Multi-Tenant Neighborhood Retail
For Sale
$2,400,000
602 Crater Lake Avenue, Medford, OR 97504
Commercial Sale, Medford, OR
Property Size13,683 SF
Lot Size1.19 Acres
Price / SF$175.40
Days on Market130
Property Features for 602 Crater Lake Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C-C
Parking features
Parking Lot
Standard status
Active
APN
10329854
Size
13,683 SF
Lot size
1.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
22906
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Number of units
12
Flooring type
Carpet, Tile
Building materials
Block, Concrete
Roof type
Membrane
Listing Agency:
John L. Scott Medford
(541) 779-3611
Listed By:
James E North · License #200310092
(541) 734-5280
Added: Apr 22
Changed: Aug 28
Last Checked: Aug 29 at 10:06AM
MLS# 220219825
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 retail center comprises three single-level buildings on approximately 1.19 acres, with 12 tenant spaces across the property. Construction includes block and concrete, while interior finishes include tile and carpet. Building systems include natural-gas heat, central air conditioning, membrane roofing, public water, and public sewer. On-site parking is provided by a dedicated parking lot.
The property occupies the corner of Stevens Street and Crater Lake Avenue in Medford, near The Medford Center and The Village at the Medford Center. Existing gross leases extend through 2027, providing a defined lease horizon for future ownership review. The site is addressed at 602 Crater Lake Avenue, Medford, Oregon.
The property occupies the corner of Stevens Street and Crater Lake Avenue in Medford, near The Medford Center and The Village at the Medford Center. Existing gross leases extend through 2027, providing a defined lease horizon for future ownership review. The site is addressed at 602 Crater Lake Avenue, Medford, Oregon.
Key Highlights
- Three single‑level buildings totaling approximately 13,700 SQ. FT.
- Approximately 1.19 acres across 3 tax lots
- 12 tenants occupy the retail center
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
$189,302
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
7.89%
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%
$3,786,040
$3.8M
Cap Rate 7%
$2,704,314
$2.7M
Cap Rate 9%
$2,103,356
$2.1M
Market Conditions
NOI Build-Up for 13,683 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
$295.6K $21.60/SF
− Vacancy
−$25.1K −$1.84/SF
EGI
$270.4K $19.76/SF
− OpEx
−$81.1K −$5.93/SF
NOI
$189.3K $13.83/SF
Area
Jackson County, OR
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$3,786,040
Cap Rate 7%
$2,704,314
Cap Rate 9%
$2,103,356
Alternative Uses
Best Use
Retail
$2.70M
$2.37M – $3.16M
NOI $189,302 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,188 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,930
Businesses Nearby
298k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 30%
Apparel 22%
Leisure 19%
Shops & Services 13%
Cinemark Tinseltown USA
Leisure
56,946 visits/mo
0.2 miles
Safeway
Groceries
39,088 visits/mo
0.1 miles
Burlington
Apparel
37,487 visits/mo
0.3 miles
Red Robin Gourmet Burgers
Dining
24,662 visits/mo
0.4 miles
Ross Dress for Less
Apparel
23,218 visits/mo
0.3 miles
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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Three single-level buildings support a 12-tenant commercial center with public water and sewer.
Where is this shopping center located?
The property is located at 602 Crater Lake Avenue Medford, OR.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Three single‑level buildings totaling approximately 13,700 SQ. FT.; Approximately 1.19 acres across 3 tax lots; 12 tenants occupy the retail center
