Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    10238 NW Lee St Portland, OR 97229

    Sponsored
    For Sale
    $395,000

    LAND - Portland, OR

    Type:Single Family Residence
    Lot size:
    0.35 Acres
    Days on Market:
    14
    Last Refresh:
    Feb 4 at 10:06 am

    Property Features for 10238 NW Lee St

    General Information

    Property type
    Land
    Property subtype
    Single Family Residence
    Standard status
    Active
    Zoning
    R-5
    APN
    R2232192
    Lot size
    0.35 Acres

    We can help!

    Listing Contact
    Chris Suarez

    Keller Williams Sunset Corridor (503) 270-5700

    Listing agent Chris Suarez (503) 748-8300

    Listing date Jan 22, 2026

    MLS# 576442548

    Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Land in Cedar Hills, Portland

    This generously sized flag lot presents a rare opportunity for building in the highly desirable Cedar Hills neighborhood. The property, situated within a quiet, established community, offers flexibility and potential. Its location provides convenient access to parks, top-rated schools, and various amenities on Portland's westside. The 0.35-acre lot is zoned R-5 and allows for the construction of a custom home. The current owner, an experienced professional, is available to partner with the buyer to bring their vision to life.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.782467
    Latitude
    45.520457

    Nearby Similar for Sale

    • $1,475,000
      5,899 SF

      Turn-Key Multifamily Investment Opportunity

      Well-maintained, income-generating property in Mill Park neighborhood.
      2448 SE 117Th Ave, Portland, OR 97216
      View Details
    • $1,745,000
      4,595 SF

      Craftsman Duplex with Panoramic Views

      Charming 1910 Craftsman duplex with old-world charm and views.
      2324 SW Cactus Dr, Portland, OR 97205
      View Details
    • $475,000
      2,293 SF

      Portland Home with Additional Unit

      One-level home with flexible space, ideal for multi-generational living.
      1435 SE 148Th Ave, Portland, OR 97233
      View Details
    • $474,900
      0.12 Acres

      Classic Portland Duplex Opportunity

      Rare Portland duplex with two units, ideal for investment.
      9023 SE Ankeny St, Portland, OR 97216
      View Details
    • $699,000
      2,164 SF

      Portland Duplex with Income Potential

      Spacious duplex in Portland, ideal for owners or investors.
      402 SE 75Th Ave, Portland, OR 97215
      View Details
    • $635,000

      Portland Multifamily Property For Sale

      North Portland multifamily property with remodeled units and ADU.
      6824 N Commercial Ave, Portland, OR 97202
      View Details
    • $1,849,000
      6,538 SF

      Portland Multifamily Investment Opportunity

      12-unit apartment building in Belmont-Hawthorne neighborhood with stable tenants.
      824 SE 30Th Ave, Portland, OR 97214
      View Details
    • $545,000
      0.25 Acres

      Montavilla Mixed-Use Development Opportunity

      Quarter-acre lot in Montavilla with CM2 zoning and development potential.
      415 SE 94Th Ave, Portland, OR 97216
      View Details
    • $6,999,000
      15,956 SF

      New Multifamily Portfolio in Portland

      Portfolio of 17 units in prime Portland locations.
      NE Ainsworth St, Portland, OR 97211
      View Details
    • $639,900
      1,447 SF

      Charming Concordia Gem with ADU

      Updated 1949 home with permitted ADU near Alberta St.
      3286 NE Holman St, Portland, OR 97211
      View Details
    • $889,900
      3,424 SF

      Two Homes, One Tax Lot

      Two homes on one lot in desirable John's Landing.
      6636 S Virginia Ave, Portland, OR 97239
      View Details
    • $825,000
      4,781 SF

      Portland Multifamily with Airbnb Potential

      Multigenerational home in SW Hills with income and Airbnb potential.
      3412 SW 13Th Ave, Portland, OR 97239
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Rare opportunity to build in desirable Cedar Hills neighborhood.
    Where is this residential land & home lot located?
    The property is located at 10238 NW Lee St Portland, OR.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: - Rare opportunity to build in the highly desirable Cedar Hills neighborhood.; - Generously sized flag lot offering flexibility and potential.; - Convenient access to parks, top-rated schools, and Portland's westside amenities.
    (503) 748-8300
    Request Owner's contact information
    10238 NW Lee St Portland, OR 97229
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    10238 NW Lee St
    Portland, OR 97229
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    10238 NW Lee St Portland, OR 97229
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Chris Suarez
    (503) 748-8300
    Learn more
    Google sign-in failed. Please try again or use another login method.