Office Building with Landscaped
For Sale
$850,000
10423 SE 23RD Ave, Milwaukie, OR 97222
CommercialSale, Milwaukie, OR
Property Size3,200 SF
Lot Size0.37 Acres
Price / SF$266.29
Days on Market107
Property Features for 10423 SE 23RD Ave
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
R-MD
Directions
SE Harrison Rd, N on SE 23rd Ave
Subdivision
_145
Standard status
Active
APN
00009877
Size
3,192 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Description
243 STREIBS 1ST ADD TO MILWAUKIE LTS 3&12 PT LTS 4&11 BLK 6 PT VA
Tax Annual Amount
5896
Legal Description
243 STREIBS 1ST ADD TO MILWAUKIE LTS 3&12 PT LTS 4&11 BLK 6 PT VA
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
full kitchen
full bathroom
half bathroom
landscaped backyard
gazebo
storage shed
Building Details
Year built
1949
Floors in Building
2
Building materials
Concrete, FullBasement, WoodComposite
Roof type
Composition
Listing Agency:
Premiere Property Group, LLC
(503) 670-9000
Listed By:
Kendel White · License #201236006
(503) 380-8284
Added: Jun 26
Changed: Sep 30
Last Checked: Oct 10 at 8:06AM
MLS# 152842874
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.
Investment Insights
Based on property information with market context.
This 3,192-square-foot office building sits on 0.37 acres and provides six offices, two meeting rooms, and a large shared area suitable for workstation placement. The main floor includes a full kitchen and eating nook, while the building also has a full bathroom on the main level and a half bathroom downstairs. A full basement, forced-air natural gas heat, central air, concrete and wood composite construction, and a composition roof are included.
The landscaped, fenced backyard features a large gazebo and storage shed, with off-street parking for seven cars. The roof was replaced in 2022, and new gutters are identified for 2026. The property has been used commercially since 1981 and is within short walking distance of downtown Milwaukie. The stated current cap rate is 5.17%.
The landscaped, fenced backyard features a large gazebo and storage shed, with off-street parking for seven cars. The roof was replaced in 2022, and new gutters are identified for 2026. The property has been used commercially since 1981 and is within short walking distance of downtown Milwaukie. The stated current cap rate is 5.17%.
Key Highlights
- 3,192‑square‑foot office building on 0.37 acres
- Six offices, two meeting rooms, and a large shared common area
- Full kitchen and eating nook on the main floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,319
Cap Rate
4.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$826,380
$826.4K
Cap Rate 7%
$590,271
$590.3K
Cap Rate 9%
$459,100
$459.1K
Market Conditions
NOI Build-Up for 3,192 SF
Gross rent
$72.8K $22.80/SF
− Vacancy
−$17.7K −$5.54/SF
EGI
$55.1K $17.26/SF
− OpEx
−$13.8K −$4.31/SF
NOI
$41.3K $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%
$826,380
Cap Rate 7%
$590,271
Cap Rate 9%
$459,100
Alternative Uses
Best Use
Office B
$590.3K
$516.5K – $688.7K
NOI $41,319 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$861.6K
$753.9K – $1.01M
NOI $60,312 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
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 - Flexible office layout with private rooms, meeting areas, kitchen facilities, and an enclosed outdoor gathering 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: 3,192‑square‑foot office building on 0.37 acres; Six offices, two meeting rooms, and a large shared common area; Full kitchen and eating nook on the main floor
