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1820 E 28th Ave - The Ducking Castle Estate - unmatched income! 4 Unit Apartment Building Offered at $1,250,000 at a 6.40% Cap Rate Eugene, OR 97403
Investment Highlights
- Booked 319 nights of 2025
- 4 potential rentable spaces with room to add ammenities
- Located in the heart of South Eugene
Executive Summary
Where Whimsy Meets Wealth-Building Potential!
Tucked behind Laurelwood Golf Course in the coveted South Hills, this is not just a property—it’s a rare income-producing asset.
Originally built in 1975 yet rich with centuries-old charm, this one-of-a-kind castle has been transformed into a high-performing short-term rental generating over $100,000 annually (up by 25% this year so far), with four potential rentable spaces designed to maximize revenue and guest experience.
Based on current performance, this asset offers an estimated 6.4% cap rate (and rising with this year's numbers), positioning it as a compelling opportunity for investors seeking both yield and long-term appreciation. The current production is more than satisfactory but, there is still room to maximize even more!
Proven Income. Documented Performance.
According to the 2025 earnings report:
- Gross Earnings: $100,917+ annually
- Net Payout: $97,091+ after fees
- Cleaning, maintenance and property taxes = roughly $20,000.00
- 319 nights booked (2025) with consistent year-round demand
Revenue is diversified across:
- The Castle (primary residence)
- The Cottage (detached ADU)
- Combined bookings (premium and diverse experience offerings)
- Detached garage is untapped income potential as it is not currently being rented out
This is not a speculative Airbnb—it is a fully operational, income-generating asset with a track record.
The Asset Breakdown:
The Castle | 2,020 SQFT | 3 Levels
A fully immersive guest experience featuring:
- Vaulted beamed ceilings & dramatic stonework
- Gourmet kitchen with oversized island & granite counters
- Tower wing bedroom with additional flex space above and two more bedrooms upstairs
- Designated laundry room with it's own exterior entry
- Finished basement studio with private entrance, kitchenette & bath ( Can be closed off from main castle to be it's own rentable space)
Detached ADU | 532 SQFT
- Full kitchen, bathroom & upstairs bedroom
- Ideal for independent bookings or extended stays
Additional Value-Add Features:
- Garage is converted into a workspace currently but could easily be a game room, rentable storage or it's own studio with the addition of a bathroom (future expansion potential)
- 3 fireplaces + efficient mini-split systems
- Hot tub / EV-ready potential
- Private and wooded in the heart of South Eugene (premium guest appeal)
Why This Investment Works:
In today’s short-term rental landscape, uniqueness drives premium pricing and occupancy. While standard homes compete on price, this property competes on experience.
A castle isn’t just rare—it’s market-resistant since it's the experience the guests are after. Guests don’t compare it to anything else… because they can’t.
The Opportunity
For the investor:
- A turnkey, income-producing property with strong historical performance, multiple revenue streams, and brandable identity.
For the visionary:
- A personal retreat that pays for itself—where lifestyle and leverage align.
This is the kind of property that doesn’t sit in a portfolio… it defines it.
Tucked behind Laurelwood Golf Course in the coveted South Hills, this is not just a property—it’s a rare income-producing asset.
Originally built in 1975 yet rich with centuries-old charm, this one-of-a-kind castle has been transformed into a high-performing short-term rental generating over $100,000 annually (up by 25% this year so far), with four potential rentable spaces designed to maximize revenue and guest experience.
Based on current performance, this asset offers an estimated 6.4% cap rate (and rising with this year's numbers), positioning it as a compelling opportunity for investors seeking both yield and long-term appreciation. The current production is more than satisfactory but, there is still room to maximize even more!
Proven Income. Documented Performance.
