1991 Olympic StSpringfield, OR 97477

Property Details for 1991 Olympic St

Lot size

0.23 AC

Zone code

MR-MAJOR RETAIL COMM

Property type

Other commercial real estate

APN

17-03-25-42-00300-000

APU

1703254200300000

Description

Exceptional investment opportunity: a single-tenant, 8,500 square foot storefront in Springfield, Oregon, currently leased to Aaron's, Inc. This property boasts a strong lease history, with Aaron's occupying the space since 2005. The current lease expires December 31, 2026, with two five-year renewal options, each including a 10% rent increase. The asking price is $2,300,000, representing a pro-forma cap rate of 5.37% and a pro-forma NOI of $123,549. The annual rent is $124,449. The property is situated on a 20,909 square foot lot and includes 21 parking spaces. The lease is a triple net (NNN) agreement, with the landlord responsible for roof, exterior walls, foundation, interior supporting walls, and HVAC repairs exceeding $1,000 annually. The tenant is responsible for property taxes ( totaling $17,117.78 for 2023-2024), insurance, common area maintenance (CAM), a 3% management fee on gross receipts, and building maintenance (excluding major HVAC repairs). The property is zoned MR (Major Retail) and features a single story building. The Assessor's Parcel Number (APN) is 17-03-25-42-300 & 17-03-25-42-400. This well-located Springfield storefront presents a compelling investment opportunity with a stable tenant and significant upside potential. The address is 1991 Olympic St, Springfield, OR 97477.

• Alternative Use

  Use

  Valuation

  Residential

  $2,349,878

  Hospitality

  $2,152,476

  Educational

  $1,790,835

  Medical

  $1,852,424

  Retail

  $2,785,743

Location Insight

City

Springfield

County

Lane

State

Oregon

Latitude

44.0593

Longitude

-122.997

CBSA code

21660

CBSA name

EUGENE-SPRINGFIELD, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].