Updated Duplex with Attached
For Sale
$573,000
1232 W Harbeck Road, Grants Pass, OR 97527
MULTI_FAMILY - Ranch - Grants Pass, OR
Property Size2,245 SF
Lot Size0.17 Acres
Price / SF$255.23
Days on Market99
Property Features for 1232 W Harbeck Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-3; Res High Density
Parking features
Driveway
Window features
Vinyl Frames, Double Pane Windows
Patio and Porch features
Patio
Interior features
Primary Downstairs, Shower/Tub Combo
Appliances
Dishwasher, Oven, Range, Range Hood, Refrigerator
Subdivision
City's Edge Subdivision
Lot features
Fenced
Elementary school
Allen Dale Elem
Middle school
South Middle
High school
Grants Pass High
Standard status
Active
APN
R340164
Size
2,245 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3054
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2001
Floors in Building
1
Number of units
2
Flooring type
Laminate, Vinyl
Building materials
Frame
Roof type
Composition
Architectural style
Ranch
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Steve Thomas Group · License #201221244
(541) 326-6596
Added: May 4
Changed: Aug 8
Last Checked: Aug 10 at 10:06PM
MLS# 220220622
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.
Well-maintained and updated duplex set up as two separate residences, with each unit offering three bedrooms and two bathrooms across approximately 1,122 square feet. The layout is designed for everyday flow, with open-concept living that connects the kitchen, dining, and living areas. Interiors include clean laminate flooring and abundant natural light.
Each unit also includes its own attached 2-car garage, supporting convenient parking and additional storage. The property is located at 1232 W Harbeck Road in Grants Pass, in Josephine County, Oregon.
This duplex presents a straightforward two-unit configuration for tenants or owner-occupants seeking the option to live in one side and rent the other.
Each unit also includes its own attached 2-car garage, supporting convenient parking and additional storage. The property is located at 1232 W Harbeck Road in Grants Pass, in Josephine County, Oregon.
This duplex presents a straightforward two-unit configuration for tenants or owner-occupants seeking the option to live in one side and rent the other.
Key Highlights
- Duplex built in 2001 with 2 units, each offering 3 bedrooms and 2 bathrooms
- Approx. 1,122 sq ft of living space per side, with open‑concept flow between kitchen, dining, and living areas
- Each unit includes an attached 2‑car garage for parking and storage
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
$18,235
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
3.18%
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%
$364,700
$364.7K
Cap Rate 7%
$260,500
$260.5K
Cap Rate 9%
$202,611
$202.6K
Market Conditions
NOI Build-Up for 2,245 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
$27.5K $12.24/SF
− Vacancy
−$1.4K −$0.64/SF
EGI
$26.0K $11.60/SF
− OpEx
−$7.8K −$3.48/SF
NOI
$18.2K $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%
$364,700
Cap Rate 7%
$260,500
Cap Rate 9%
$202,611
Alternative Uses
Best Use
Multifamily LT 5
$260.5K
$227.9K – $303.9K
NOI $18,235 @ 7.0% cap · market cap 3.18%
Second Best
Apartment 5plus
$241.8K
$211.6K – $282.1K
NOI $16,927 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$509.0K
$445.4K – $593.9K
NOI $35,632 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
981
Businesses Nearby
Explore this area
Business Placement
Demographics for 97527, OR
36,358
Population
15,481
Households
2.3
Avg Household Size
49
Median Age
19%
College-Educated
90%
High-School Grad
219.8 sq mi
ZIP Area
165
Density / Sq Mi
$66,396
Median Household Income
$35,825
Median Earnings
$1,350
Median Rent
$408,200
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?
Duplex - Two 3-bed, 2-bath units with open-concept living areas and an attached 2-car garage for each side.
Where is this duplex located?
The property is located at 1232 W Harbeck Road Grants Pass, OR.
What is the asking price?
The asking price for this property is $573,000.
What are key features of this property?
This property features: Duplex built in 2001 with 2 units, each offering 3 bedrooms and 2 bathrooms; Approx. 1,122 sq ft of living space per side, with open‑concept flow between kitchen, dining, and living areas; Each unit includes an attached 2‑car garage for parking and storage
