Building Details

Building Size 8,200 SF

Year Built 1971

Listing Agency: Macadam Forbes

Listed By: Tyler Collins · License #OR #201219113 Show Phone

Source: Macadamforbes

Added: May 14 Changed: Oct 14 Last Checked: Oct 16 at 8:12AM

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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

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Investment Insights

Based on property information with market context.

This 1971-built flex property includes a 4,000 SF building with office space and a grade-level door. The site also provides 6 off-street parking stalls and frontage along SE 11th and SE 12th.

Located at 1132 SE Salmon St in Portland’s Buckman neighborhood, the property carries EX zoning that supports commercial, retail, and mixed-use applications. The existing configuration offers a practical setting for business operations, while the zoning accommodates multiple commercial formats.

Key Highlights

• 4,000 SF flex building
• EX zoning supports commercial, retail, and mixed‑use applications
• Flex office configuration with grade‑level door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$106,147

Cap Rate

3.79%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,122,940 $2.1M

Cap Rate 7%

$1,516,386 $1.5M

Cap Rate 9%

$1,179,411 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,200 SF

Gross rent

$187.0K $22.80/SF

− Vacancy

−$45.4K −$5.54/SF

EGI

$141.5K $17.26/SF

− OpEx

−$35.4K −$4.31/SF

NOI

$106.1K $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 Rate 5%

$2,122,940

Cap Rate 7%

$1,516,386

Cap Rate 9%

$1,179,411

Alternative Uses

Best Use

Office B

$1.52M

$1.33M – $1.77M (±1% cap)

NOI $106,147 @ 7.0% cap · market cap 3.79%

Second Best

Flex RnD

$1.19M

$1.04M – $1.39M (±1% cap)

NOI $83,276 @ 7.0% cap · market cap 2.97%

Theoretical Best

Office A

$2.30M

$2.01M – $2.69M (±1% cap)

NOI $161,193 @ 7.0% cap · market cap 5.76%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Dogs Dig It Kennel & Boarding Facility

Suggested Use

Top Pick Florist (Bike/Boat/Book/etc) Store Tanning Salon Pet Grooming Service Supermarket Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Drive-in doors

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

5,088

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 97214, OR

28,403

Population

15,948

Households

1.8

Avg Household Size

36

Median Age

67%

College-Educated

98%

High-School Grad

2.9 sq mi

ZIP Area

9,794

Density / Sq Mi

$86,879

Median Household Income

$55,643

Median Earnings

$1,628

Median Rent

$733,200

Median Home Value

Market

Vacancy Rate% for Office in Portland, OR

10.1% 2019

12.3% 2020

16.1% 2021

18.5% 2022

20.8% 2023

21.7% 2024

24.3% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - EX zoning supports commercial, retail, and mixed-use applications.

Where is this flex space located?

The property is located at 1132 SE Salmon St Portland, OR.

What is the asking price?

The asking price for this property is $2,800,000.

What are key features of this property?

This property features: 4,000 SF flex building; EX zoning supports commercial, retail, and mixed‑use applications; Flex office configuration with grade‑level door