Downtown 3-Unit
For Sale
$605,000
945 MADISON St, Eugene, OR 97402
MultiFamily, Eugene, OR
Property Size2,109 SF
Lot Size0.11 Acres
Price / SF$286.87
Days on Market54
Property Features for 945 MADISON St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
S-JW
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 3
Elementary school
River Road
Middle school
Kelly
High school
North Eugene
Directions
11th Ave West , Turn R onto Madison St
Subdivision
_245
Standard status
Active
APN
1737533
Size
2,109 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
17-03-31-24-10002
Tax Annual Amount
4878
Legal Description
17-03-31-24-10002
Utilities
Heating system
Zoned
Building Details
Year built
1976
Floors in Building
1
Number of units
3
Roof type
Composition
Listing Agency:
Windermere RE Lane County · Windermere Real Estate
(541) 484-2022
Listed By:
David Baslaw · License #200611115
(541) 868-4777
Added: Aug 4
Changed: Sep 25
Last Checked: Sep 26 at 3:06AM
MLS# 343676879
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 2,109-square-foot triplex includes three residential units: two two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment. The 0.11-acre property was built in 1976 and has composition roofing with zoned heating. Unit C is currently vacant, while Unit A is scheduled to become vacant at the end of August.
Located on Madison Street in downtown Eugene, the property carries S-JW zoning and offers a compact multifamily configuration with varied unit sizes. The existing layout includes three bedrooms and three bathrooms across the property, supporting both investment ownership and an owner-occupant arrangement.
Located on Madison Street in downtown Eugene, the property carries S-JW zoning and offers a compact multifamily configuration with varied unit sizes. The existing layout includes three bedrooms and three bathrooms across the property, supporting both investment ownership and an owner-occupant arrangement.
Key Highlights
- Three‑unit triplex with two two‑bedroom apartments and one one‑bedroom apartment
- 2,109 square feet on a 0.11‑acre lot
- Located on Madison Street in downtown Eugene
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
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,140
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units with one- and two-bedroom layouts in downtown Eugene, zoned S-JW.
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 with two two‑bedroom apartments and one one‑bedroom apartment; 2,109 square feet on a 0.11‑acre lot; Located on Madison Street in downtown Eugene
