Office Building with Meeting
10423 SE 23RD Ave, Milwaukie, OR 97222
For Sale
$850,000
CommercialSale, Milwaukie, OR
Property Size3,200 SF
Lot Size0.37 Acres
Price / SF$266.29
Days on Market137
Property Features for 10423 SE 23RD Ave
General Information
Property type
Property subtype
Zoning
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Property Use
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Cooling system
Amenities
Full kitchen and eating nook
landscaped backyard
Large Gazebo
Storage Shed
Building Details
Year built
Floors in Building
Building materials
Roof type
Buildings
Listing Agency:
Premiere Property Group, LLC
(503) 670-9000
Listed By:
Kendel White · License #201236006
(503) 380-8284
Added: Jun 26
Changed: Nov 6
Last Checked: Nov 9 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.
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Investment Insights
Based on property information with market context.
This 3,192-square-foot office property was built in 1949 and has been used for commercial purposes since 1981. Its layout includes six offices, two meeting rooms and a spacious common area, along with a full kitchen and dining nook. The main level has a full bathroom; the lower level includes a half bath. A full basement adds to the building configuration. The roof was replaced in 2022, and new gutters are scheduled for 2026.
Set on 0.37 acres in Milwaukie, the property is within walking distance of downtown. The fenced, landscaped backyard includes a gazebo and storage shed. Seven off-street parking spaces are provided. The current cap rate is 5.17%.
Set on 0.37 acres in Milwaukie, the property is within walking distance of downtown. The fenced, landscaped backyard includes a gazebo and storage shed. Seven off-street parking spaces are provided. The current cap rate is 5.17%.
Key Highlights
- 3,192‑square‑foot office building with six offices and two meeting rooms
- 0.37‑acre property within walking distance of downtown Milwaukie
- Large common area, full kitchen, and dining nook
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.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,230
Businesses Nearby
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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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Market
Properties on Market for Office buildings in Clackamas County
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Multiple office and meeting spaces are complemented by a large shared area and a full kitchen.
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 with six offices and two meeting rooms; 0.37‑acre property within walking distance of downtown Milwaukie; Large common area, full kitchen, and dining nook
