Building Details

Year built 1999

Building materials FullBasement, MetalFrame, MetalSiding

Roof type Metal

Listing Agency: Keller Williams Southern Oregon-Umpqua Valley · Keller Williams Realty k***@kw.com Show Phone

Listed By: Mary Gilbert · License #951100030 Show Phone

Added: Jul 23, 2025 Changed: Aug 25 Last Checked: Aug 30 at 2:06AM

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MLS# 754411558

Copyright © 2026 Regional Multiple Listing Services. 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 mixed-use property combines a 3,030-square-foot structure with a separate 2,000-square-foot shop, creating more than 5,000 square feet of total space. Built in 1999, the main building has a solid metal-frame construction with metal siding, a full basement, and an unfinished main level that can be configured for residential, office, or combined use. The shop provides additional room for workshop activities, business operations, or storage.

The property occupies 0.25 acres at 5565 NE Stephens Street in Winchester, along Old Highway 99. On-site parking accommodates up to 16 vehicles, while a seasonal creek crosses the rear portion of the property. The combination of building area, shop space, parking, and mixed-use configuration supports a range of commercial and residential arrangements.

Key Highlights

• 3,030‑square‑foot main structure plus a 2,000‑square‑foot shop
• More than 5,000 square feet of total space
• 0.25‑acre property along NE Stephens Street, also known as Old Highway 99

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

$27,238

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

6.41%

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%

$544,760 $544.8K

Cap Rate 7%

$389,114 $389.1K

Cap Rate 9%

$302,644 $302.6K

Market Conditions

NOI Build-Up for 3,030 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

$45.5K $15.00/SF

− Vacancy

−$3.5K −$1.17/SF

EGI

$41.9K $13.83/SF

− OpEx

−$14.7K −$4.84/SF

NOI

$27.2K $8.99/SF

Area

Douglas County, OR

Vacancy

7.80%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

35.00%

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%

$544,760

Cap Rate 7%

$389,114

Cap Rate 9%

$302,644

Alternative Uses

Best Use

Flex RnD

$389.1K

$340.5K – $454.0K (±1% cap)

NOI $27,238 @ 7.0% cap · market cap 6.41%

Second Best

Mixed Use

$300.3K

$262.8K – $350.4K (±1% cap)

NOI $21,021 @ 7.0% cap · market cap 4.95%

Theoretical Best

Specialty Retail

$524.4K

$458.9K – $611.8K (±1% cap)

NOI $36,710 @ 7.0% cap · market cap 8.64%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Building Supply Restaurant Big Box & Wholesale Store Auto Repair Shop Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

52

Businesses Nearby

Explore this area Business Placement

Demographics for 97495, OR

1,706

Population

800

Households

2.1

Avg Household Size

52

Median Age

38%

College-Educated

90%

High-School Grad

7.3 sq mi

ZIP Area

234

Density / Sq Mi

$75,385

Median Household Income

$75,724

Median Earnings

$1,144

Median Rent

$440,000

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Flexible commercial and residential configuration with an unfinished main level and separate workshop area.

Where is this mixed-use property located?

The property is located at 5565 NE STEPHENS St Winchester, OR.

What is the asking price?

The asking price for this property is $425,000.

What are key features of this property?

This property features: 3,030‑square‑foot main structure plus a 2,000‑square‑foot shop; More than 5,000 square feet of total space; 0.25‑acre property along NE Stephens Street, also known as Old Highway 99