Modern Flex Space with Bay
For Sale
$2,699,000
135 NE MILL St, Grants Pass, OR 97526
CommercialSale, GrantsPass, OR
Property Size12,188 SF
Lot Size1.50 Acres
Price / SF$221.45
Days on Market217
Property Features for 135 NE MILL St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I
Directions
Exit 55, Keep right onto Grants Pass Pkwy, R on NE F St, L on Mill St.
Subdivision
_662
Standard status
Active
APN
R346517
Size
12,188 SF
Lot size
1.50 Acres
Taxes and HOA fees
Tax Description
P.P. 2012-03, PARCEL 2, ACRES 1.50
Tax Annual Amount
25419
Legal Description
P.P. 2012-03, PARCEL 2, ACRES 1.50
Building Details
Year built
2023
Floors in Building
1
Building materials
Brick, Concrete, MetalFrame
Roof type
Membrane
Listing Agency:
RE/MAX Integrity · RE/MAX International
(541) 673-3272
Listed By:
Jennifer Kramer · License #930800223
(541) 580-6767
Added: Jan 20
Changed: Aug 25
Last Checked: Aug 25 at 4:06AM
MLS# 412839643
Copyright © 2026 Regional Multiple Listing Services. 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.
Completed in 2023, this 12,188-square-foot flex property occupies 1.5 acres and uses brick, concrete, and metal-frame construction beneath a membrane roof. The building includes two private offices, three restrooms, and two 10' x 10' bay doors. Two tenants occupy 1,330 square feet each, while more than 9,500 square feet remains available for occupancy, leasing, or continued business use.
The property is located at 135 NE Mill St in Grants Pass, Oregon, directly next to Home Depot and along a primary commercial thoroughfare. The site includes 21 established parking spaces and a fully fenced rear section that supports controlled access and operational flexibility.
Zoned I, the asset combines existing tenancy with substantial open area within a recently built commercial building. Its layout, bay access, offices, restrooms, parking, and fenced yard provide a practical foundation for a range of flex-space operations.
The property is located at 135 NE Mill St in Grants Pass, Oregon, directly next to Home Depot and along a primary commercial thoroughfare. The site includes 21 established parking spaces and a fully fenced rear section that supports controlled access and operational flexibility.
Zoned I, the asset combines existing tenancy with substantial open area within a recently built commercial building. Its layout, bay access, offices, restrooms, parking, and fenced yard provide a practical foundation for a range of flex-space operations.
Key Highlights
- 12,188 SF building on a 1.5‑acre parcel
- Built in 2023 with brick, concrete, and metal‑frame construction
- Two tenants occupy 1,330 sq ft each; more than 9,500 sq ft remains available
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
Yes
Paved road access
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
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Frequently Asked Questions
What type of property is this?
Flex space - Newer construction offers offices, multiple restrooms, and a fenced rear work area for flexible commercial operations.
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 SF building on a 1.5‑acre parcel; Built in 2023 with brick, concrete, and metal‑frame construction; Two tenants occupy 1,330 sq ft each; more than 9,500 sq ft remains available
