Leased Investment in Ashland Tourist
For Sale
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180 Lithia Way, Ashland, OR 97520
Fully leased commercial condos in Ashland's tourist district.
Property Size10,088 SF
Price / SF$224.52
Days on Market656
Property Features for 180 Lithia Way
General Information
Standard status
Active
Size
10,088 SF
Class
B
Property subtype
Office, Retail
Zoning
C-1-D - Commercial Downtown
Occupancy
100%
Lease Type
Net
Investment Type
Stabilized
Net Operating Income
$124,702
Building Details
Year Built
2004
Buildings
1
Stories
2
Units
9
Tenancy
Multi
Listing Agency:
Cascadia Prime LLC
Listed By:
Eric Herron · License #OR #201218616
Source:
Crexi
Added: Nov 15, 2024
Changed: Aug 27
Last Checked: Aug 30 at 11:59PM
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 Cascadia Prime LLC
Investment Insights
Based on property information with market context.
This is an investment opportunity in Ashland, Oregon, situated within the Tourist Triangle, near restaurants, art galleries, and the Oregon Shakespeare Festival. The offering includes nine commercial condos, providing flexibility to sell units individually or adjust lease agreements to a NNN lease model. The location is desirable for both locals and tourists, with an average daily traffic of 9,700 vehicles per day. It is located across the street from six free electric car chargers and over 60 free public parking spaces. The building's HOA has cash reserves for repairs and maintenance. The commercial condos include conference rooms, breakrooms and kitchen spaces, restrooms, medical office, professional office, co-working offices, open office plans, private executive offices, an elevator, multiple entrances, high ceilings, fire suppression, lobbies, and large windows. Ashland is a culturally rich mecca for tourism, entertainment, and entrepreneurship, with access to Mt. Ashland, the Rogue River, and Crater Lake National Park. Ashland has a population of 21,117 residents and 450,000 annual visitors. It is also home to Southern Oregon University with 4,389 students. The Oregon Shakespeare Festival runs from April to October, selling over 380,000 annual tickets. Mt. Ashland offers year-round activities, including access to the Pacific Crest Trail.
Key Highlights
- 100% Fully Leased Commercial Condos: Provides immediate income and a solid investment opportunity.
- Prime Location in Ashland's Tourist Triangle: High foot and vehicle traffic (9,700 vehicles per day) ensures visibility and accessibility.
- Flexibility with (9) Legal Commercial Condos: Allows for individual unit sales and adaptable lease agreements.
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
$123,477
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
5.45%
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%
$2,469,540
$2.5M
Cap Rate 7%
$1,763,957
$1.8M
Cap Rate 9%
$1,371,967
$1.4M
Market Conditions
NOI Build-Up for 10,088 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
$193.7K $19.20/SF
− Vacancy
−$29.1K −$2.88/SF
EGI
$164.6K $16.32/SF
− OpEx
−$41.2K −$4.08/SF
NOI
$123.5K $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 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%
$2,469,540
Cap Rate 7%
$1,763,957
Cap Rate 9%
$1,371,967
Alternative Uses
Best Use
Office B
$1.76M
$1.54M – $2.06M
NOI $123,477 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,447 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,676
Businesses Nearby
Explore this area
Business Placement
Demographics for 97520, OR
25,970
Population
13,964
Households
1.9
Avg Household Size
47
Median Age
61%
College-Educated
96%
High-School Grad
328.8 sq mi
ZIP Area
79
Density / Sq Mi
$71,485
Median Household Income
$31,869
Median Earnings
$1,360
Median Rent
$568,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Fully leased commercial condos in Ashland's tourist district.
Where is this office units located?
The property is located at 180 Lithia Way Ashland, OR.
What is the asking price?
The asking price for this property is $2,265,000.
What are key features of this property?
This property features: 100% Fully Leased Commercial Condos: Provides immediate income and a solid investment opportunity.; Prime Location in Ashland's Tourist Triangle: High foot and vehicle traffic (9,700 vehicles per day) ensures visibility and accessibility.; Flexibility with (9) Legal Commercial Condos: Allows for individual unit sales and adaptable lease agreements.
