Two-Tenant Office
For Sale
$2,600,000
3715 International Way, Medford, OR 97504
Fully occupied commercial property at Medford Airport with federal and healthcare-related tenancy.
Property Size13,511 SF
Price / SF$192.44
Days on Market128
Property Features for 3715 International Way
General Information
Standard status
Active
Size
13,511 SF
Net Rentable
13,511 SF
Property subtype
Office
Occupancy
100%
Additional Details
Cap Rate
8.83%
Amenities
100% leased with government and investment-grade tenancy
Long-term ground lease with 22 years remaining
Recent capital improvements reduce near-term CapEx risk
Durable cash flow profile supported by mission-critical federal use
Building Details
Building Size
13,511 SF
Year Built
2003
Buildings
1
Tenancy
Multi
Listed By:
Barry Higgins · License #License(s): CO: EA748415
(303) 328-2012
Source:
Marcusmillichap
Added: Jun 1
Changed: Oct 3
Last Checked: Oct 5 at 3:07PM
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 Barry Higgins
Investment Insights
Based on property information with market context.
This 13,511-square-foot office building at Medford Airport is fully occupied by two tenants: U.S. Immigration and Customs Enforcement and Lincare, Inc. Built in 2003, the property has received approximately $250,000 in capital improvements requested by ICE. The asset is positioned on a long-term ground lease with the Medford Airport Authority, with approximately 22 years remaining.
ICE recently executed a firm 8-year lease extension under a modified gross structure. Lincare has occupied the property continuously since 2003 and extended its lease for five years in 2023, with expiration scheduled for 12/31/2028. Its lease is structured as triple net and includes two additional 2–3 year extension options. Medford Airport provides direct access to a regional transportation hub serving Southern Oregon.
ICE recently executed a firm 8-year lease extension under a modified gross structure. Lincare has occupied the property continuously since 2003 and extended its lease for five years in 2023, with expiration scheduled for 12/31/2028. Its lease is structured as triple net and includes two additional 2–3 year extension options. Medford Airport provides direct access to a regional transportation hub serving Southern Oregon.
Key Highlights
- 13,511‑square‑foot office building at Medford Airport
- 100% occupied by two tenants: ICE and Lincare, Inc.
- Approximately 22 years remaining on the Medford Airport Authority ground lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$165,375
Cap Rate
6.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,307,500
$3.3M
Cap Rate 7%
$2,362,500
$2.4M
Cap Rate 9%
$1,837,500
$1.8M
Market Conditions
NOI Build-Up for 13,511 SF
Gross rent
$259.4K $19.20/SF
− Vacancy
−$38.9K −$2.88/SF
EGI
$220.5K $16.32/SF
− OpEx
−$55.1K −$4.08/SF
NOI
$165.4K $12.24/SF
Area
Jackson County, OR
Vacancy
15.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,307,500
Cap Rate 7%
$2,362,500
Cap Rate 9%
$1,837,500
Alternative Uses
Best Use
Office B
$2.36M
$2.07M – $2.76M
NOI $165,375 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.26M
$2.85M – $3.80M
NOI $228,282 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
321
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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied commercial property at Medford Airport with federal and healthcare-related tenancy.
Where is this office building located?
The property is located at 3715 International Way Medford, OR.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 13,511‑square‑foot office building at Medford Airport; 100% occupied by two tenants: ICE and Lincare, Inc.; Approximately 22 years remaining on the Medford Airport Authority ground lease
