9-Unit Apartment Building with River
For Sale
$1,190,000
4600 Rogue River Highway, Grants Pass, OR 97527
Residential Income, Grants Pass, OR
Property Size5,699 SF
Lot Size1.19 Acres
Price / SF$208.81
Days on Market155
Property Features for 4600 Rogue River Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Rr1; Rural Res 1 Ac
Parking features
Parking Lot, Driveway
Window features
Vinyl Frames, Double Pane Windows
Patio and Porch features
Deck
Interior features
Ceiling Fan(s), Linen Closet, Primary Downstairs
Lot features
Landscaped, Level, Sloped
View
Territorial, River
Elementary school
Fruitdale Elem
Middle school
Lincoln Savage Middle
High school
Hidden Valley High
Standard status
Active
APN
R315700
Size
5,699 SF
Lot size
1.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3483
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Wall Furnace
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Well
Amenities
laundry room
storage spaces
decks
mountain views
shared common area
Building Details
Year built
1936
Floors in Building
1
Number of units
9
Flooring type
Carpet, Tile, Vinyl
Building materials
Frame
Roof type
Composition, Asphalt
Architectural style
Bungalow
Listing Agency:
Millen Property Group
(541) 301-3435
Listed By:
Kenny Taylor · License #201214945
(541) 606-8616
Added: Apr 6
Changed: Aug 19
Last Checked: Sep 7 at 3:06PM
MLS# 220218684
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 5,699-square-foot apartment property on 1.19 acres includes nine permanent units arranged around a three-bedroom main home, six one-bedroom cottages, one two-bedroom unit, and a studio. Several residences feature decks with views toward the Rogue River and surrounding mountains. The property also includes two RV parking spots, a laundry room, two storage spaces, and a shared common area. Construction dates to 1936, with frame construction, bungalow-style architecture, composition and asphalt roofing, and a mix of carpet, tile, and vinyl flooring.
Located at 4600 Rogue River Highway in Grants Pass, the property sits between Grants Pass and Medford. On-site infrastructure includes a well water source and septic tank sewer system. Parking is provided through a parking lot and driveway, while heating includes natural gas and wall furnaces. Cooling is provided by window and wall/window units.
Located at 4600 Rogue River Highway in Grants Pass, the property sits between Grants Pass and Medford. On-site infrastructure includes a well water source and septic tank sewer system. Parking is provided through a parking lot and driveway, while heating includes natural gas and wall furnaces. Cooling is provided by window and wall/window units.
Key Highlights
- 9 units: 3‑bedroom main home, six 1‑bedroom cottages, one 2‑bedroom unit, and a studio
- 5,699 square feet on 1.19 acres
- Two RV parking spots, laundry room, and 2 storage spaces
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
$42,970
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
3.61%
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%
$859,400
$859.4K
Cap Rate 7%
$613,857
$613.9K
Cap Rate 9%
$477,444
$477.4K
Market Conditions
NOI Build-Up for 5,699 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
$82.1K $14.40/SF
− Vacancy
−$3.9K −$0.69/SF
EGI
$78.1K $13.71/SF
− OpEx
−$35.2K −$6.17/SF
NOI
$43.0K $7.54/SF
Area
Josephine County, OR
Vacancy
4.80%
Lease Rate
$14.40 /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%
$859,400
Cap Rate 7%
$613,857
Cap Rate 9%
$477,444
Alternative Uses
Best Use
Apartment 5plus
$613.9K
$537.1K – $716.2K
NOI $42,970 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,453 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 97527, OR
36,358
Population
15,481
Households
2.3
Avg Household Size
49
Median Age
19%
College-Educated
90%
High-School Grad
219.8 sq mi
ZIP Area
165
Density / Sq Mi
$66,396
Median Household Income
$35,825
Median Earnings
$1,350
Median Rent
$408,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Cottages and a main residence share the property with laundry, storage, RV parking, and a common outdoor area.
Where is this apartment building located?
The property is located at 4600 Rogue River Highway Grants Pass, OR.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: 9 units: 3‑bedroom main home, six 1‑bedroom cottages, one 2‑bedroom unit, and a studio; 5,699 square feet on 1.19 acres; Two RV parking spots, laundry room, and 2 storage spaces
