3-Unit
For Sale
$605,000
945 MADISON ST, Eugene, OR 97402
Downtown Eugene multifamily property with three residential apartments and varied bedroom configurations.
Property Size2,109 SF
Days on Market8
Property Features for 945 MADISON ST
General Information
Standard status
Active
Size
2,109 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,877
Building Details
Building Size
2,109 SF
Year Built
1976
Listing Agency:
Windermere RE Lane County
(541) 868-4777
Listed By:
David Baslaw · License #200611115
(541) 868-4777
Source:
Worthlandrealestate
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 5:40AM
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 Windermere RE Lane County
Investment Insights
Based on property information with market context.
This 1976-built triplex at 945 Madison St in Eugene includes three residential apartments. Apartment A has two bedrooms and one bathroom, Apartment B has one bedroom and one bathroom, and Apartment C has two bedrooms and one bathroom, providing a varied unit mix within the building.
The property is situated in downtown Eugene. Unit C is currently vacant, while Unit A is scheduled to become vacant at the end of August. The three-unit configuration and differing apartment layouts offer flexibility for a multifamily owner or operator.
The property is situated in downtown Eugene. Unit C is currently vacant, while Unit A is scheduled to become vacant at the end of August. The three-unit configuration and differing apartment layouts offer flexibility for a multifamily owner or operator.
Key Highlights
- Three‑unit triplex in downtown Eugene
- Built in 1976
- Unit mix includes two 2‑bedroom/1‑bath apartments and one 1‑bedroom/1‑bath apartment
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
$18,915
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
3.13%
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%
$378,300
$378.3K
Cap Rate 7%
$270,214
$270.2K
Cap Rate 9%
$210,167
$210.2K
Market Conditions
NOI Build-Up for 2,109 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
$27.3K $12.96/SF
− Vacancy
−$312 −$0.15/SF
EGI
$27.0K $12.81/SF
− OpEx
−$8.1K −$3.84/SF
NOI
$18.9K $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%
$378,300
Cap Rate 7%
$270,214
Cap Rate 9%
$210,167
Alternative Uses
Best Use
Multifamily LT 5
$270.2K
$236.4K – $315.3K
NOI $18,915 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$235.8K
$206.3K – $275.1K
NOI $16,503 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$636.3K
$556.8K – $742.4K
NOI $44,542 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
918
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Downtown Eugene multifamily property with three residential apartments and varied bedroom configurations.
Where is this triplex located?
The property is located at 945 MADISON ST Eugene, OR.
What is the asking price?
The asking price for this property is $605,000.
What are key features of this property?
This property features: Three‑unit triplex in downtown Eugene; Built in 1976; Unit mix includes two 2‑bedroom/1‑bath apartments and one 1‑bedroom/1‑bath apartment
