Two-Home Multifamily
For Sale
$746,500
1320 Covina Ave, Medford, OR 97504
Two separate residences with private outdoor areas, garages, and flexible occupancy options.
Property Size3,683 SF
Lot Size0.63 Acres
Price / SF$202.69
Days on Market61
Property Features for 1320 Covina Ave
General Information
Standard status
Active
Size
3,683 SF
Lot size
0.63 Acres
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
fenced yards
mature landscaping
RV dump
Trex deck
covered patio
Building Details
Year Built
1951
Buildings
2
Listing Agency:
Home and Land Real Estate
Listed By:
Alice Lema, Principal Broker Home & Land
(541) 301-7980
Source:
Alicelema
Added: Aug 15
Changed: Oct 10
Last Checked: Oct 12 at 7:27PM
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 Home and Land Real Estate
Investment Insights
Based on property information with market context.
Set on a .63-acre landscaped parcel, this multifamily property includes two detached residences totaling 3,683 square feet. The primary home measures 2,731 square feet with three bedrooms, two full bathrooms, a substantial living area, a family or flex room, primary suite, laundry and storage space, and an attached oversized drive-through two-car garage with two additional storage rooms. A Trex deck extends toward the backyard.
The second residence provides approximately 952 square feet and is currently operated as an Airbnb. Its layout includes a living room, full kitchen with granite countertops, primary bedroom, private bathroom with a jetted tub, and mini-split system. Supporting improvements include shop and two-car garage space, a covered patio, fenced yards, two driveways, mature landscaping, and an RV dump.
The property is near medical facilities, Providence hospital, shopping, restaurants, and everyday amenities. It was built in 1951 and offers two separate residential structures within one multifamily asset.
The second residence provides approximately 952 square feet and is currently operated as an Airbnb. Its layout includes a living room, full kitchen with granite countertops, primary bedroom, private bathroom with a jetted tub, and mini-split system. Supporting improvements include shop and two-car garage space, a covered patio, fenced yards, two driveways, mature landscaping, and an RV dump.
The property is near medical facilities, Providence hospital, shopping, restaurants, and everyday amenities. It was built in 1951 and offers two separate residential structures within one multifamily asset.
Key Highlights
- Two residences on a .63‑acre landscaped lot
- 3,683 total SF, including a 2,731 SF primary home and approximately 952 SF second residence
- Primary home includes 3 bedrooms, 2 full baths, and an attached oversized drive‑through 2‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,639
Cap Rate
4.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$692,780
$692.8K
Cap Rate 7%
$494,843
$494.8K
Cap Rate 9%
$384,878
$384.9K
Market Conditions
NOI Build-Up for 3,683 SF
Gross rent
$66.3K $18.00/SF
− Vacancy
−$3.3K −$0.90/SF
EGI
$63.0K $17.10/SF
− OpEx
−$28.3K −$7.69/SF
NOI
$34.6K $9.41/SF
Area
Jackson County, OR
Vacancy
5.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$692,780
Cap Rate 7%
$494,843
Cap Rate 9%
$384,878
Alternative Uses
Best Use
Apartment 5plus
$494.8K
$433.0K – $577.3K
NOI $34,639 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$889.0K
$777.9K – $1.04M
NOI $62,228 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,413
Businesses Nearby
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Business Placement
Demographics for 97504, OR
49,942
Population
21,290
Households
2.3
Avg Household Size
43
Median Age
38%
College-Educated
93%
High-School Grad
43.3 sq mi
ZIP Area
1,153
Density / Sq Mi
$81,233
Median Household Income
$43,744
Median Earnings
$1,387
Median Rent
$447,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two separate residences with private outdoor areas, garages, and flexible occupancy options.
Where is this multifamily property located?
The property is located at 1320 Covina Ave Medford, OR.
What is the asking price?
The asking price for this property is $746,500.
What are key features of this property?
This property features: Two residences on a .63‑acre landscaped lot; 3,683 total SF, including a 2,731 SF primary home and approximately 952 SF second residence; Primary home includes 3 bedrooms, 2 full baths, and an attached oversized drive‑through 2‑car garage
