Shamrock Square 604-628 Crater Lake Ave

NAI Elliott, as exclusive advisor, is pleased to offer for sale Shamrock Square, a 13,750 square foot value add retail center located in the economic hub of southern Oregon: Medford. The property boasts a prime location at the intersection of Crater Lake Ave and Stevens Street across from Chase Bank to the west and Safeway and Rite Aid to the southwest. To the north is the Providence Medford Medical Center, a 168-bed hospital built in 1985 with 600,000+ square feet of building area sprawling 30+ acres.
Shamrock Square was built in 1960 on 1.19 acres and is divided into three buildings on three tax parcels that vary in size. The property currently functions as one single center with no existing covenants, conditions, and restrictions (CC&Rs) among the buildings. The asphalt paved parking lot has 81 parking spaces with four access points and monument signage. There are 50 apartments units bordering the subject property to the northeast and a single-family home abutting the property to the east. Secondary access is provided to the apartments via an alley north of the property.
The property provides unparalleled exit strategies due to a variety of factors. First, it is already separated into three distinct tax lots per building, thereby allowing future ownership to segment the real estate per their business plan. Second, current rents average $14.09 per square foot full service, allowing both conversion to triple net leases and additional lift to market rates ranging $18.00 - $30.00 per square foot triple net, depending on the unit. Third, average tenant tenure is 13.5 years at the property, allowing an investor to negotiate leases for longer terms and higher rents without releasing risk. Last, market alternatives for owner users and comparable retail development are extremely limited.