Fully Leased Office
For Sale
Contact for pricing
800 Cardley Ave, Medford, OR 97504
Office building fully leased to the State of Oregon.
Property Size13,257 SF
Price / SF$206.68
Days on Market1648
Property Features for 800 Cardley Ave
General Information
Standard status
Active
Size
13,257 SF
Class
B
Property subtype
Office
Zoning
C-C
Occupancy
100%
Lease Type
Net
Investment Type
Net Lease
Net Operating Income
$191,763
Building Details
Year Built
1973
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Pulver & Leever Real Estate Company
(541) 773-5391
Listed By:
Jared Pulver · License #OR 200508084
Source:
Crexi
Added: Feb 16, 2022
Changed: Aug 8
Last Checked: Aug 21 at 5:33PM
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 Pulver & Leever Real Estate Company
Investment Insights
Based on property information with market context.
This is a fully leased office building situated near the financial center. The tenant is the State of Oregon. The net income for 2021 was $191,763 per year. The property size is 13,257 square feet. An adjoining parking lot is also for sale and is also leased to the State of Oregon.
Key Highlights
- Fully leased to State of Oregon, providing stable income.
- Net income of $191,763/year (2021).
- Located near the financial center of town.
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
$162,266
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
5.92%
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%
$3,245,320
$3.2M
Cap Rate 7%
$2,318,086
$2.3M
Cap Rate 9%
$1,802,956
$1.8M
Market Conditions
NOI Build-Up for 13,257 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
$254.5K $19.20/SF
− Vacancy
−$38.2K −$2.88/SF
EGI
$216.4K $16.32/SF
− OpEx
−$54.1K −$4.08/SF
NOI
$162.3K $12.24/SF
Area
Jackson County, OR
Vacancy
15.00%
Lease Rate
$19.20 /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%
$3,245,320
Cap Rate 7%
$2,318,086
Cap Rate 9%
$1,802,956
Alternative Uses
Best Use
Office B
$2.32M
$2.03M – $2.70M
NOI $162,266 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.20M
$2.80M – $3.73M
NOI $223,990 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,257
Businesses Nearby
Explore this area
Business Placement
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building fully leased to the State of Oregon.
Where is this office building located?
The property is located at 800 Cardley Ave Medford, OR.
What is the asking price?
The asking price for this property is $2,740,000.
What are key features of this property?
This property features: Fully leased to State of Oregon, providing stable income.; Net income of $191,763/year (2021).; Located near the financial center of town.
