Modern Flex Space with Bay
For Sale
$2,699,000
135 NE Mill St, Grants Pass, OR 97526
Metal-frame commercial building with office areas, multiple restrooms, parking, and a secured fenced rear area.
Property Size12,188 SF
Lot Size1.50 Acres
Price / SF$221.45
Days on Market40
Property Features for 135 NE Mill St
General Information
Standard status
Active
Size
12,188 SF
Total Parking Spaces
21
Lot size
1.50 Acres
Additional Details
Fenced Yard
Yes
Amenities
private offices
restrooms
bay doors
fenced rear portion
Building Details
Year Built
2023
Buildings
1
Building Size
12,188 SF
Construction
metal frame
Tenancy
Multi
Listing Agency:
RE/MAX Integrity
(541) 580-6767
Listed By:
Jennifer Kramer · License #930800223
Source:
Wisser
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 28 at 8:52PM
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 12,188-square-foot flex space was built in 2023 with modern metal-frame construction. The property occupies 1.5 acres and includes two existing tenant areas of 1,330 square feet each, along with more than 9,500 square feet of additional space. The larger area contains two private offices, three restrooms, and two 10' x 10' bay doors.
The site is located at 135 NE Mill St in Grants Pass, Oregon, directly adjacent to Home Depot and positioned along one of the city’s primary thoroughfares. On-site improvements include 21 established parking spaces and a fully fenced rear section that supports secure property operations.
The site is located at 135 NE Mill St in Grants Pass, Oregon, directly adjacent to Home Depot and positioned along one of the city’s primary thoroughfares. On-site improvements include 21 established parking spaces and a fully fenced rear section that supports secure property operations.
Key Highlights
- 12,188‑square‑foot flex building constructed in 2023
- 1.5‑acre site directly adjacent to Home Depot
- Two tenant areas, each measuring 1,330 square feet
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
$100,580
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
3.73%
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%
$2,011,600
$2.0M
Cap Rate 7%
$1,436,857
$1.4M
Cap Rate 9%
$1,117,556
$1.1M
Market Conditions
NOI Build-Up for 12,188 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
$168.2K $13.80/SF
− Vacancy
−$13.5K −$1.10/SF
EGI
$154.7K $12.70/SF
− OpEx
−$54.2K −$4.44/SF
NOI
$100.6K $8.25/SF
Area
Josephine County, OR
Vacancy
8.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
35.00%
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%
$2,011,600
Cap Rate 7%
$1,436,857
Cap Rate 9%
$1,117,556
Alternative Uses
Best Use
Flex RnD
$1.44M
$1.26M – $1.68M
NOI $100,580 @ 7.0% cap · market cap 3.73%
Second Best
Industrial
$1.08M
$942.3K – $1.26M
NOI $75,380 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$2.76M
$2.42M – $3.22M
NOI $193,444 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,887
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Crepe Me — Grants Pass, OR 97526
Frequently Asked Questions
What type of property is this?
Flex space - Metal-frame commercial building with office areas, multiple restrooms, parking, and a secured fenced rear area.
Where is this flex space located?
The property is located at 135 NE Mill St Grants Pass, OR.
What is the asking price?
The asking price for this property is $2,699,000.
What are key features of this property?
This property features: 12,188‑square‑foot flex building constructed in 2023; 1.5‑acre site directly adjacent to Home Depot; Two tenant areas, each measuring 1,330 square feet
