• Broker Justin Schmick 5414658107

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

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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
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 - -
Walk Score®
Walker's Paradise (90)
Bike Score®
Very Bikeable (74)

PROPERTY TAXES

Parcel Number 0313641 Improvements Assessment $0
Land Assessment $0 Total Assessment $148,364

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