Leased Flex Building with I-2
For Sale
$615,000
941 W 3rd Ave, Eugene, OR 97402
The building is currently leased and carries I-2 Light Industrial zoning.
Property Size3,624 SF
Price / SF$169.70
Days on Market23
Property Features for 941 W 3rd Ave
General Information
Standard status
Active
Size
3,624 SF
Zoning
I-2
Building Details
Year Built
1950
Listing Agency:
Sixel Real Estate
(541) 654-0501
Listed By:
Sean Camblin
Source:
Rosecityrealtygroup
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 28 at 12:59PM
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
Investment Insights
Based on property information with market context.
This 3,624 SF flex building was constructed in 1950 and is currently leased. The property is classified for I-2 Light Industrial use, with a building profile suited to the flexible commercial character of the asset. The roof was replaced in 2022, providing a recent major improvement to the structure.
Located at 941 W 3rd Ave in Eugene, Oregon, the property is identified within the Whitaker neighborhood. The existing lease provides current occupancy, while the source information also identifies possible applications including light manufacturing, office, wholesale, and retail, subject to verification of permitted uses and applicable restrictions. Limited-footprint restricted residential use is also noted as a possibility, subject to due diligence.
Located at 941 W 3rd Ave in Eugene, Oregon, the property is identified within the Whitaker neighborhood. The existing lease provides current occupancy, while the source information also identifies possible applications including light manufacturing, office, wholesale, and retail, subject to verification of permitted uses and applicable restrictions. Limited-footprint restricted residential use is also noted as a possibility, subject to due diligence.
Key Highlights
- 3,624 SF flex building
- I‑2 Light Industrial zoning
- Currently leased
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
$37,200
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
6.05%
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%
$744,000
$744.0K
Cap Rate 7%
$531,429
$531.4K
Cap Rate 9%
$413,333
$413.3K
Market Conditions
NOI Build-Up for 3,624 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
$60.9K $16.80/SF
− Vacancy
−$3.7K −$1.01/SF
EGI
$57.2K $15.79/SF
− OpEx
−$20.0K −$5.53/SF
NOI
$37.2K $10.26/SF
Area
Eugene, OR
Vacancy
6.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$744,000
Cap Rate 7%
$531,429
Cap Rate 9%
$413,333
Alternative Uses
Best Use
Flex RnD
$531.4K
$465.0K – $620.0K
NOI $37,200 @ 7.0% cap · market cap 6.05%
Second Best
Industrial
$498.4K
$436.1K – $581.4K
NOI $34,886 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$1.09M
$956.7K – $1.28M
NOI $76,539 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,662
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Bold Flavor — 1203 Willamette St Ste. 160, Eugene, OR 97401
- Alpine Catering — 225 W Broadway, Eugene, OR 97401
- Sling-in Wiener — 930 Olive St, Eugene, OR 97401
- Bateman Senior Meals — 1407 Cross St B, Eugene, OR 97402
Frequently Asked Questions
What type of property is this?
Flex space - The building is currently leased and carries I-2 Light Industrial zoning.
Where is this flex space located?
The property is located at 941 W 3rd Ave Eugene, OR.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 3,624 SF flex building; I‑2 Light Industrial zoning; Currently leased
