Leased Flex Building with I-2
For Sale
$599,000
941 W 3RD AVE, Eugene, OR 97402
The building is currently leased and carries I-2 Light Industrial zoning.
Property Size3,624 SF
Days on Market202
Property Features for 941 W 3RD AVE
General Information
Standard status
Active
Size
3,624 SF
Property subtype
Warehouse
Zoning
I-2
Taxes and HOA fees
Annual Taxes
$4,777
Building Details
Building Size
3,624 SF
Year Built
1950
Listing Agency:
Sixel Real Estate
Listed By:
Sean Camblin
(541) 525-4297
Source:
Worthlandrealestate
Added: Mar 27
Changed: Oct 13
Last Checked: Oct 12 at 11:52PM
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 / Yr
$37,200
Cap Rate
6.21%
Suggested Prices Based on Cap Rates
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
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 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 6.21%
Second Best
Industrial
$498.4K
$436.1K – $581.4K
NOI $34,886 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$1.09M
$956.7K – $1.28M
NOI $76,539 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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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 $599,000.
What are key features of this property?
This property features: 3,624 SF flex building; I‑2 Light Industrial zoning; Currently leased
