Office Building with
For Sale
$850,000
10423 SE 23RD AVE, Milwaukie, OR 97222
Commercially zoned office property with multiple work areas, meeting rooms, kitchen facilities, and landscaped outdoor space.
Property Size3,192 SF
Lot Size0.33 Acres
Price / SF$265.63
Days on Market112
Property Features for 10423 SE 23RD AVE
General Information
Standard status
Active
Size
3,192 SF
Total Parking Spaces
7
Lot size
0.33 Acres
Property subtype
Office
Additional Details
Cap Rate
5.17%
Taxes and HOA fees
Annual Taxes
$5,896
Amenities
full kitchen
eating nook
full bathroom
half bathroom
bonus common area great room
landscaped backyard
fenced
gazebo
storage shed
Building Details
Building Size
3,192 SF
Year Built
1949
Buildings
1
Listing Agency:
Premiere Property Group, LLC
Listed By:
Kendel White · License #201236006
(503) 380-8284
Source:
Eleeterealestate
Added: Jun 26
Changed: Oct 13
Last Checked: Oct 13 at 3:40AM
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 Premiere Property Group, LLC
Investment Insights
Based on property information with market context.
This commercial office building provides six private offices, two meeting rooms, and a generous shared area that can accommodate additional workstations. The main floor includes a full kitchen and eating nook, while the lower level has a half bathroom. Recent improvements include a new roof installed in 2022 and new gutters scheduled for 2026.
Set on a 1/3-acre treed and landscaped parcel, the property includes a fenced backyard with a large gazebo and storage shed. Seven off-street parking spaces support daily operations, while the setting near downtown Milwaukie places the building within short walking distance of the downtown area. The layout and existing amenities support office users including professional practices, service companies, consulting firms, and headquarters operations.
Set on a 1/3-acre treed and landscaped parcel, the property includes a fenced backyard with a large gazebo and storage shed. Seven off-street parking spaces support daily operations, while the setting near downtown Milwaukie places the building within short walking distance of the downtown area. The layout and existing amenities support office users including professional practices, service companies, consulting firms, and headquarters operations.
Key Highlights
- Six offices and two meeting rooms with a large shared work area
- Full kitchen and eating nook on the main floor
- Fenced landscaped backyard with large gazebo and storage shed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,423
Cap Rate
4.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$828,460
$828.5K
Cap Rate 7%
$591,757
$591.8K
Cap Rate 9%
$460,256
$460.3K
Market Conditions
NOI Build-Up for 3,200 SF
Gross rent
$73.0K $22.80/SF
− Vacancy
−$17.7K −$5.54/SF
EGI
$55.2K $17.26/SF
− OpEx
−$13.8K −$4.31/SF
NOI
$41.4K $12.94/SF
Area
Clackamas County, 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 Rate 5%
$828,460
Cap Rate 7%
$591,757
Cap Rate 9%
$460,256
Alternative Uses
Best Use
Office B
$591.8K
$517.8K – $690.4K
NOI $41,423 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$863.8K
$755.8K – $1.01M
NOI $60,463 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,230
Businesses Nearby
Explore this area
Business Placement
Demographics for 97222, OR
36,316
Population
16,910
Households
2.1
Avg Household Size
41
Median Age
38%
College-Educated
95%
High-School Grad
8.6 sq mi
ZIP Area
4,223
Density / Sq Mi
$77,441
Median Household Income
$48,298
Median Earnings
$1,592
Median Rent
$465,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Commercially zoned office property with multiple work areas, meeting rooms, kitchen facilities, and landscaped outdoor space.
Where is this office building located?
The property is located at 10423 SE 23RD AVE Milwaukie, OR.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Six offices and two meeting rooms with a large shared work area; Full kitchen and eating nook on the main floor; Fenced landscaped backyard with large gazebo and storage shed
