Duplex with Two Renovated
For Sale
$450,000
3361 Camp Joy Road, Grants Pass, OR 97526
MULTI_FAMILY - Other - Grants Pass, OR
Property Size2,520 SF
Lot Size1.84 Acres
Price / SF$178.57
Days on Market139
Property Features for 3361 Camp Joy Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Rr5; Rural Res 5 Ac
Parking features
Driveway
Window features
Vinyl Frames, Aluminum Frames, Double Pane Windows
Patio and Porch features
Porch
Interior features
Double Vanity, Fiberglass Stall Shower, Laminate Counters, Open Floorplan, Shower/Tub Combo, Smart Thermostat
Appliances
Dishwasher, Disposal, Dryer, Oven, Range, Range Hood, Refrigerator, Washer, Water Heater
Subdivision
Plumlee Estates Subdivision
Lot features
Fenced, Garden, Landscaped, Level
View
Territorial
Elementary school
Manzanita Elem
Middle school
Fleming Middle
High school
North Valley High
Directions
From I5 North-Take Exit 61 -Left Merlin Rd-Left Monument Drive-Right Camp Joy-.2 Miles to 3361.
Standard status
Active
APN
350626D0002300
Size
2,520 SF
Lot size
1.84 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2134
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air, Heat Pump
Water source
Well
Building Details
Year built
1982
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
Frame
Roof type
Composition
Architectural style
Other
Additional Structures
Storage
Listing Agency:
RE/MAX Integrity Grants Pass · RE/MAX International
(541) 955-8483
Listed By:
Mel Jones
(541) 291-7886
Added: Mar 26
Changed: Aug 5
Last Checked: Aug 11 at 8:06PM
MLS# 220217893
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 duplex includes two fully renovated 3-bedroom, 1-bath units, each approximately 1,260 square feet. Both units have been updated within the last 4 years with smart thermostats, updated heating and air via a heat pump, new or updated flooring and interior paint, and updated bathrooms featuring double vanities. Additional interior updates include new toilet and updated plumbing fixtures. Interior finishes and features also include laminate counters, open floorplan, and a mix of shower/tub and fiberglass stall shower configurations.
Set on 1.84 acres at 3361 Camp Joy Road in Grants Pass, OR (Josephine County), the exterior has additional improvements including vinyl windows, a roof replacement in 2016, updated gutters, and fresh exterior paint. There is also a new well house and fencing for the ground-level unit. The property includes two additional 1,260 square-foot storage areas, which may support expansion or provide extra storage space. The fenced property includes a designated area suitable for gardening or a dog run and ample parking with driveway access.
The property is served by well water and a septic tank. The estimated cap rate is 6.25%.
Set on 1.84 acres at 3361 Camp Joy Road in Grants Pass, OR (Josephine County), the exterior has additional improvements including vinyl windows, a roof replacement in 2016, updated gutters, and fresh exterior paint. There is also a new well house and fencing for the ground-level unit. The property includes two additional 1,260 square-foot storage areas, which may support expansion or provide extra storage space. The fenced property includes a designated area suitable for gardening or a dog run and ample parking with driveway access.
The property is served by well water and a septic tank. The estimated cap rate is 6.25%.
Key Highlights
- Two fully renovated 3‑bedroom, 1‑bath units, each approximately 1,260 sq ft
- Both units updated within the last 4 years with smart thermostats and updated heating/air
- 1.84‑acre lot with fenced areas for gardening or a dog run and ample parking
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
$20,469
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
4.55%
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%
$409,380
$409.4K
Cap Rate 7%
$292,414
$292.4K
Cap Rate 9%
$227,433
$227.4K
Market Conditions
NOI Build-Up for 2,520 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
$30.8K $12.24/SF
− Vacancy
−$1.6K −$0.64/SF
EGI
$29.2K $11.60/SF
− OpEx
−$8.8K −$3.48/SF
NOI
$20.5K $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%
$409,380
Cap Rate 7%
$292,414
Cap Rate 9%
$227,433
Alternative Uses
Best Use
Multifamily LT 5
$292.4K
$255.9K – $341.2K
NOI $20,469 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$271.4K
$237.5K – $316.7K
NOI $19,000 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$571.4K
$500.0K – $666.6K
NOI $39,997 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
68
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated 3-bedroom units with smart thermostats, electric heat pump systems, well water, and septic service.
Where is this duplex located?
The property is located at 3361 Camp Joy Road Grants Pass, OR.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two fully renovated 3‑bedroom, 1‑bath units, each approximately 1,260 sq ft; Both units updated within the last 4 years with smart thermostats and updated heating/air; 1.84‑acre lot with fenced areas for gardening or a dog run and ample parking
