Flex Space with Three
For Sale
$450,000
103 Merlin Rd, Merlin, OR 97532
Separate office areas, each with a bathroom, support a range of workspace configurations.
Property Size3,280 SF
Price / SF$137.20
Days on Market15
Property Features for 103 Merlin Rd
General Information
Standard status
Active
Size
3,280 SF
Property subtype
Commercial
Additional Details
Fenced Yard
Yes
Building Details
Year Built
2008
Listing Agency:
RE/MAX Integrity Grants Pass
Listed By:
Cody M Testa · License #201230589
(541) 254-4152
Source:
Portlandoregonhomelistings
Added: Sep 17
Changed: Sep 28
Last Checked: Sep 30 at 12:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Integrity Grants Pass
Investment Insights
Based on property information with market context.
This 3,280-square-foot flex property combines shop space with three bays oriented toward the front. Two distinct office areas are included, and each has its own bathroom. A gated yard and on-site parking round out the property’s features.
Built in 2008, the property is located at 103 Merlin Road in Merlin, Oregon.
Built in 2008, the property is located at 103 Merlin Road in Merlin, Oregon.
Key Highlights
- 3,280‑square‑foot flex property
- Three front‑facing bays
- Two separate offices, each with its own bathroom
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
$27,068
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
6.02%
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%
$541,360
$541.4K
Cap Rate 7%
$386,686
$386.7K
Cap Rate 9%
$300,756
$300.8K
Market Conditions
NOI Build-Up for 3,280 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
$45.3K $13.80/SF
− Vacancy
−$3.6K −$1.10/SF
EGI
$41.6K $12.70/SF
− OpEx
−$14.6K −$4.44/SF
NOI
$27.1K $8.25/SF
Area
Josephine County, OR
Vacancy
8.00%
Lease Rate
$13.80 /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%
$541,360
Cap Rate 7%
$386,686
Cap Rate 9%
$300,756
Alternative Uses
Best Use
Flex RnD
$386.7K
$338.4K – $451.1K
NOI $27,068 @ 7.0% cap · market cap 6.02%
Second Best
Industrial
$289.8K
$253.6K – $338.1K
NOI $20,286 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$743.7K
$650.7K – $867.7K
NOI $52,059 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
119
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97532, OR
2,480
Population
974
Households
2.5
Avg Household Size
53
Median Age
24%
College-Educated
87%
High-School Grad
84.4 sq mi
ZIP Area
29
Density / Sq Mi
$77,125
Median Household Income
$36,628
Median Earnings
$894
Median Rent
$417,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Separate office areas, each with a bathroom, support a range of workspace configurations.
Where is this flex space located?
The property is located at 103 Merlin Rd Merlin, OR.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3,280‑square‑foot flex property; Three front‑facing bays; Two separate offices, each with its own bathroom
