Single-Story
For Sale
$399,900
1632 Leonard Road, Grants Pass, OR 97527
Residential Income, Grants Pass, OR
Property Size1,824 SF
Lot Size0.17 Acres
Price / SF$219.24
Days on Market52
Property Features for 1632 Leonard Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-2; Res Mod Density
Parking features
Open, Driveway, On Street
Window features
Double Pane Windows, Vinyl Frames
Patio and Porch features
Porch, Patio
Interior features
Linen Closet, Primary Downstairs, Shower/Tub Combo
Appliances
Dishwasher, Oven, Range, Refrigerator, Water Heater
Subdivision
North Star Village
Lot features
Landscaped, Level, Sprinklers In Front
Elementary school
Check with District
Middle school
Check with District
High school
Grants Pass High
Directions
Redwood Ave to Dowell Rd Right to Leonard Left to address on the left.
Standard status
Active
APN
R336843
Size
1,824 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3082
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1994
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet, Laminate
Building materials
Frame
Roof type
Composition
Architectural style
Ranch
Listing Agency:
RE/MAX Integrity Grants Pass · RE/MAX International
(541) 955-8483
Listed By:
Michael D Masters · License #801004242
(541) 770-3325
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 29 at 11:06AM
MLS# 220224922
Copyright © 2026 Oregon Data Share. 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.
This ranch-style duplex contains 1,824 square feet and was built in 1994. The single-story property has frame construction, composition roofing, heat-pump heating and cooling, and a mix of vinyl, carpet, and laminate flooring. Interior features include a downstairs primary bedroom, linen closet, and shower/tub combination. Appliances include a dishwasher, oven, range, refrigerator, and water heater.
The property occupies 0.17 acres in Grants Pass, with public water and public sewer. Parking options include an open area, driveway, and on-street parking. A porch and patio provide additional exterior features, while the surrounding area offers proximity to shopping, medical services, and schools.
The property occupies 0.17 acres in Grants Pass, with public water and public sewer. Parking options include an open area, driveway, and on-street parking. A porch and patio provide additional exterior features, while the surrounding area offers proximity to shopping, medical services, and schools.
Key Highlights
- Duplex with 1,824 square feet of property size
- 0.17‑acre lot in Grants Pass
- Built in 1994 with ranch architectural style
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
$14,815
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
3.70%
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%
$296,300
$296.3K
Cap Rate 7%
$211,643
$211.6K
Cap Rate 9%
$164,611
$164.6K
Market Conditions
NOI Build-Up for 1,824 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
$22.3K $12.24/SF
− Vacancy
−$1.2K −$0.64/SF
EGI
$21.2K $11.60/SF
− OpEx
−$6.3K −$3.48/SF
NOI
$14.8K $8.12/SF
Area
Josephine County, OR
Vacancy
5.20%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
30.00%
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%
$296,300
Cap Rate 7%
$211,643
Cap Rate 9%
$164,611
Alternative Uses
Best Use
Multifamily LT 5
$211.6K
$185.2K – $246.9K
NOI $14,815 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$196.5K
$171.9K – $229.2K
NOI $13,753 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$413.6K
$361.9K – $482.5K
NOI $28,950 @ 7.0% cap · market cap 7.24%
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
175
Businesses Nearby
Explore this area
Business Placement
Demographics for 97527, OR
36,358
Population
15,481
Households
2.3
Avg Household Size
49
Median Age
19%
College-Educated
90%
High-School Grad
219.8 sq mi
ZIP Area
165
Density / Sq Mi
$66,396
Median Household Income
$35,825
Median Earnings
$1,350
Median Rent
$408,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Ranch-style duplex on a 0.17-acre lot with public water, public sewer, and convenient access to shopping, medical services, and schools.
Where is this duplex located?
The property is located at 1632 Leonard Road Grants Pass, OR.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Duplex with 1,824 square feet of property size; 0.17‑acre lot in Grants Pass; Built in 1994 with ranch architectural style
