Two-Unit Bungalow
New
For Sale
$499,000
3109 University Road, Grants Pass, OR 97527
Residential Income, Grants Pass, OR
Property Size2,021 SF
Lot Size0.12 Acres
Price / SF$246.91
Days on Market1
Property Features for 3109 University Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-3; Res High Density
Fireplace
1
Appliances
Dryer, Oven, Range, Refrigerator, Washer
Subdivision
College Oaks Subdivision
Elementary school
Check with District
Middle school
Check with District
High school
Check with District
Standard status
Active
APN
R342191
Size
2,021 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2449
HOA Fee
$350 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
2003
Floors in Building
1
Number of units
2
Flooring type
Carpet, Laminate
Building materials
Frame
Roof type
Composition
Architectural style
Bungalow
Listing Agency:
RE/MAX Integrity Grants Pass · RE/MAX International
(541) 955-8483
Listed By:
Jason Masters · License #201226708
(541) 770-3325
Added: Sep 17
Last Checked: Sep 17 at 6:06PM
MLS# 220228784
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 2003 bungalow-style duplex contains 2,021 square feet, with two separate sides configured as two bedrooms and one bathroom each. Interior features include carpet and laminate flooring, natural-gas forced-air heating, central air conditioning, and fireplaces. Each side is equipped with a washer, dryer, oven, range, and refrigerator.
The property is situated in Horizon Village, a 55+ community in Grants Pass, Oregon. Community amenities include a dog park, garden, clubhouse, and gazebo, while the association covers water and yard maintenance. The duplex sits on a 0.12-acre lot and is served by a private well and public sewer. Frame construction, a composition roof, and the established residential setting complete the property profile.
The property is situated in Horizon Village, a 55+ community in Grants Pass, Oregon. Community amenities include a dog park, garden, clubhouse, and gazebo, while the association covers water and yard maintenance. The duplex sits on a 0.12-acre lot and is served by a private well and public sewer. Frame construction, a composition roof, and the established residential setting complete the property profile.
Key Highlights
- Two‑unit duplex with 2,021 square feet on a 0.12‑acre lot
- Each side offers 2 bedrooms and 1 bathroom
- Built in 2003 with bungalow architecture and frame construction
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
$16,415
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
3.29%
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%
$328,300
$328.3K
Cap Rate 7%
$234,500
$234.5K
Cap Rate 9%
$182,389
$182.4K
Market Conditions
NOI Build-Up for 2,021 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
$24.7K $12.24/SF
− Vacancy
−$1.3K −$0.64/SF
EGI
$23.5K $11.60/SF
− OpEx
−$7.0K −$3.48/SF
NOI
$16.4K $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%
$328,300
Cap Rate 7%
$234,500
Cap Rate 9%
$182,389
Alternative Uses
Best Use
Multifamily LT 5
$234.5K
$205.2K – $273.6K
NOI $16,415 @ 7.0% cap · market cap 3.29%
Second Best
Apartment 5plus
$217.7K
$190.5K – $254.0K
NOI $15,238 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$458.2K
$401.0K – $534.6K
NOI $32,077 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
57
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
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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?
Duplex - Two bungalow residences in Horizon Village, a 55+ community with shared outdoor amenities and association-maintained yard service.
Where is this duplex located?
The property is located at 3109 University Road Grants Pass, OR.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,021 square feet on a 0.12‑acre lot; Each side offers 2 bedrooms and 1 bathroom; Built in 2003 with bungalow architecture and frame construction
