16-Lot Mobile Home & RV
For Sale
$1,850,000
Pending
387 Tavis Drive, Merlin, OR 97532
Residential Income, Merlin, OR
Property Size10,236 SF
Lot Size8.06 Acres
Days on Market1117
Property Features for 387 Tavis Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
CR-2
Parking features
Driveway
Elementary school
Ft Vannoy Elem
Middle school
Fleming Middle
High school
North Valley High
Standard status
Pending
APN
R303680
Size
10,236 SF
Lot size
8.06 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
7639
Utilities
Sewer type
Septic Tank
Water source
Well
Building Details
Year built
1983
Floors in Building
1
Number of units
16
Roof type
Metal, Composition
Listing Agency:
John L. Scott Medford
(541) 779-3611
Listed By:
Martin Outdoor Property Group · License #200706071
(541) 660-5111
Added: Jul 31, 2023
Changed: Aug 19
Last Checked: Aug 20 at 7:06AM
MLS# 220168856
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 16-lot mobile home and RV park occupies 8.06 acres in Merlin, Oregon. The property includes 10 homes owned by the seller, while residents own the remaining six homes and rent their individual spaces. Each lot is described as independent, providing a property layout with separate homesites across the site. The improvements date to 1983 and include a 10,236-square-foot property, driveway parking, a well water source, septic tank sewer service, and both metal and composition roofing.
Located on Tavis Drive, the property is near the Rogue River and the outdoor recreation associated with rafting and fishing in the Merlin area. Grants Pass city center is just under 9 miles away, offering dining, shopping, entertainment, and health care services. The property’s homesite configuration and mix of ownership provide a defined operating structure for a purchaser evaluating a residential park asset.
Located on Tavis Drive, the property is near the Rogue River and the outdoor recreation associated with rafting and fishing in the Merlin area. Grants Pass city center is just under 9 miles away, offering dining, shopping, entertainment, and health care services. The property’s homesite configuration and mix of ownership provide a defined operating structure for a purchaser evaluating a residential park asset.
Key Highlights
- 16 lots across 8.06 acres
- 10 seller‑owned homes and 6 tenant‑owned homes
- 10,236‑square‑foot property with improvements dating to 1983
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
$77,178
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
4.17%
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%
$1,543,560
$1.5M
Cap Rate 7%
$1,102,543
$1.1M
Cap Rate 9%
$857,533
$857.5K
Market Conditions
NOI Build-Up for 10,236 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
$147.4K $14.40/SF
− Vacancy
−$7.1K −$0.69/SF
EGI
$140.3K $13.71/SF
− OpEx
−$63.1K −$6.17/SF
NOI
$77.2K $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%
$1,543,560
Cap Rate 7%
$1,102,543
Cap Rate 9%
$857,533
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$964.7K – $1.29M
NOI $77,178 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,463 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mobile home & RV park - Sixteen homesites include a mix of seller-owned residences and tenant-owned homes leasing their individual spaces.
Where is this mobile home & rv park located?
The property is located at 387 Tavis Drive Merlin, OR.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 16 lots across 8.06 acres; 10 seller‑owned homes and 6 tenant‑owned homes; 10,236‑square‑foot property with improvements dating to 1983
