6-Unit Apartment
New
For Sale
$775,000
302 SE K Street, Grants Pass, OR 97526
Two-story, age-restricted apartment property with covered parking, storage, and recent improvements.
Property Size4,500 SF
Price / SF$172.22
Days on Market2
Property Features for 302 SE K Street
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Units
Unit Mix
6 x 2BR/1BA (750 SF)
Multifamily Units
6
Amenities
storage
Building Details
Year Built
1966
Buildings
1
Stories
2
Listing Agency:
Pulver and Leever Real Estate
Listed By:
William Leever · License #r3254
(541) 773-5391
Source:
Buyingbend
Added: Sep 22
Last Checked: Sep 22 at 1:39PM
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 Pulver and Leever Real Estate
Investment Insights
Based on property information with market context.
This two-story apartment property contains six residences totaling approximately 4,500 SF. Each unit measures 750 SF and offers two bedrooms, one bathroom, living space, and a dining area. The layout includes three apartments on each floor, with a detached covered carport providing six spaces plus storage. Recent improvements have been completed, and the property was built in 1966.
Located at 302 SE K Street in Grants Pass, the complex is designated for residents 55 and older. Its central Grants Pass setting and established apartment configuration support continued use as a specialized multifamily property.
Located at 302 SE K Street in Grants Pass, the complex is designated for residents 55 and older. Its central Grants Pass setting and established apartment configuration support continued use as a specialized multifamily property.
Key Highlights
- Six 750 SF apartments, with three units on each floor
- Each residence includes two bedrooms, one bathroom, living space, and dining area
- Approximately 4,500 SF across a two‑story building
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
$33,929
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
4.38%
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%
$678,580
$678.6K
Cap Rate 7%
$484,700
$484.7K
Cap Rate 9%
$376,989
$377.0K
Market Conditions
NOI Build-Up for 4,500 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
$64.8K $14.40/SF
− Vacancy
−$3.1K −$0.69/SF
EGI
$61.7K $13.71/SF
− OpEx
−$27.8K −$6.17/SF
NOI
$33.9K $7.54/SF
Area
Josephine County, OR
Vacancy
4.80%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$678,580
Cap Rate 7%
$484,700
Cap Rate 9%
$376,989
Alternative Uses
Best Use
Apartment 5plus
$484.7K
$424.1K – $565.5K
NOI $33,929 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$892.8K – $1.19M
NOI $71,423 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,830
Businesses Nearby
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story, age-restricted apartment property with covered parking, storage, and recent improvements.
Where is this apartment building located?
The property is located at 302 SE K Street Grants Pass, OR.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Six 750 SF apartments, with three units on each floor; Each residence includes two bedrooms, one bathroom, living space, and dining area; Approximately 4,500 SF across a two‑story building
