Listed by Windermere Real Estate/Lane County
$4,950,000
Rivett Building on 5th & Main (488 Main St)
Details
Property Type Retail, Office
Sub Type Restaurant, Executive Office
Net Rentable (SqFt) 13,408
Units 15
Cap Rate 5.50%
Lease Type NNN
Pro-Forma NOI $6
Class A
Year Built 2024
Acreage 0.110
Zoning Mixed Use
Retail | 5.50% CAP
Marketing description
Located in the southern Willamette Valley about 110 miles south of Portland along Interstate 5 and next to Eugene. Springfield is the nineth largest city in the state of Oregon with a population over 61,000. Springfield is inspiration to the iconic Simpson tv show and a mile away from the University of Oregon and is birthplace of Nike original shoe design. Springfield sits near the confluence of the McKenzie and Willamette Rivers, in a lush, green valley about 50 miles from the Oregon Coast and the Cascade Mountains. It’s a beautiful place to live, centrally located between the coast and Cascade Mountains. Springfield is an award wining community known for friendly people, tasty water, good beer and great wine. The Location! The Rivette on 5th & Main is located in downtown Springfield, blocks from the McKenzie river and University Oregon. Downtown Springfield is one of the more vibrant parts of the community with boutique retailers, ample parking and access to mass transit. Close proximity to city hall, library and justice department.
Investment highlights
- New construction. Completed in December 2024.
- Retail spaces + live work unit + 12 apartments.
- 10 year property tax waiver on apartments.
- Lease up has just begun! Seller will master lease any apartment not rented by closing date.
- 5.5% cap rate on stabilized operations
- Live/ work space.
- Fully built out with loft.
- 689 rentable sf.
- $1,723/ monthly + OpEx (est. @ $415 / month.)
- Move-in-ready condition
- 5th St. frontage.
- Retail/ professional office space.
- Shell condition. HVAC equipment in place.
- 816 rentable sf.
- $2,038/ monthly + OpEx (est. @ $490 / month.)
- Access to lobby restrooms.
- Retail/ restaurant space.
- Shell condition. Grease trap with chase for hood.
- 2,596 rentable sf.
- $6,490/ monthly + OpEx (est. @ $1,558 / mo.)
- Access to lobby restrooms.
- End cap unit. Main St. and 5th St. frontage.
- Can be divided
Listing Contacts
Listed by Windermere Real Estate/Lane County
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