Corner-Lot Office
For Sale
$597,000
Pending
233 NE B Street, Grants Pass, OR 97526
Commercial Sale, Grants Pass, OR
Property Size4,800 SF
Lot Size0.23 Acres
Days on Market286
Property Features for 233 NE B Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R-4
Parking features
Alley, Parking Lot
Window features
Vinyl Frames
Interior features
Granite Counters, Laminate Counters
Subdivision
Grants Pass Original Townsite
Lot features
Corner Lot, Level, Sprinklers In Front, Sprinklers In Rear
Directions
NE B St, between NE 7th and 8th Streets.
Standard status
Pending
APN
R310290
Size
4,800 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4908
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1976
Floors in Building
2
Number of units
2
Flooring type
Tile, Carpet
Building materials
Brick
Roof type
Composition
Listing Agency:
John L Scott Real Estate Grants Pass · John L. Scott
(541) 476-1299
Listed By:
Anne Anderson · License #200802201
(541) 659-2662
Added: Dec 11, 2025
Changed: Sep 13
Last Checked: Sep 23 at 3:06PM
MLS# 220212840
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 4,800-square-foot office building occupies a 0.23-acre corner lot and provides a two-level configuration suited to professional office operations. A shared vestibule connects the upper and lower floors, with an exterior staircase providing additional access. The ground floor includes a private lobby, private and shared offices, a restroom, and storage. Upper-level improvements include additional office suites, restrooms, a lunchroom, and substantial storage space.
Built in 1976, the property features brick construction, tile and carpet flooring, heat-pump heating and cooling, a composition roof, and public water and sewer service. Parking includes a 13-space lot, with additional nearby parking noted. Existing leases are in place, and the building is located at 233 NE B Street in Grants Pass, Oregon.
Built in 1976, the property features brick construction, tile and carpet flooring, heat-pump heating and cooling, a composition roof, and public water and sewer service. Parking includes a 13-space lot, with additional nearby parking noted. Existing leases are in place, and the building is located at 233 NE B Street in Grants Pass, Oregon.
Key Highlights
- 4,800 square feet of office space on a 0.23‑acre corner lot
- 13 on‑site parking spaces, with additional parking nearby
- Two‑level layout with separate upper- and lower‑floor access
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
$54,734
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
9.17%
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%
$1,094,680
$1.1M
Cap Rate 7%
$781,914
$781.9K
Cap Rate 9%
$608,156
$608.2K
Market Conditions
NOI Build-Up for 4,800 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
$80.6K $16.80/SF
− Vacancy
−$7.7K −$1.60/SF
EGI
$73.0K $15.20/SF
− OpEx
−$18.2K −$3.80/SF
NOI
$54.7K $11.40/SF
Area
Josephine County, OR
Vacancy
9.50%
Lease Rate
$16.80 /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%
$1,094,680
Cap Rate 7%
$781,914
Cap Rate 9%
$608,156
Alternative Uses
Best Use
Office B
$781.9K
$684.2K – $912.2K
NOI $54,734 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$952.3K – $1.27M
NOI $76,184 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,228
Businesses Nearby
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
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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 - Two-level professional office property with private suites, shared offices, storage, and on-site parking.
Where is this office building located?
The property is located at 233 NE B Street Grants Pass, OR.
What is the asking price?
The asking price for this property is $597,000.
What are key features of this property?
This property features: 4,800 square feet of office space on a 0.23‑acre corner lot; 13 on‑site parking spaces, with additional parking nearby; Two‑level layout with separate upper- and lower‑floor access
