Multifamily Property Near Civic
For Sale
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2055 Willamette St, Eugene, OR 97405
Four residential units near downtown Eugene and the University of Oregon.
Property Size4,804 SF
Lot Size0.36 Acres
Price / SF$273.73
Days on Market856
Property Features for 2055 Willamette St
General Information
Standard status
Active
Size
4,804 SF
Class
B
Lot size
0.36 Acres
Property subtype
Multifamily
Zoning
Medium Density Residential
Investment Type
Redevelopment
Building Details
Units
4
Listing Agency:
Campbell Commercial Real Estate
Listed By:
Abby Hyland · License #201256624
(541) 556-4813
Source:
Crexi
Added: May 3, 2024
Changed: Aug 24
Last Checked: Sep 4 at 3:44AM
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 Campbell Commercial Real Estate
Investment Insights
Based on property information with market context.
This property offers an investment or development opportunity, featuring four residential units with a total of twelve bedrooms. Situated on a 0.36-acre lot, the property includes on-site parking. The three structures on the property total approximately 4,804 square feet and are zoned R-3. Redevelopment possibilities include townhouses, duplexes, or a multi-story apartment building. Located adjacent to the new Civic Park and Kidsports Facilities, the property is within walking distance of Downtown Eugene and the University of Oregon campus. Bus lines, grocery stores, restaurants, and other amenities are also nearby. This property is located in South Eugene.
Key Highlights
- Prime redevelopment opportunity with R‑3 zoning allowing for townhouses, duplexes, or a multi‑story apartment building.
- Four residential units totaling twelve bedrooms, providing immediate rental income potential.
- Desirable location adjacent to the new Civic Park and Kidsports Facilities.
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
$37,591
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
2.86%
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%
$751,820
$751.8K
Cap Rate 7%
$537,014
$537.0K
Cap Rate 9%
$417,678
$417.7K
Market Conditions
NOI Build-Up for 4,804 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
$69.2K $14.40/SF
− Vacancy
−$830 −$0.17/SF
EGI
$68.3K $14.23/SF
− OpEx
−$30.8K −$6.40/SF
NOI
$37.6K $7.82/SF
Area
Eugene, OR
Vacancy
1.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$751,820
Cap Rate 7%
$537,014
Cap Rate 9%
$417,678
Alternative Uses
Best Use
Apartment 5plus
$537.0K
$469.9K – $626.5K
NOI $37,591 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,460 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,728
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?
Multifamily property - Four residential units near downtown Eugene and the University of Oregon.
Where is this multifamily property located?
The property is located at 2055 Willamette St Eugene, OR.
What is the asking price?
The asking price for this property is $1,315,000.
What are key features of this property?
This property features: Prime redevelopment opportunity with R‑3 zoning allowing for townhouses, duplexes, or a multi‑story apartment building.; Four residential units totaling twelve bedrooms, providing immediate rental income potential.; Desirable location adjacent to the new Civic Park and Kidsports Facilities.
