Live/Work Space on
For Sale
$600,000
Pending
1137 NE ALBERTA, Portland, OR 97211
Live/work space with CG zoning in prime location.
Property Size1,959 SF
Lot Size0.06 Acres
Days on Market950
Property Features for 1137 NE ALBERTA
General Information
Standard status
Pending
Size
1,959 SF
Lot size
0.06 Acres
Property subtype
Commercial
Site & Location
Neighborhood
Vernon
Taxes and HOA fees
Annual Taxes
$1,316
Amenities
Composition Roof
Forced Air Heating
On street
Building Details
Year Built
1911
Listing Agency:
WINDERMERE REALTY TRUST
(503) 233-7777
Listed By:
ZIA MCCABE
Source:
Corcoran
Added: Mar 27, 2024
Changed: Oct 28
Last Checked: Nov 1 at 6:24AM
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 WINDERMERE REALTY TRUST
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Investment Insights
Based on property information with market context.
This 1959 square foot property is zoned CG and offers a fantastic location for live/work opportunities. The property features three rooms upstairs plus a full bathroom, suitable for an upper unit or offices. The main level includes two large rooms and an additional room plumbed for a kitchen, with potential for a small bathroom. High ceilings and an unfinished basement with an exterior door are present. The roof was replaced in 2012, the water heater in 2015, the electric meter and panel in 2021, and the property was fully repiped in 2022. The location is near the Radio Room and Donnie Vegas, with the Solterra Luxury Hotel under construction across the street. Potential business uses include a cafe, vintage shop, or body work.
Key Highlights
- Zoned CG (Commercial General) offering live/work possibilities and a wide range of business opportunities.
- Prime location across the street from the future Solterra Luxury Hotel.
- Recent major updates: full repipe (2022), electric meter and panel (2021), water heater (2015), and roof (2012).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,447
Cap Rate
4.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$528,940
$528.9K
Cap Rate 7%
$377,814
$377.8K
Cap Rate 9%
$293,856
$293.9K
Market Conditions
NOI Build-Up for 1,959 SF
Gross rent
$47.0K $24.00/SF
− Vacancy
−$4.7K −$2.40/SF
EGI
$42.3K $21.60/SF
− OpEx
−$15.9K −$8.10/SF
NOI
$26.4K $13.50/SF
Area
Portland, OR
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$528,940
Cap Rate 7%
$377,814
Cap Rate 9%
$293,856
Alternative Uses
Best Use
Mixed Use
$377.8K
$330.6K – $440.8K
NOI $26,447 @ 7.0% cap · market cap 4.41%
Second Best
Office B
$362.3K
$317.0K – $422.7K
NOI $25,359 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$550.1K
$481.4K – $641.8K
NOI $38,509 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
1,600
Businesses Nearby
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Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
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 Portland, OR
Frequently Asked Questions
What type of property is this?
Live-work space - Live/work space with CG zoning in prime location.
Where is this live-work space located?
The property is located at 1137 NE ALBERTA Portland, OR.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Zoned CG (Commercial General) offering live/work possibilities and a wide range of business opportunities.; Prime location across the street from the future Solterra Luxury Hotel.; Recent major updates: full repipe (2022), electric meter and panel (2021), water heater (2015), and roof (2012).
