Multi-Use Flex
For Sale
$615,000
941 W 3RD Ave, Eugene, OR 97402
CommercialSale, Eugene, OR
Property Size3,624 SF
Lot Size0.18 Acres
Price / SF$169.70
Days on Market152
Property Features for 941 W 3RD Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-2
View
City
Directions
W. 3rd Ave. between Adams St. and Jackson St.
Subdivision
_245
Standard status
Active
APN
0254712
Size
3,624 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
Map & Tax Lot: 17-03-30-33-1100
Tax Annual Amount
4778
Legal Description
Map & Tax Lot: 17-03-30-33-1100
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1950
Floors in Building
1
Building materials
Block
Roof type
Membrane
Listing Agency:
Sixel Real Estate
(541) 654-0501
Listed By:
Sean Camblin
(541) 525-4297
Added: Mar 27
Changed: Aug 25
Last Checked: Aug 25 at 9:06AM
MLS# 764158740
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,624-square-foot flex building was constructed in 1950 and offers a multi-use commercial configuration. The property is built with block construction and includes forced-air heating, central air, and a membrane roof that was replaced in 2022. It is currently leased and may accommodate continued occupancy or future commercial use subject to applicable approvals and buyer due diligence.
Located at 941 W 3RD Ave in Eugene’s Whitaker neighborhood, the 0.18-acre property provides an established setting for industrial and commercial operations. I-2 zoning is in place, with permitted uses and any limitations to be independently verified. The site may support light manufacturing, office, wholesale, or retail applications where allowed.
Located at 941 W 3RD Ave in Eugene’s Whitaker neighborhood, the 0.18-acre property provides an established setting for industrial and commercial operations. I-2 zoning is in place, with permitted uses and any limitations to be independently verified. The site may support light manufacturing, office, wholesale, or retail applications where allowed.
Key Highlights
- 3,624 SF multi‑use flex building on a 0.18‑acre site
- I‑2 Light Industrial zoning
- New membrane roof installed in 2022
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
- Alpine Catering — 225 W Broadway, Eugene, OR 97401
- Bateman Senior Meals — 1407 Cross St B, Eugene, OR 97402
- Sling-in Wiener — 930 Olive St, Eugene, OR 97401
- The Bold Flavor — 1203 Willamette St Ste. 160, Eugene, OR 97401
Frequently Asked Questions
What type of property is this?
Flex space - I-2-zoned property with a 2022 roof replacement and existing lease occupancy.
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 multi‑use flex building on a 0.18‑acre site; I‑2 Light Industrial zoning; New membrane roof installed in 2022
