Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    848 N St Springfield, OR 97477
    Back to Search
    Property profile & analytics

    848 N St, Springfield, OR 97477

    View on Map
    • Commercial real estate
    • 2,664 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 848 N St

    Year built
    1973
    Property type
    Commercial real estate

    Description

    This exceptional five-unit multifamily investment property, located at 848 N St, Springfield, OR 97477, presents a compelling opportunity. Comprising two separate buildings – a duplex and a triplex – this property boasts a total of 2,664 square feet of net rentable space situated on a sizable 13,504 square foot corner lot. Built in 1973, the property features six bedrooms across the five units, with some units including garages. The property benefits from a desirable location, close to public transportation and shopping amenities. Exterior paint was refreshed in 2021, and unit 1530 has undergone recent remodeling. The property's strong financial performance is evidenced by a current NOI of $44,881, translating to a 6.55% cap rate at an asking price of $685,000. The property is zoned R1 and offers potential for future development, such as an Accessory Dwelling Unit (ADU), subject to local regulations. The large backyard provides ample space. Please note that the property is currently occupied by long-term tenants, and any showings must be scheduled with consideration for their privacy. The property is offered as-is, with no seller financing available. The APN is 0223733.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Lane
    State
    Oregon
    Longitude
    -123.014
    Latitude
    44.0591

    Comparable in this City

    • Value Estimation by Request
      0.23 Acres

      1120 Fairview Dr Spc, Unit 17

      MOBILE HOME PARK, TRAILER PARK
      1120 Fairview Dr Spc, Springfield, OR 97477-2774
      View Details
    • Value Estimation by Request
      0.04 Acres

      215 12th St

      MOBILE HOME PARK, TRAILER PARK
      215 12th St, Springfield, OR 97477-4804
      View Details
    • Value Estimation by Request
      0.60 Acres

      1120 Fairview Dr Spc, Unit 1

      MOBILE HOME PARK, TRAILER PARK
      1120 Fairview Dr Spc, Springfield, OR 97477-2775
      View Details
    • Value Estimation by Request
      11.78 Acres

      2150 Laura St Spc, Unit 200

      MOBILE HOME PARK, TRAILER PARK
      2150 Laura St Spc, Springfield, OR 97477-7110
      View Details
    • Value Estimation by Request
      0.12 Acres

      215 12th St

      MOBILE HOME PARK, TRAILER PARK
      215 12th St, Springfield, OR 97477-4804
      View Details
    • Value Estimation
      $1,500,000
      1.12 Acres

      725 28th St Spc, Unit 1

      MOBILE HOME PARK, TRAILER PARK
      725 28th St Spc, Springfield, OR 97477-4433
      View Details

    Similar Nearby for Sale

    • $499,900
      2,145 SF

      Renovated Duplex in Springfield, Oregon

      Fully renovated duplex with strong income potential in convenient location.
      1340/1342 Q St, Springfield, OR 97477
      View Details
    • $629,000
      3,604 SF

      Springfield Fourplex with Immediate Income

      Four 2-bedroom units, leased, with new roof and parking.
      1180 R St, Springfield, OR 97477
      View Details
    • New
      $959,900
      3,744 SF

      Four-Unit Multifamily Property

      Four turnkey rental units, 100% occupied, in Springfield, Oregon.
      1905 17Th St, Springfield, OR 97477
      View Details
    • $629,000
      3,604 SF

      Springfield Fourplex with Immediate Income

      Four 2-bedroom units, leased, with new roof and parking.
      1194 R St, Springfield, OR 97477
      View Details
    • New
      $295,000
      544 SF

      Springfield Multifamily Investment Opportunity

      Multifamily property with upside potential in Springfield, Oregon.
      1566 Laura St, Springfield, OR 97477
      View Details
    • $699,000
      3,604 SF

      Springfield Fourplex with New Roof

      Four 2-bedroom units with in-unit laundry and designated parking.
      1194 R St, Springfield, OR 97477
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office Space Available For Lease

      Office property available for lease in Springfield, Oregon.
      3783 International Ct, Springfield, OR 97477
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space on Gateway Street

      Retail space with high visibility and traffic on Gateway Street.
      3111 Gateway St, Springfield, OR 97477
      View Details
    • Contact for pricing
      105,000 SF

      Retail Space on Gateway Street

      Retail space available with high visibility and easy access.
      3030 Gateway St, Springfield, OR 97477
      View Details
    • Contact for pricing

      Main Street Retail Space Available

      Prime retail spaces on Main Street in Springfield, Oregon.
      236 Main St, Springfield, OR 97477
      View Details
    • Contact for pricing
      14,040 SF

      Retail Space in Springfield Center

      Retail space available in high-traffic Springfield shopping center.
      1910-2130 Marcola Rd, Springfield, OR 97477
      View Details
    • Contact for pricing
      15,000 SF

      Springfield Warehouse Space Available

      15,000 square foot warehouse space for lease in Springfield.
      1291 S A St, Springfield, OR 97477
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    848 N St
    Springfield, OR 97477
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    848 N St, Springfield, OR, 97477
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!