According to the 2025 earnings report:
- Gross Earnings: $100,917+ annually
- Net Payout: $97,091+ after fees
- Cleaning, maintenance and property taxes = roughly $20,000.00
- 319 nights booked (2025) with consistent year-round demand
Revenue is diversified across:
- The Castle (primary residence)
- The Cottage (detached ADU)
- Combined bookings (premium and diverse experience offerings)
- Detached garage is untapped income potential as it is not currently being rented out
This is not a speculative Airbnb—it is a fully operational, income-generating asset with a track record.
The Asset Breakdown:
The Castle | 2,020 SQFT | 3 Levels
A fully immersive guest experience featuring:
- Vaulted beamed ceilings & dramatic stonework
- Gourmet kitchen with oversized island & granite counters
- Tower wing bedroom with additional flex space above and two more bedrooms upstairs
- Designated laundry room with it's own exterior entry
- Finished basement studio with private entrance, kitchenette & bath ( Can be closed off from main castle to be it's own rentable space)
Detached ADU | 532 SQFT
- Full kitchen, bathroom & upstairs bedroom
- Ideal for independent bookings or extended stays
Additional Value-Add Features:
- Garage is converted into a workspace currently but could easily be a game room, rentable storage or it's own studio with the addition of a bathroom (future expansion potential)
- 3 fireplaces + efficient mini-split systems
- Hot tub / EV-ready potential
- Private and wooded in the heart of South Eugene (premium guest appeal)
Why This Investment Works:
In today’s short-term rental landscape, uniqueness drives premium pricing and occupancy. While standard homes compete on price, this property competes on experience.
A castle isn’t just rare—it’s market-resistant since it's the experience the guests are after. Guests don’t compare it to anything else… because they can’t.
The Opportunity
For the investor:
- A turnkey, income-producing property with strong historical performance, multiple revenue streams, and brandable identity.
For the visionary:
- A personal retreat that pays for itself—where lifestyle and leverage align.
This is the kind of property that doesn’t sit in a portfolio… it defines it.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$100,917
|
$39.54
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$100,917
|
$39.54
|
| Taxes |
$7,647
|
$3.00
|
| Operating Expenses |
$16,178
|
$6.34
|
| Total Expenses |
$23,825
|
$9.34
|
| Net Operating Income |
$77,092
|
$30.21
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $100,917 |
| Annual Per SF | $39.54 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $100,917 |
| Annual Per SF | $39.54 |
| Taxes | |
|---|---|
| Annual | $7,647 |
| Annual Per SF | $3.00 |
| Operating Expenses | |
|---|---|
| Annual | $16,178 |
| Annual Per SF | $6.34 |
| Total Expenses | |
|---|---|
| Annual | $23,825 |
| Annual Per SF | $9.34 |
| Net Operating Income | |
|---|---|
| Annual | $77,092 |
| Annual Per SF | $30.21 |
Property Facts
| Price | $1,250,000 | No. Units | 4 |
| Price Per Unit | $312,500 | Property Type | Multifamily |
| Sale Type | Investment | Building Size | 2,552 SF |
| Cap Rate | 6.40% | No. Stories | 3 |
| Sale Condition | 1031 Exchange | Year Built | 1975 |
| Gross Rent Multiplier | 12.5 | ||
| Zoning | R1 | ||
| Price | $1,250,000 |
| Price Per Unit | $312,500 |
| Sale Type | Investment |
| Cap Rate | 6.40% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 12.5 |
| No. Units | 4 |
| Property Type | Multifamily |
| Building Size | 2,552 SF |
| No. Stories | 3 |
| Year Built | 1975 |
| Zoning | R1 |
1 1
Fairly walkable
40/100
Very drivable
80/100
Minimal public transit
10/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 0591295 | Total Assessment | $392,487 |
| Land Assessment | $0 | Annual Taxes | $7,647 ($3.00/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
Property Taxes
Parcel Number
0591295
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$392,487
Annual Taxes
$7,647 ($3.00/SF)
Tax Year
2025
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1820 E 28th Ave - The Ducking Castle Estate - unmatched income!
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