Fully Leased Office
For Sale
Contact for pricing
10209 SE Division St, Portland, OR 97226
Three-building office complex with signage and ample parking.
Property Size15,340 SF
Price / SF$207.70
Days on Market872
Property Features for 10209 SE Division St
General Information
Standard status
Active
Size
15,340 SF
Class
C
Property subtype
Office
Zoning
CM1
Listing Agency:
Macadam Forbes
(503) 972-7294
Listed By:
Joe Kappler · License #OR 200605069
Source:
Crexi
Added: Apr 3, 2024
Changed: Aug 21
Last Checked: May 13 at 8:02PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Macadam Forbes
Investment Insights
Based on property information with market context.
This is a fully leased three-building office complex with signage on SE Division Street. The well-maintained complex features two points of ingress and egress, along with 52 off-street parking stalls. The anchor tenant, Volunteers of America, occupies 7,340 square feet in the middle building and has been a tenant since 2011. NW Instituto Latino occupies the west building with 3,700 square feet, and Sober Living Oregon Treatment occupies the east building with 4,300 square feet. The property is located in Portland, OR.
Key Highlights
- Fully leased three‑building office complex.
- Signage on SE Division Street.
- Anchor tenant: Volunteers of America (7,340 SF) since 2011.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$198,572
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,971,440
$4.0M
Cap Rate 7%
$2,836,743
$2.8M
Cap Rate 9%
$2,206,356
$2.2M
Market Conditions
NOI Build-Up for 15,340 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$349.8K $22.80/SF
− Vacancy
−$85.0K −$5.54/SF
EGI
$264.8K $17.26/SF
− OpEx
−$66.2K −$4.31/SF
NOI
$198.6K $12.94/SF
Area
Portland, OR
Vacancy
24.30%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,971,440
Cap Rate 7%
$2,836,743
Cap Rate 9%
$2,206,356
Alternative Uses
Best Use
Office B
$2.84M
$2.48M – $3.31M
NOI $198,572 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.31M
$3.77M – $5.03M
NOI $301,550 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
793
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-building office complex with signage and ample parking.
Where is this office building located?
The property is located at 10209 SE Division St Portland, OR.
What is the asking price?
The asking price for this property is $3,186,184.
What are key features of this property?
This property features: Fully leased three‑building office complex.; Signage on SE Division Street.; Anchor tenant: Volunteers of America (7,340 SF) since 2011.
