Grants Pass Redevelopment
For Sale
Contact for pricing
700 NW Dimmick St, Grants Pass, OR 97526
2.27-acre redevelopment opportunity with existing office building in Grants Pass.
Property Size8,764 SF
Lot Size2.27 Acres
Price / SF$133.50
Days on Market639
Property Features for 700 NW Dimmick St
General Information
Standard status
Active
Size
8,764 SF
Lot size
2.27 Acres
Property subtype
Land, Office
Zoning
R-4, R-1-6
Investment Type
Redevelopment
Building Details
Year Built
1980
Buildings
1
Stories
2
Units
2
Listing Agency:
Merit Commercial Real Estate
(541) 608-6704
Listed By:
Scott King · License #Oregon 200602153
Source:
Crexi
Added: Nov 9, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:26AM
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 Merit Commercial Real Estate
Investment Insights
Based on property information with market context.
Located in Grants Pass, Oregon, the property at 700 NW Dimmick Street presents a 2.27-acre redevelopment opportunity. The site includes an existing two-story, approximately 8,764 square foot concrete office building, currently housing the Josephine County Planning Office on the first floor, with additional county users occupying office space on the second floor. The building is in usable condition and features abundant parking, greenery, skylights, and views of the surrounding mountains. The property is zoned for residential use, presenting a compelling opportunity to develop multifamily or mixed-use projects. The seller has agreed to leaseback all or part of the site for up to 12 months. Developers are encouraged to present any reasonable proposal for the selling entity's consideration.
Key Highlights
- 2.27 acre redevelopment opportunity in Grants Pass, Oregon.
- Zoned for multifamily or mixed‑use development in a supply‑constrained market.
- Existing ± 8,764 SF concrete office building is fully usable.
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
$99,936
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
8.54%
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%
$1,998,720
$2.0M
Cap Rate 7%
$1,427,657
$1.4M
Cap Rate 9%
$1,110,400
$1.1M
Market Conditions
NOI Build-Up for 8,764 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
$147.2K $16.80/SF
− Vacancy
−$14.0K −$1.60/SF
EGI
$133.2K $15.20/SF
− OpEx
−$33.3K −$3.80/SF
NOI
$99.9K $11.40/SF
Area
Josephine County, OR
Vacancy
9.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,998,720
Cap Rate 7%
$1,427,657
Cap Rate 9%
$1,110,400
Alternative Uses
Best Use
Office B
$1.43M
$1.25M – $1.67M
NOI $99,936 @ 7.0% cap · market cap 8.54%
Second Best
Mixed Use
$1.12M
$982.7K – $1.31M
NOI $78,613 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,099 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,331
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - 2.27-acre redevelopment opportunity with existing office building in Grants Pass.
Where is this residential land & home lot located?
The property is located at 700 NW Dimmick St Grants Pass, OR.
What is the asking price?
The asking price for this property is $1,170,000.
What are key features of this property?
This property features: 2.27 acre redevelopment opportunity in Grants Pass, Oregon.; Zoned for multifamily or mixed‑use development in a supply‑constrained market.; Existing ± 8,764 SF concrete office building is fully usable.
