Oregon Cranberry Farm and
For Sale
Contact for pricing
Pending
54983 Morrison Rd, Bandon, OR 97411
Premier cranberry operation with processing facility and residences in Bandon, Oregon.
Property Size20,000 SF
Lot Size56.80 Acres
Days on Market799
Property Features for 54983 Morrison Rd
General Information
Standard status
Pending
Size
20,000 SF
Lot size
56.80 Acres
Property subtype
Business for Sale, Special Purpose
Zoning
EFU
Investment Type
Owner/User
Listing Agency:
Berkshire Hathaway HomeServices Northwest Real Estate
Listed By:
Brett Veatch · License #890500238
(503) 708-4663
Source:
Crexi
Added: Jun 27, 2024
Changed: Sep 3
Last Checked: Sep 2 at 10:54PM
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 Berkshire Hathaway HomeServices Northwest Real Estate
Investment Insights
Based on property information with market context.
Located in the heart of Oregon's premier cranberry growing area in Bandon, this top-quality cranberry operation is set on the Southern Oregon Coast, benefiting from a long growing season and plentiful water supply. The property features 56.8 acres of cranberry bogs that produce over 1 million pounds of cranberries annually. Included is a 20,000+ square foot processing facility equipped with state-of-the-art equipment for cleaning, packing, and shipping. This facility processes over 4 million pounds of cranberries per year, with the capacity to handle up to 13 million pounds. The processing plant includes on-site water treatment, three offices, and potential for a gift shop. A truck scale weighs incoming fruit, which is received at the front of the facility. A truck dock and large shipping/storage yard facilitate efficient off-site movement of cleaned fruit. The main residence, a custom-crafted Victorian-style home with over 10,000 square feet, is set on a gentle knoll overlooking the farm. An additional residence can serve as guest quarters or a farm manager's residence. The property includes 5 reservoirs with water storage rights for irrigation and bog flooding during harvest, along with multiple irrigation wells with 4 pump-houses and multiple residential wells for potable water. An adjacent 80-acre parcel is available for further expansion. Cranberries are the main crop, and the Southern Oregon Coast offers beaches and coastline for fishing, boating, hunting, hiking, and biking.
Key Highlights
- High‑yield cranberry operation: 56.8 acres producing over 1 million pounds annually.
- Large processing facility: Over 20,000 sq ft, processing 4 million pounds annually with 13 million pound capacity.
- State‑of‑the‑art processing equipment and on‑site water treatment.
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
$161,465
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
2.94%
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%
$3,229,300
$3.2M
Cap Rate 7%
$2,306,643
$2.3M
Cap Rate 9%
$1,794,056
$1.8M
Market Conditions
NOI Build-Up for 20,000 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
$240.0K $12.00/SF
− Vacancy
−$9.3K −$0.47/SF
EGI
$230.7K $11.53/SF
− OpEx
−$69.2K −$3.46/SF
NOI
$161.5K $8.07/SF
Area
Coos County, OR
Vacancy
3.89%
Lease Rate
$12.00 /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%
$3,229,300
Cap Rate 7%
$2,306,643
Cap Rate 9%
$1,794,056
Alternative Uses
Best Use
Industrial
$2.31M
$2.02M – $2.69M
NOI $161,465 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.62M
$3.17M – $4.22M
NOI $253,440 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 97411, OR
7,572
Population
4,396
Households
1.7
Avg Household Size
59
Median Age
27%
College-Educated
95%
High-School Grad
128.6 sq mi
ZIP Area
59
Density / Sq Mi
$48,476
Median Household Income
$27,375
Median Earnings
$920
Median Rent
$425,800
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Farm - Premier cranberry operation with processing facility and residences in Bandon, Oregon.
Where is this farm located?
The property is located at 54983 Morrison Rd Bandon, OR.
What is the asking price?
The asking price for this property is $5,490,000.
What are key features of this property?
This property features: High‑yield cranberry operation: 56.8 acres producing over 1 million pounds annually.; Large processing facility: Over 20,000 sq ft, processing 4 million pounds annually with 13 million pound capacity.; State‑of‑the‑art processing equipment and on‑site water treatment.
