Two-Home Duplex
For Sale
$746,500
1320 Covina Avenue, Medford, OR 97504
Residential Income, Medford, OR
Property Size3,683 SF
Lot Size0.63 Acres
Price / SF$202.69
Days on Market50
Property Features for 1320 Covina Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
SFR
Parking features
Open, Driveway, RV
Window features
Double Pane Windows, Aluminum Frames
Patio and Porch features
Patio, Deck
Interior features
Breakfast Bar, Ceiling Fan(s), Dry Bar, Fiberglass Stall Shower, Granite Counters, Laminate Counters, Linen Closet, Open Floorplan, Pantry, Primary Downstairs, Smart Thermostat, Soaking Tub, Vaulted Ceiling(s)
Fireplace
1
Appliances
Dishwasher, Disposal, Dryer, Microwave, Oven, Range, Washer, Water Heater
Subdivision
Lake Wood Subdivision
Lot features
Fenced, Landscaped, Level, Sprinkler Timer(s)
Elementary school
Wilson Elem
Middle school
Hedrick Middle
High school
North Medford High
Directions
Take Crater Lake Avenue to West on Grand Ave and then take a left on Covina Ave, home is second home on the left.
Standard status
Active
APN
10325673
Size
3,683 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5458
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Ductless (Heating), Forced Air
Cooling system
Central Air
Water source
Public
Amenities
Trex deck
fenced yards
mature landscaping
covered patio
RV dump
mini split system
Building Details
Year built
1951
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl, Laminate
Building materials
Frame
Roof type
Composition
Architectural style
Ranch
Listing Agency:
RE/MAX Integrity · RE/MAX International
(541) 770-3325
Listed By:
Kelli Hokinson · License #200301037
(541) 261-1004
Added: Aug 13
Changed: Sep 16
Last Checked: Oct 1 at 8:06AM
MLS# 220227027
Copyright © 2026 Oregon Data Share. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex property includes two separate homes on a landscaped 0.63-acre lot. The primary residence is a ranch-style home with three bedrooms, two full bathrooms, a large living room, family or flex space, a primary suite, laundry and storage areas, and an attached oversized drive-through two-car garage. A Trex deck extends the living area toward the backyard.
The second residence is currently used as an Airbnb and includes a full kitchen with granite counters, a living room, a primary bedroom with private bath and jetted tub, mini-split heating and cooling, a covered patio, and shop or two-car garage space. Fenced yards, mature landscaping, two driveways, an RV dump, public water, and public sewer add practical site functionality. The property is near medical facilities, Providence hospital, shopping, restaurants, and everyday amenities.
The second residence is currently used as an Airbnb and includes a full kitchen with granite counters, a living room, a primary bedroom with private bath and jetted tub, mini-split heating and cooling, a covered patio, and shop or two-car garage space. Fenced yards, mature landscaping, two driveways, an RV dump, public water, and public sewer add practical site functionality. The property is near medical facilities, Providence hospital, shopping, restaurants, and everyday amenities.
Key Highlights
- Two residences on a landscaped 0.63‑acre lot
- Main home includes 3 bedrooms, 2 full baths, and an attached oversized drive‑through 2‑car garage
- Second home is currently used as an Airbnb
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,639
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.64%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$692,780
$692.8K
Cap Rate 7%
$494,843
$494.8K
Cap Rate 9%
$384,878
$384.9K
Market Conditions
NOI Build-Up for 3,683 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$66.3K $18.00/SF
− Vacancy
−$3.3K −$0.90/SF
EGI
$63.0K $17.10/SF
− OpEx
−$28.3K −$7.69/SF
NOI
$34.6K $9.41/SF
Area
Jackson County, OR
Vacancy
5.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$692,780
Cap Rate 7%
$494,843
Cap Rate 9%
$384,878
Alternative Uses
Best Use
Apartment 5plus
$494.8K
$433.0K – $577.3K
NOI $34,639 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$889.0K
$777.9K – $1.04M
NOI $62,228 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,258
Businesses Nearby
Explore this area
Business Placement
Demographics for 97504, OR
49,942
Population
21,290
Households
2.3
Avg Household Size
43
Median Age
38%
College-Educated
93%
High-School Grad
43.3 sq mi
ZIP Area
1,153
Density / Sq Mi
$81,233
Median Household Income
$43,744
Median Earnings
$1,387
Median Rent
$447,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Two residences offer separate living areas, fenced yards, and dedicated driveways on a landscaped lot.
Where is this short term rental property located?
The property is located at 1320 Covina Avenue Medford, OR.
What is the asking price?
The asking price for this property is $746,500.
What are key features of this property?
This property features: Two residences on a landscaped 0.63‑acre lot; Main home includes 3 bedrooms, 2 full baths, and an attached oversized drive‑through 2‑car garage; Second home is currently used as an Airbnb
