616 Crater Lake AveMedford, OR 97504

Property Details for 616 Crater Lake Ave

Year built

1960

Lot size

1.19 AC

Property size (Sq ft)

13,750 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Shamrock Square, a 13,750 square foot shopping center in Medford, Oregon, presents a compelling value-add opportunity. Located at 616 Crater Lake Ave, this 100% occupied property features 12 tenants in three separate buildings on a 1.19-acre lot. Built in 1960, the center boasts 81 parking spaces and excellent visibility at a major intersection, across from Chase Bank and near Safeway and Rite Aid. The property offers significant upside potential. Currently operating under gross leases, the property's current NOI is $131,245, with a pro-forma NOI projected at $282,810, representing a pro-forma cap rate of 12.30%. The asking price is $2,300,000 ($167/SF), with a current cap rate of 5.71%. All leases expire December 31, 2025, providing flexibility for future lease renegotiations and potential rent increases to market rates of $18.00 to $30.00 per square foot triple net. The property's three separate tax parcels allow for diverse exit strategies, including the potential for segmented sales. The absence of competing owner-user alternatives and new development opportunities further enhances the investment appeal. The land value is $44 per square foot. The property's location near a major hospital and residential areas ensures strong traffic and customer base. This is a rare opportunity to acquire a well-located, value-add retail center with substantial upside potential in a growing market.

Location Insight

City

Medford

County

Jackson

State

Oregon

Latitude

42.3351

Longitude

-122.862

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