Three-Unit Residential
New
For Sale
$605,000
945 MADISON St, Eugene, OR 97402
MULTI_FAMILY - Eugene, OR
Property Size2,109 SF
Lot Size0.11 Acres
Price / SF$286.87
Days on Market4
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
Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Bedroom 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: Aug 6
Last Checked: Aug 7 at 4:06AM
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 contains three residential units: two apartments with two bedrooms and one bathroom each, plus a one-bedroom, one-bathroom apartment. The property was built in 1976 and occupies 0.11 acres. Zoned heating and a composition roof serve the building, which is classified S-JW.
The property is at 945 MADISON St in downtown Eugene, Oregon. Unit C is vacant, while Unit A is scheduled to become vacant at the end of August. The existing configuration provides an opportunity for an owner-occupant, subject to the applicable terms and arrangements.
The property is at 945 MADISON St in downtown Eugene, Oregon. Unit C is vacant, while Unit A is scheduled to become vacant at the end of August. The existing configuration provides an opportunity for an owner-occupant, subject to the applicable terms and arrangements.
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
- Unit C currently vacant; Unit A scheduled to become vacant at the end of August
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 - The layout comprises two two-bedroom apartments and one one-bedroom apartment, with one unit currently vacant.
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; Unit C currently vacant; Unit A scheduled to become vacant at the end of August
