Corner Office Building with Alley
For Sale
$289,000
515 NE 8th Street, Grants Pass, OR 97526
COMMERCIAL - Grants Pass, OR
Property Size1,440 SF
Lot Size0.14 Acres
Price / SF$200.69
Days on Market65
Property Features for 515 NE 8th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R-4
Parking features
On Street, Parking Lot, Driveway, Alley
Lot features
Corner Lot, Landscaped, Level
Directions
corner of NW 5th St and NE B St
Standard status
Active
APN
R310301
Size
1,440 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2331
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1973
Floors in Building
1
Number of units
1
Flooring type
Carpet, Laminate
Building materials
Frame
Roof type
Composition
Listing Agency:
John L Scott Real Estate Grants Pass · John L. Scott
(541) 476-1299
Listed By:
Kurt Tamashiro · License #870600137
(541) 476-1299
Added: Jun 8
Changed: Aug 4
Last Checked: Aug 11 at 8:06PM
MLS# 220222999
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 office building is positioned on a prominent corner lot with convenient alley access and a flexible interior layout. The space includes multiple private offices, an expansive open workspace with a cubicle-style layout, and a break room. Built in 1973 with a frame exterior, the building is served by heat pump HVAC and includes a backup generator. Flooring includes laminate and carpet, and the roof is composition.
The property sits on a 0.14-acre lot and is 1,440 square feet. Parking is available via a parking lot, driveway, and on-street spaces with alley access. Utilities include public water and public sewer.
Zoned R-3, the property offers office use today and may be worth discussing for potential multifamily conversion with the City of Grants Pass.
The property sits on a 0.14-acre lot and is 1,440 square feet. Parking is available via a parking lot, driveway, and on-street spaces with alley access. Utilities include public water and public sewer.
Zoned R-3, the property offers office use today and may be worth discussing for potential multifamily conversion with the City of Grants Pass.
Key Highlights
- 0.14‑acre corner lot with convenient alley access
- 1,440 SF frame office building built in 1973
- Multiple private offices plus expansive open cubicle‑style workspace
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
$16,420
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
5.68%
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%
$328,400
$328.4K
Cap Rate 7%
$234,571
$234.6K
Cap Rate 9%
$182,444
$182.4K
Market Conditions
NOI Build-Up for 1,440 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
$24.2K $16.80/SF
− Vacancy
−$2.3K −$1.60/SF
EGI
$21.9K $15.20/SF
− OpEx
−$5.5K −$3.80/SF
NOI
$16.4K $11.40/SF
Area
Josephine County, OR
Vacancy
9.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$328,400
Cap Rate 7%
$234,571
Cap Rate 9%
$182,444
Alternative Uses
Best Use
Office B
$234.6K
$205.3K – $273.7K
NOI $16,420 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$326.5K
$285.7K – $380.9K
NOI $22,855 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,176
Businesses Nearby
Explore this area
Business Placement
Demographics for 97526, OR
36,561
Population
15,987
Households
2.3
Avg Household Size
47
Median Age
20%
College-Educated
91%
High-School Grad
140.7 sq mi
ZIP Area
260
Density / Sq Mi
$57,103
Median Household Income
$35,685
Median Earnings
$1,076
Median Rent
$379,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Office building with heat pump HVAC, backup generator, and R-3 zoning on a corner lot with alley access.
Where is this office building located?
The property is located at 515 NE 8th Street Grants Pass, OR.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 0.14‑acre corner lot with convenient alley access; 1,440 SF frame office building built in 1973; Multiple private offices plus expansive open cubicle‑style workspace
