Cannabis Retail Property with Upstairs
For Sale
$350,000
Pending
215 Galice Road, Merlin, OR 97532
Commercial Sale, Merlin, OR
Property Size1,442 SF
Lot Size0.60 Acres
Days on Market181
Property Features for 215 Galice Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CC
Directions
I-5 Exit 55, west on Galice Rd. Property on right past Rogue River Hwy intersection.
Standard status
Pending
APN
R304246
Size
1,442 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1117
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Well, Private
Building Details
Year built
1974
Floors in Building
2
Number of units
1
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Keller Williams Realty Southern Oregon
(541) 608-0447
Listed By:
Erik Von Eggers · License #201259625
(503) 487-7204
Added: Feb 24
Changed: Aug 19
Last Checked: Aug 24 at 8:06PM
MLS# 220215866
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 1,442-square-foot commercial property in Merlin occupies 0.6 acres and includes unfinished interior improvements intended for dispensary use. The building also has a livable upstairs area, offering additional on-site space within the structure. Its prior use as a garden and grow store provides established commercial context, while an active OLCC retail license remains in place; the operation is not currently active.
Built in 1974, the property has concrete flooring, a metal roof, electric heating, a heat pump, and wall/window cooling units. Water is supplied by a private well, and the site uses a septic tank. The property is located at 215 Galice Road in Merlin, Oregon, with the existing building and land offering flexibility for continued retail use or another commercial direction supported by the improvements.
Built in 1974, the property has concrete flooring, a metal roof, electric heating, a heat pump, and wall/window cooling units. Water is supplied by a private well, and the site uses a septic tank. The property is located at 215 Galice Road in Merlin, Oregon, with the existing building and land offering flexibility for continued retail use or another commercial direction supported by the improvements.
Key Highlights
- 1,442‑square‑foot commercial building on 0.6 acres
- Active OLCC retail license; operation is not currently active
- Unfinished interior improvements intended for dispensary use
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
$12,935
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%
$258,700
$258.7K
Cap Rate 7%
$184,786
$184.8K
Cap Rate 9%
$143,722
$143.7K
Market Conditions
NOI Build-Up for 1,442 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
$22.5K $15.60/SF
− Vacancy
−$1.8K −$1.25/SF
EGI
$20.7K $14.35/SF
− OpEx
−$7.8K −$5.38/SF
NOI
$12.9K $8.97/SF
Area
Josephine County, OR
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$258,700
Cap Rate 7%
$184,786
Cap Rate 9%
$143,722
Alternative Uses
Best Use
Mixed Use
$184.8K
$161.7K – $215.6K
NOI $12,935 @ 7.0% cap · market cap 3.70%
Second Best
Retail
$178.9K
$156.6K – $208.8K
NOI $12,525 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$327.0K
$286.1K – $381.5K
NOI $22,887 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
117
Businesses Nearby
3k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
3,204 visits/mo
0.3 miles
Demographics for 97532, OR
2,480
Population
974
Households
2.5
Avg Household Size
53
Median Age
24%
College-Educated
87%
High-School Grad
84.4 sq mi
ZIP Area
29
Density / Sq Mi
$77,125
Median Household Income
$36,628
Median Earnings
$894
Median Rent
$417,700
Median Home Value
Market
Vacancy Rate% for Retail 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?
Cannabis property - Unfinished retail improvements, an upstairs livable area, and an active OLCC retail license create a flexible commercial layout.
Where is this cannabis property located?
The property is located at 215 Galice Road Merlin, OR.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,442‑square‑foot commercial building on 0.6 acres; Active OLCC retail license; operation is not currently active; Unfinished interior improvements intended for dispensary use
