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Rivett Building on 5th & Main St. 488 Main st 15 Unit Apartment Building $4,950,000 ($330,000/Unit) 5.67% Cap Rate Springfield, OR 97477

Apartment Buildings Oregon Springfield 488 Main st, Springfield, OR 97477

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Investment Highlights

  • Mixed use development in downtown Springfield
  • Lease up has begun. At the asking price, Seller will lease back any vacant apartment unit as of closing.
  • 10 year property tax freeze (excludes commercial units.)
  • New construction. Finished December of 2024
  • Inquiry for full package with financials and additional information.

Executive Summary

Rivett on 5th & Main is the newest mixed-use development in the Eugene/ Springfield metro area. Just finished in December of 2024, it features 12 townhouse style apartments on the second floor, two retail spaces and one live/work unit. Architecturally designed with top-of-the-line amenities. 10 year property tax freeze on apartments (excludes commercial units.) Lease up has just begun and at the asking price, Seller will lease back any apartment unit that is not leased by closing. Email to get financials and full package with additional information.

Property Facts

Price $4,950,000 Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
Price Per Unit $330,000 Apartment Style Townhome
Sale Type Investment Building Class B
Cap Rate 5.67% Lot Size 0.11 AC
Sale Condition 1031 Exchange Building Size 13,408 SF
Gross Rent Multiplier 13 No. Stories 2
No. Units 15 Year Built 2024
Property Type Multifamily Opportunity Zone Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning mixed uses - Allows for commercial, retail and residential
Price $4,950,000
Price Per Unit $330,000
Sale Type Investment
Cap Rate 5.67%
Sale Condition 1031 Exchange
Gross Rent Multiplier 13
No. Units 15
Property Type Multifamily
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
Apartment Style Townhome
Building Class B
Lot Size 0.11 AC
Building Size 13,408 SF
No. Stories 2
Year Built 2024
Opportunity Zone Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning mixed uses - Allows for commercial, retail and residential

Amenities

Unit Amenities

  • Air Conditioning
  • Balcony
  • Dishwasher
  • High Speed Internet Access
  • Tub/Shower
  • Dining Room

Site Amenities

  • On-Site Retail

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 13 - -
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
60/100
Source: Local Logic®

Property Taxes

Parcel Number 0313641 Improvements Assessment $0
Land Assessment $0 Total Assessment $2,681,478

Property Taxes

Parcel Number
0313641
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,681,478
(541) 465-8107

Still interested?

Contact the broker for more information about this property

Contact

  • Listing ID: 34635034

  • Date on Market: 1/28/2025

  • Last Updated:

  • Address: 488 Main st, Springfield, OR 97477

The Outer Eugene Multifamily Property at 488 Main st, Springfield, OR 97477 is currently available. Contact Windermere Real Estate Lane County for more information.

MULTIFAMILY PROPERTIES IN NEARBY NEIGHBORHOODS

NEW NEARBY MULTIFAMILY LISTINGS

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Rivett Building on 5th & Main St. | 488 Main st

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