General Commercial Live-Work
For Sale
$299,900
116 NE Evelyn Avenue, Grants Pass, OR 97526
1950-built mixed-use property with residential features, updated systems, and flexibility for business, residential, or combined occupancy.
Property Size1,500 SF
Price / SF$199.93
Days on Market185
Property Features for 116 NE Evelyn Avenue
General Information
Standard status
Active
Size
1,500 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$2,333
Amenities
Heat Pump
3
Hardwood, Vinyl, Laminate
Composition
Parking.
Driveway, On Street.
0.18000000715255737
Building Details
Year Built
1950
Stories
2
Listing Agency:
Windermere RE Southern Oregon
(541) 660-4317
Listed By:
Heather Mistretta · License #201207503
(541) 660-4317
Source:
Xome
Added: Feb 26
Changed: Aug 30
Last Checked: Aug 30 at 7:39AM
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 Windermere RE Southern Oregon
Investment Insights
Based on property information with market context.
This 1,500-square-foot mixed-use property is a 1950-built residence with two bedrooms and one-and-a-half bathrooms on a 0.18-acre lot. General Commercial (GC) zoning supports continued residential use, business occupancy, or a combined live-work arrangement. Interior finishes include hardwood, vinyl, and laminate flooring, while updated HVAC and vinyl windows are in place. Parking is provided by a driveway and on-street spaces.
The property is located at 116 NE Evelyn Avenue in Grants Pass, adjacent to Barnstormer's Theater and surrounded by medical offices and professional businesses. Its existing residential layout and commercial zoning create a practical setting for a small office, business, or mixed-use operation, subject to applicable requirements.
The property is located at 116 NE Evelyn Avenue in Grants Pass, adjacent to Barnstormer's Theater and surrounded by medical offices and professional businesses. Its existing residential layout and commercial zoning create a practical setting for a small office, business, or mixed-use operation, subject to applicable requirements.
Key Highlights
- General Commercial (GC) zoning supports residential, business, or live‑work use
- 1,500 SF building on a 0.18‑acre lot
- Two bedrooms and 1.5 bathrooms
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
$17,105
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
5.70%
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%
$342,100
$342.1K
Cap Rate 7%
$244,357
$244.4K
Cap Rate 9%
$190,056
$190.1K
Market Conditions
NOI Build-Up for 1,500 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
$25.2K $16.80/SF
− Vacancy
−$2.4K −$1.60/SF
EGI
$22.8K $15.20/SF
− OpEx
−$5.7K −$3.80/SF
NOI
$17.1K $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%
$342,100
Cap Rate 7%
$244,357
Cap Rate 9%
$190,056
Alternative Uses
Best Use
Office B
$244.4K
$213.8K – $285.1K
NOI $17,105 @ 7.0% cap · market cap 5.70%
Second Best
Mixed Use
$192.2K
$168.2K – $224.3K
NOI $13,455 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$340.1K
$297.6K – $396.8K
NOI $23,808 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,740
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?
Mixed-use property - 1950-built mixed-use property with residential features, updated systems, and flexibility for business, residential, or combined occupancy.
Where is this mixed-use property located?
The property is located at 116 NE Evelyn Avenue Grants Pass, OR.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: General Commercial (GC) zoning supports residential, business, or live‑work use; 1,500 SF building on a 0.18‑acre lot; Two bedrooms and 1.5 bathrooms
