIP Area
3,578
Density / Sq Mi
$80,355
Median Household Income
$41,184
Median Earnings
$1,408
Median Rent
$397,700
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 - Well-maintained duplex with matching three-bedroom, two-bath residences in a newer subdivision.
Where is this duplex located?
The property is located at 903 Howard Ave Eugene, OR.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,485 square feet; Each unit has 3 bedrooms and 2 bathrooms; Built in 2018
