Implications <br />The available data suggests the following implications for the River Road/Santa Clara area <br />development feasibility analysis: <br />■ New for -sale detached housing could be expected to sell for roughly $200/sf. <br />New single family housing could be expected to rent for at least $1,460 per month (likely <br />higher for new homes). <br />Top multifamily rents for new properties in comparable locations in Eugene range from <br />$1.20 per square foot per month (for larger units) to over $2.20 per square foot (for <br />smaller units), with an average of roughly $1.70 per square foot. These rents provide a <br />reasonable estimate of the achievable rents for new multifamily development in the <br />River Road/Santa Clara area. <br />■ Residential rents and sales prices in River Road/Santa Clara area tend to fall roughly 5% <br />below the city-wide average. <br />■ The prevalence of older homeowners who tend to prefer to remain in their homes as <br />they age may limit infill and redevelopment potential in single family neighborhoods in <br />the near-term, with greater shifts possible in the longer-term. <br />■ There is likely little demand for new office space in the River Road/Santa Clara area <br />aside from small service offices (e.g., medical and dental), unless turnover of existing <br />retail spaces with low rents entices businesses to locate back -of -house administrative <br />functions in the area. <br />■ The demand for the existing retail space has not been strong enough to push rents up, <br />even with what appears to be a very low vacancy rate. This suggests that new retail <br />space (in stand-alone buildings or in the ground floor of mixed-use buildings) with <br />higher rents might not be able to attract tenants. However, low rents in existing space <br />create an opportunity for small and start-up businesses that need to keep overhead costs <br />low. <br />ECONorthwest 36 <br />209 <br />