Drive-Thru Retail Bank
For Sale
$1,200,000
590 Union Avenue, Grants Pass, OR 97527
Former bank branch with three drive-thru lanes, monument signage, and 28 parking spaces on a 0.62-acre lot.
Property Size3,648 SF
Lot Size0.62 Acres
Price / SF$328.95
Days on Market542
Property Features for 590 Union Avenue
General Information
Standard status
Active
Size
3,648 SF
Total Parking Spaces
28
Lot size
0.62 Acres
Property subtype
General Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,929
Amenities
drive-thru lanes
electronic monument sign
Central Air
3
Carpet
Membrane
Asphalt.
0.6200000047683716
Paved Road.
Building Details
Year Built
1980
Stories
1
Listing Agency:
Pulver and Leever Real Estate
(541) 773-5391
Listed By:
William Leever · License #780301889
(541) 773-5391
Source:
Xome
Added: Mar 8, 2025
Changed: Aug 25
Last Checked: Aug 31 at 1:22PM
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 Pulver and Leever Real Estate
Investment Insights
Based on property information with market context.
This former Rogue Credit Union branch building has been meticulously maintained and is offered for sale. The property includes a large electronic monument sign and is configured with three drive-thru lanes to support walk-up and vehicle traffic flow. Parking is available with 28 spaces.
The building is located prominently between Redwood Highway and Union Avenue, with drive-thru access off the highway side. Public remarks describe the site as a high-traffic location.
The offering consists of an approximately 3,648 SF building on a 0.62-acre lot.
The building is located prominently between Redwood Highway and Union Avenue, with drive-thru access off the highway side. Public remarks describe the site as a high-traffic location.
The offering consists of an approximately 3,648 SF building on a 0.62-acre lot.
Key Highlights
- Approx. 3,648 SF former Rogue Credit Union branch building on a 0.62‑acre lot
- Three drive‑thru lanes for high‑traffic customer service
- Huge electronic monument sign included
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
$41,575
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
3.46%
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%
$831,500
$831.5K
Cap Rate 7%
$593,929
$593.9K
Cap Rate 9%
$461,944
$461.9K
Market Conditions
NOI Build-Up for 3,648 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
$59.1K $16.20/SF
− Vacancy
−$3.7K −$1.00/SF
EGI
$55.4K $15.20/SF
− OpEx
−$13.9K −$3.80/SF
NOI
$41.6K $11.40/SF
Area
Josephine County, OR
Vacancy
6.20%
Lease Rate
$16.20 /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%
$831,500
Cap Rate 7%
$593,929
Cap Rate 9%
$461,944
Alternative Uses
Best Use
Specialty Retail
$593.9K
$519.7K – $692.9K
NOI $41,575 @ 7.0% cap · market cap 3.46%
Second Best
Retail
$452.6K
$396.1K – $528.1K
NOI $31,685 @ 7.0% cap · market cap 2.64%
Theoretical Best
Office A
$827.1K
$723.8K – $965.0K
NOI $57,900 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,117
Businesses Nearby
187k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 42%
Dining 39%
Groceries 16%
Beauty & Spa 1%
Safeway
Groceries
30,246 visits/mo
0.4 miles
Speedway
Shops & Services
23,600 visits/mo
0.4 miles
Chevron
Shops & Services
21,170 visits/mo
0.2 miles
Taco Bell
Dining
19,556 visits/mo
0.5 miles
Dutch Bros. Coffee
Dining
17,357 visits/mo
0.2 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Former bank branch with three drive-thru lanes, monument signage, and 28 parking spaces on a 0.62-acre lot.
Where is this bank located?
The property is located at 590 Union Avenue Grants Pass, OR.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approx. 3,648 SF former Rogue Credit Union branch building on a 0.62‑acre lot; Three drive‑thru lanes for high‑traffic customer service; Huge electronic monument sign included
