Four-Unit Quadplex
For Sale
$295,900
701 Caves Highway, Cave Junction, OR 97523
Residential Income, Cave Junction, OR
Property Size2,336 SF
Lot Size2.48 Acres
Price / SF$126.67
Days on Market358
Property Features for 701 Caves Highway
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
Rr5; Rural Res 5 Ac
Parking features
Driveway
Appliances
Oven, Refrigerator
Subdivision
Josephine Addition To Grants Pass
Lot features
Level
Elementary school
Evergreen Elem
Middle school
Lorna Byrne Middle
High school
Illinois Valley High
Standard status
Active
APN
R330405
Size
2,336 SF
Lot size
2.48 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1887
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating)
Water source
Well
Building Details
Year built
1977
Floors in Building
1
Number of units
4
Flooring type
Vinyl
Building materials
Frame
Roof type
Composition
Architectural style
Bungalow
Additional Structures
Storage
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
China Rose · License #201218988
(888) 814-9613
Added: Sep 6, 2025
Changed: Aug 28
Last Checked: Aug 29 at 11:06AM
MLS# 220208860
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 quadplex property comprises four residential units across a 2.48-acre parcel. The configuration includes two one-bedroom, one-bath cottages, a refreshed two-bedroom, one-bath cottage with new appliances and flooring, and a two-bedroom, one-bath modular home measuring 1,056 square feet. Total property size is 2,336 square feet. Frame construction, bungalow styling, vinyl flooring, electric heat, composition roofing, and driveway parking are among the physical features.
Located at 701 Caves Highway in Cave Junction, the property is positioned off Hwy 199 beside the fire station. RR5 zoning, a shared well, and two septic systems support the existing residential setup. All four units are occupied under month-to-month agreements, providing a defined multifamily configuration for continued residential use.
Located at 701 Caves Highway in Cave Junction, the property is positioned off Hwy 199 beside the fire station. RR5 zoning, a shared well, and two septic systems support the existing residential setup. All four units are occupied under month-to-month agreements, providing a defined multifamily configuration for continued residential use.
Key Highlights
- Four residential units on 2.48 acres
- Unit mix includes two 1 bed/1 bath cottages, one 2 bed/1 bath cottage, and one 2 bed/1 bath modular home
- Total property size is 2,336 square feet; modular home measures 1,056 sq. ft.
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
$18,974
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%
$379,480
$379.5K
Cap Rate 7%
$271,057
$271.1K
Cap Rate 9%
$210,822
$210.8K
Market Conditions
NOI Build-Up for 2,336 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
$28.6K $12.24/SF
− Vacancy
−$1.5K −$0.64/SF
EGI
$27.1K $11.60/SF
− OpEx
−$8.1K −$3.48/SF
NOI
$19.0K $8.12/SF
Area
Josephine County, OR
Vacancy
5.20%
Lease Rate
$12.24 /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%
$379,480
Cap Rate 7%
$271,057
Cap Rate 9%
$210,822
Alternative Uses
Best Use
Multifamily LT 5
$271.1K
$237.2K – $316.2K
NOI $18,974 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$251.6K
$220.2K – $293.6K
NOI $17,613 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$529.7K
$463.5K – $617.9K
NOI $37,076 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
167
Businesses Nearby
Explore this area
Business Placement
Demographics for 97523, OR
6,548
Population
3,606
Households
1.8
Avg Household Size
50
Median Age
18%
College-Educated
91%
High-School Grad
250.3 sq mi
ZIP Area
26
Density / Sq Mi
$45,960
Median Household Income
$27,227
Median Earnings
$1,239
Median Rent
$301,000
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?
Quadplex - Four residential units on a 2.48-acre parcel with RR5 zoning, shared well service, and two septic systems.
Where is this quadplex located?
The property is located at 701 Caves Highway Cave Junction, OR.
What is the asking price?
The asking price for this property is $295,900.
What are key features of this property?
This property features: Four residential units on 2.48 acres; Unit mix includes two 1 bed/1 bath cottages, one 2 bed/1 bath cottage, and one 2 bed/1 bath modular home; Total property size is 2,336 square feet; modular home measures 1,056 sq. ft.
