247 Lorraine Ave, Eagle Point, OR 97524

Caspian Hoehne of Merit Commercial Real Estate, in coordination with the Martin Outdoor Property Group of John L. Scott Real Estate, represented the seller in the sale of 247 Lorraine Avenue in Eagle Point. 

The property consists of two single-level fourplex buildings totaling approximately 5,240 square feet on 0.55 acres. Built in 1977, the complex includes eight one-bedroom, one-bath units along with private patios and on-site parking. At the time of marketing, seven of the eight units were occupied, with projected gross income approaching $10,000 per month once fully leased.

The Challenge: The asset presented various challenges, mainly the older age, less desirable unit mix of only 1-bedroom units, and various cosmetic and system upgrades needed, although in place rents were strong. Beyond property-specific challenges, the overall market at the time provided more obstacles to transactions, with mortgage rates up and buyer demand down.

‍Merit's Process: Marketing focused on the property's established income, straightforward two-building configuration and position within a mature residential neighborhood. The goal was to reach investors comfortable with a smaller Southern Oregon multifamily asset where value could be driven primarily through operations rather than significant redevelopment.

‍The Result: Caspian Hoehne of Merit Commercial Real Estate and Ashley Lacer of Martin Outdoor Property Group represented the seller. The transaction closed on November 26, 2025 for a net price of $1,120,000 after 39 days on market.