Leased Investment in Ashland Tourist
180 Lithia Way, Ashland, OR 97520
Fully leased commercial condos in Ashland's tourist district.
Type:Office, Retail
Property size:
10,088 SFPrice / SF:
$224/SF- Added:
- Nov 15, 2024
- Days on Market:
- 563
- Last Refresh:
- May 12 at 10:00 pm
Property Features for 180 Lithia Way
General Information
- Standard status
- Active
- Size
- 10,088 SF
- Property subtype
- Office, Retail
Building Details
- Year Built
- 2004
Listing agent Eric Herron License #OR #201218616
Listing office Cascadia Prime LLC
Listing date Nov 15, 2024
Source Crexi
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 Cascadia Prime LLC
HighLights
- 100% Fully Leased Commercial Condos: Provides immediate income and a solid investment opportunity.
- Prime Location in Ashland's Tourist Triangle: High foot and vehicle traffic (9,700 vehicles per day) ensures visibility and accessibility.
- Flexibility with (9) Legal Commercial Condos: Allows for individual unit sales and adaptable lease agreements.
- Strong HOA with Significant Cash Reserves: Over $300,000 in reserves ensures building maintenance and stability.
- Seller Contribution to Balance Rent Collection: Up to $25,000 per year for 5 years to balance annual rent collection up to $200,000, potentially increasing NOI to $149,400.
- Proximity to Amenities: Walking distance to restaurants, art galleries, theaters, free electric car chargers, and free public parking.
Overview
This is an investment opportunity in Ashland, Oregon, situated within the Tourist Triangle, near restaurants, art galleries, and the Oregon Shakespeare Festival. The offering includes nine commercial condos, providing flexibility to sell units individually or adjust lease agreements to a NNN lease model. The location is desirable for both locals and tourists, with an average daily traffic of 9,700 vehicles per day. It is located across the street from six free electric car chargers and over 60 free public parking spaces. The building's HOA has cash reserves for repairs and maintenance. The commercial condos include conference rooms, breakrooms and kitchen spaces, restrooms, medical office, professional office, co-working offices, open office plans, private executive offices, an elevator, multiple entrances, high ceilings, fire suppression, lobbies, and large windows. Ashland is a culturally rich mecca for tourism, entertainment, and entrepreneurship, with access to Mt. Ashland, the Rogue River, and Crater Lake National Park. Ashland has a population of 21,117 residents and 450,000 annual visitors. It is also home to Southern Oregon University with 4,389 students. The Oregon Shakespeare Festival runs from April to October, selling over 380,000 annual tickets. Mt. Ashland offers year-round activities, including access to the Pacific Crest Trail.
Local 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 | $217.9k | $21.60 |
| − Vacancy | −$18.5k | −$1.84 |
| EGI | $199.4k | $19.76 |
| − OpEx | −$59.8k | −$5.93 |
| NOI | $139.6k | $13.83 |
10,088 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.99M
$1.74M – $2.33M
NOI $139,565 @ 7.0% cap · market cap 6.16%
Second Best
Office B
$1.76M
$1.54M – $2.06M
NOI $123,477 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,447 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
MustHaveMenus, Inc.
(Bike/Boat/Book/etc) Store
Ashland Brain Harmony
Physician
Aligned Career Coaching
Employment Agency
Natural Medicine
Physician
FourEight Transitions
Medical Clinic
Location Insight
- Map
- Local Demand
- City
- Ashland
- County
- Jackson
- State
- Oregon
- Longitude
- -122.7122059
- Latitude
- 42.1966832
Nearby Similar for Sale
FAQs
What type of property is this?
Office units - Fully leased commercial condos in Ashland's tourist district.
Where is this office units located?
The property is located at 180 Lithia Way Ashland, OR.
What is the asking price?
The asking price for this property is $2,265,000.
What are key features of this property?
This property features: 100% Fully Leased Commercial Condos: Provides immediate income and a solid investment opportunity.; Prime Location in Ashland's Tourist Triangle: High foot and vehicle traffic (9,700 vehicles per day) ensures visibility and accessibility.; Flexibility with (9) Legal Commercial Condos: Allows for individual unit sales and adaptable lease agreements.
