Two-Home Multifamily
For Sale
$775,000
1320 Covina Avenue, Medford, OR 97504
Separate residences provide flexible occupancy and an existing short-term rental setup.
Property Size3,683 SF
Lot Size0.63 Acres
Days on Market10
Property Features for 1320 Covina Avenue
General Information
Standard status
Active
Size
3,683 SF
Lot size
0.63 Acres
Property subtype
Residential Income
Zoning
SFR
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,457
Amenities
deck
fenced yard
covered patio
mature landscaping
RV dump
Building Details
Building Size
3,683 SF
Year Built
1951
Buildings
2
Stories
1
Units
2
Listing Agency:
RE/MAX Integrity
(541) 261-1004
Listed By:
Kelli Hokinson · License #200301037
(541) 261-1004
Source:
Allprofessionalsre
Added: Aug 13
Changed: Aug 21
Last Checked: Aug 21 at 1:14PM
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
Investment Insights
Based on property information with market context.
This SFR-zoned multifamily property includes two residences on a landscaped 0.63-acre parcel. The primary home contains approximately 2731 sq ft with 3 bedrooms, 2 full baths, a large living room, family or flex space, primary suite, laundry and storage areas, and an attached oversized drive-through 2-car garage with two storage rooms. A Trex deck extends toward the backyard.
The second residence offers 1800 plus sq ft and is currently operated as an Airbnb. Its layout includes a living room, full kitchen with granite counters, primary bedroom with private bath and jetted tub, mini split system, shop and 2-car garage space, and covered patio. Fenced yards, mature landscaping, two separate driveways, and an RV dump add to the property's physical setup.
The property is near medical facilities, Providence hospital, shopping, restaurants, and everyday amenities. It was built in 1951.
The second residence offers 1800 plus sq ft and is currently operated as an Airbnb. Its layout includes a living room, full kitchen with granite counters, primary bedroom with private bath and jetted tub, mini split system, shop and 2-car garage space, and covered patio. Fenced yards, mature landscaping, two separate driveways, and an RV dump add to the property's physical setup.
The property is near medical facilities, Providence hospital, shopping, restaurants, and everyday amenities. It was built in 1951.
Key Highlights
- Two residences on a 0.63‑acre landscaped parcel
- Primary home offers approximately 2731 sq ft, 3 bedrooms, and 2 full baths
- Second residence provides 1800 plus sq ft and is currently used as an Airbnb
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
$34,639
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
4.47%
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%
$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
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
$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 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%
$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 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$889.0K
$777.9K – $1.04M
NOI $62,228 @ 7.0% cap · market cap 8.03%
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
1,413
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Separate residences provide flexible occupancy and an existing short-term rental setup.
Where is this multifamily property located?
The property is located at 1320 Covina Avenue Medford, OR.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Two residences on a 0.63‑acre landscaped parcel; Primary home offers approximately 2731 sq ft, 3 bedrooms, and 2 full baths; Second residence provides 1800 plus sq ft and is currently used as an Airbnb
