Neighborhood Retail Center with Multiple
For Sale
$2,400,000
602 Crater Lake Avenue, Medford, OR 97504
Well-maintained neighborhood retail center with three single-level buildings and 12 established tenants.
Property Size13,700 SF
Lot Size1.19 Acres
Price / SF$175.18
Days on Market162
Property Features for 602 Crater Lake Avenue
General Information
Standard status
Active
Size
13,700 SF
Lot size
1.19 Acres
Property subtype
Commercial
Building Details
Year Built
1960
Stories
1
Tenancy
Multi
Listing Agency:
John L. Scott Medford
Listed By:
James E North
(541) 548-2131
Source:
Century21northhomes
Added: Feb 19
Changed: Jul 10
Last Checked: Jul 30 at 6:30PM
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 John L. Scott Medford
Investment Insights
Based on property information with market context.
Shamrock Square is a well-maintained neighborhood retail center comprised of three single-level buildings totaling approximately 13,700 square feet on 1.19 acres across three tax lots. The center is currently home to 12 tenants, and the overall tenancy is described as largely long term and established within the property. Leasing in place is supported by current gross tenants’ leases running through 2027.
The property is located at the corner of Stevens Street and Crater Lake Avenue, near The Medford Center and The Village at the Medford Center, two of Medford’s major shopping destinations. The center’s tenant spaces are expected to be toured only after an acceptable offer is in place, in accordance with instructions not to disturb tenants.
For buyers, the existing lease structure provides near-term continuity through 2027, with the option for a buyer to renegotiate rents. Based on the provided figures, gross income for year-end 2025 was $193,700 and net operating income was $122,809. Offered for sale as a neighborhood retail investment with multiple buildings and established tenants, Shamrock Square is positioned to serve everyday retail needs for the surrounding area.
The property is located at the corner of Stevens Street and Crater Lake Avenue, near The Medford Center and The Village at the Medford Center, two of Medford’s major shopping destinations. The center’s tenant spaces are expected to be toured only after an acceptable offer is in place, in accordance with instructions not to disturb tenants.
For buyers, the existing lease structure provides near-term continuity through 2027, with the option for a buyer to renegotiate rents. Based on the provided figures, gross income for year-end 2025 was $193,700 and net operating income was $122,809. Offered for sale as a neighborhood retail investment with multiple buildings and established tenants, Shamrock Square is positioned to serve everyday retail needs for the surrounding area.
Key Highlights
- Shamrock Square is a neighborhood retail center with 3 single‑level buildings totaling 13,700 SF on 1.19 acres (3 tax lots).
- 12 tenants in place, with Gross Tenants’ Leases currently running through 2027 and buyer able to renegotiate rents.
- Located at the corner of Stevens Street and Crater Lake Avenue near The Medford Center and The Village at the Medford Center.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $295.9k | $21.60 |
| − Vacancy | −$25.2k | −$1.84 |
| EGI | $270.8k | $19.76 |
| − OpEx | −$81.2k | −$5.93 |
| NOI | $189.5k | $13.83 |
13,700 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.71M
$2.37M – $3.16M
NOI $189,537 @ 7.0% cap · market cap 7.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.31M
$2.89M – $3.86M
NOI $231,475 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
230k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 50%
Shops & Services 29%
Dining 19%
Home Improvements & Furnishings 2%
Walmart
Superstores
115,097 visits/mo
0.4 miles
Hobby Lobby
Shops & Services
49,666 visits/mo
0.3 miles
McDonald's
Dining
21,042 visits/mo
0.4 miles
Outback Steakhouse
Dining
10,704 visits/mo
0.4 miles
Dutch Bros. Coffee
Dining
8,011 visits/mo
0.1 miles
Demographics for 97504, OR
49,942
Population
21,290
Households
2.3
Avg Household Size
43
Median Age
38%
College-Educated
93%
High-School Grad
43.3 sq mi
ZIP Area
1,153
Density / Sq Mi
$81,233
Median Household Income
$43,744
Median Earnings
$1,387
Median Rent
$447,800
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Well-maintained neighborhood retail center with three single-level buildings and 12 established tenants.
Where is this shopping center located?
The property is located at 602 Crater Lake Avenue Medford, OR.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Shamrock Square is a neighborhood retail center with 3 single‑level buildings totaling 13,700 SF on 1.19 acres (3 tax lots).; 12 tenants in place, with Gross Tenants’ Leases currently running through 2027 and buyer able to renegotiate rents.; Located at the corner of Stevens Street and Crater Lake Avenue near The Medford Center and The Village at the Medford Center.
