Restaurant Building in Fred Meyer
For Sale
Contact for pricing
Pending
950 Seneca Rd, Eugene, OR 97402
6,000 SF restaurant on 0.84 acres in Eugene, Oregon.
Property Size6,000 SF
Lot Size0.84 Acres
Days on Market1555
Property Features for 950 Seneca Rd
General Information
Standard status
Pending
Size
6,000 SF
Lot size
0.84 Acres
Property subtype
Retail
Zoning
C-2/SR
Lease Type
NNN
Building Details
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Campbell Commercial Real Estate
(541) 484-2214
Listed By:
Tim Campbell · License #OR 950100171
Source:
Crexi
Added: May 25, 2022
Changed: Aug 8
Last Checked: Jul 24 at 4:47PM
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 Campbell Commercial Real Estate
Investment Insights
Based on property information with market context.
This is a 6,000 square foot stand-alone restaurant building situated on 0.84 acres. The property is located within the Fred Meyer parking lot, at the signalized intersection of W. 11th Avenue and Seneca Road, which experiences a combined traffic count of approximately 32,070 vehicles per day. Formerly an Izzy’s Pizza restaurant, the building includes an existing hood system and pizza ovens.
Key Highlights
- Stand‑alone 6,000 SF restaurant building.
- Located on 0.84 acres in the Fred Meyer parking lot.
- High traffic location at a signalized intersection (±32,070/day).
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
$99,009
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
5.66%
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%
$1,980,180
$2.0M
Cap Rate 7%
$1,414,414
$1.4M
Cap Rate 9%
$1,100,100
$1.1M
Market Conditions
NOI Build-Up for 6,000 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
$136.8K $22.80/SF
− Vacancy
−$4.8K −$0.80/SF
EGI
$132.0K $22.00/SF
− OpEx
−$33.0K −$5.50/SF
NOI
$99.0K $16.50/SF
Area
Eugene, OR
Vacancy
3.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,980,180
Cap Rate 7%
$1,414,414
Cap Rate 9%
$1,100,100
Alternative Uses
Best Use
Specialty Retail
$1.41M
$1.24M – $1.65M
NOI $99,009 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,720 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
866
Businesses Nearby
329k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 31%
Home Improvements & Furnishings 18%
Apparel 5%
Fred Meyer Gas Station
Shops & Services
35,084 visits/mo
0.1 miles
Lowe's
Home Improvements & Furnishings
29,865 visits/mo
0.2 miles
The Home Depot
Home Improvements & Furnishings
27,994 visits/mo
0.1 miles
Dollar Tree
Shops & Services
25,492 visits/mo
0.3 miles
McDonald's
Dining
24,948 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - 6,000 SF restaurant on 0.84 acres in Eugene, Oregon.
Where is this conventional restaurant located?
The property is located at 950 Seneca Rd Eugene, OR.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Stand‑alone 6,000 SF restaurant building.; Located on 0.84 acres in the Fred Meyer parking lot.; High traffic location at a signalized intersection (±32,070/day).
