Southern Oregon
Income-producing real estate A numbers-driven process
Promesa Investment Properties helps investors buy and sell income-producing real estate in Oregon with institutional analysis and transparent economics. Brokered by eXp Realty. Equal Housing Opportunity.
Market cap rates we publish for the four towns. No pull from an MLS that covers them is sourced and permitted for republishing yet, so none is stated.
Towns we work in: Medford, Ashland, Grants Pass, Klamath Falls.
We add a market when a licensed broker operates in it, not before.
Carries its assumptions on the page, and its cap rate carries the net operating income definition that produced it.
How we work
Lead with the number, then show the file
Buy
You tell us the yield you need and the work you are willing to do. We bring files that clear it, with the operating statement attached, and we say plainly which ones we would not write on ourselves.
Sell
We value your building the way a buyer's lender will, and show you the file. If the number is lower than you were told elsewhere, you get the arithmetic that produced it rather than an opinion about the market.
Underwrite
Send us a building you do not own yet and we will run it. You get the written analysis whether or not you transact, and whether or not you buy it through us.
Inventory
Illustrative files, underwritten in full
These are underwriting examples prepared to show method, not live MLS listings and not properties offered for sale here. Every figure below is computed from the rent roll and the trailing twelve on the file's own page.
Illustrative file
Medford · Multifamily
Bear Creek 8
A 1972 garden walk-up on the north side of Medford, eight units in two buildings, one owner since 2004. Rents have moved with the tenant rather than the market, which is the reason the going-in yield reads the way it does and the reason there is a pro forma at all.
Go
Illustrative file
Ashland · Multifamily
Siskiyou Fourplex
Four units near the campus. Durable rent, a yield that does not carry debt.
No-go
Illustrative file
Grants Pass · Retail / net lease
Rogue Valley Flex
12,400 square feet, single tenant, triple net, 6.2 years remaining.
Conditional
Illustrative file
Klamath Falls · Mixed-use
Klamath Main Mixed-Use
Three retail suites, four apartments above, one suite under market.
Conditional
Markets
Four towns, and only four
None of the four carries a published yield yet. Each page stays silent until a pull from the MLS covering that town exists and permits republishing the aggregate.
Jackson County
Medford
The deepest two-to-eight unit stock in the valley, and where most of what we underwrite sits.
No sourced cap rate is published for Medford. We state a market figure only where a pull exists.
Jackson County
Ashland
Tight yields and durable demand. The cap rate is rarely the reason to buy here, and we will say so.
No sourced cap rate is published for Ashland. We state a market figure only where a pull exists.
Josephine County
Grants Pass
Small commercial and flex alongside the residential stock. Lease structure matters more than the headline here.
No sourced cap rate is published for Grants Pass. We state a market figure only where a pull exists.
Klamath County
Klamath Falls
Higher going-in yields, thinner exits. Underwrite the sale before the purchase.
No sourced cap rate is published for Klamath Falls. We state a market figure only where a pull exists.
The method
Four steps, in this order, every time
Qualification
One call to establish what you are actually solving: a yield target, a 1031 clock, a tired asset, an estate. We would rather decline early than run a process that was never going to fit.
Team disclosure
You are told who is licensed and who is not before anything substantive is discussed. Every licensed act — valuation, negotiation, documents, and the first substantive conversation about a specific property — belongs to Ryan McMillan, OR #201262100, at eXp Realty.
The file
Operating statement, rent roll, trailing twelve, deferred maintenance, comparables, and the assumption set that produced every figure. Nothing is stated as in-place unless it is on the rent roll.
Go or no-go
A written recommendation with the arithmetic behind it. Roughly half of what we underwrite comes back as no-go, and you get that answer in the same detail as a yes.
Send us the building. You get a written analysis whether or not you transact, and whether or not you transact with us.
Insights
Method, written down
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What a trailing twelve actually tells you
The operating statement a seller hands you is a description of how a building was run, not how it will run for you. Reading the difference is most of the work.
6 min read -
Cap rate is a quotient, not a quality
A capitalisation rate is one number divided by another. Most of what people mean when they call one “good” lives in the two numbers, not the ratio.
5 min read -
DSCR before price: how a lender reads your building
When debt costs more than the going-in yield, the loan sets the price. Working the constraint backwards is faster than negotiating forwards.
7 min read
Contact
Contact Ryan McMillan
Send us the building. You get a written analysis whether or not you transact, and whether or not you transact with us.
Ryan McMillan, Broker, OR #201262100. Brokered by eXp Realty. The first substantive conversation about a specific property is a licensed act and belongs to the broker.