Great opportunity to purchase a turnkey 4-Plex in the heart of Springfield. Live in one unit & rent out the rests or add this great property to your investment portfolio. Lots of valuable updates including a brand new roof, new gutters, updated interior features & more! Each unit features two bedrooms & one bathroom. With plenty of room for parking for each unit. Please do not disturb the tenants. Shown by appointment only! Only the vacant unit is available to tour, with the remaining to be shown after an accepted offer. Call you broker today to arrange a private tour. Rental records available upon request!
Mid-Springfield, located between Downtown Springfield and Thurston, is a residential and commercial Springfield neighborhood with tree-lined blocks and a steady stream of local storefronts. The neighborhood’s character concentrates around Main Street near 5th Street, where murals, casual eateries, and small-service shops keep the sidewalks active. Architectural cues lean toward mid-century ranch homes and compact postwar cottages, with pockets of newer infill along busier corridors. The Willamette River and nearby parks shape daily routines with paths and open lawns. Community pillars include PublicHouse, the Wildish Theater, and the Springfield History Museum. A mix of civic buildings and corner markets gives the area a practical, lived-in rhythm.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Bedroom
Interior features
Crawl space basement
No additional storage
Bedrooms
Four 2-bedroom units
Bathrooms
Each unit has 1 bathroom
Kitchen
Range in each unit
Refrigerator in each unit
Laundry & utility
Washer/Dryer included in one unit (other units may have hookups)
Heating & cooling
Wall heaters with zoned heating
Window air conditioning units
Exterior features
Wood siding
Mountain view
Home design
Multi-family property
Not attached to other buildings
Updated/remodeled condition
Built in 1992
Parking
Off-street paved parking
Total of 10 parking spaces
Security
No security features
Construction
Composition roof
Slab foundation
Utilities
Electric hot water and electric fuel
Public water
Public sewer
Cable internet available
HOA & community
Zoning: R2
Financial info
Four-unit building (1 of each unit type)
Reported actual rents: $1,023; $1,067; $1,208 for three units (one unit shows washer/dryer included)
CAP rate 5.19
Gross rent multiplier 17.05
Other
Lot is level and approximately 0.21 acres with paved concrete road access
Electricity and solar
View estimated energy costs and solar savings for this home
New roof within the last 2 years. Occupants pay all utilities(water, sewer and garbage). Operating costs 2023 are alot higher than normal due to repairs and remodels. We will show 1 unit and with an accepted offer we will show all units. Also 349 is for sale both on separate tax lots. STRICTLY AS IS, see addendum #1, provided by the seller. NOI is for 2024, 2023 had a lot of remodel/repair.
As the MLS and public records start to fill up, we'll list the details here.
Public record
Beds
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Baths
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Stories
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Lot width
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Lot depth
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Lot size
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Year renovated
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Finished Sq. Ft.
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Unfinished Sq. Ft.
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Total Sq. Ft.
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Year built
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Style
Multi-Family (2-4 Unit)
County
Lane County
APN
1479128
Parking Spaces
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Basement
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Accessible
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HOA Dues
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Garage
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Features
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Last updated by owner on Nov 9, 2025.
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
4/10 Heat Factor
7 days above 91° expected this year, 16 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
10/10 Air Factor
16 unhealthy days expected this year, 19 days in 30 years
Provided by First Street
Historical weather
Springfield, OR • 97478
Average low and high temperatures (°F)
48
33
51
37
58
41
64
42
69
47
77
51
85
56
84
56
77
52
64
44
53
41
50
40
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
In this area, properties receive around 10.6 hours in
June and 2.2 hours in December, placing it below the
U.S. average for solar exposure.
10.6 hrs
2.2 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 351 40th St
$659,206
$16K under list price of $675K
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $410K to $694K.