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 Market905
Property Features for 1137 NE ALBERTA
General Information
Standard status
Pending
Size
1,959 SF
Lot size
0.06 Acres
Property subtype
Commercial
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: Sep 17
Last Checked: Sep 16 at 3:11PM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,447
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,600
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Portland, OR
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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).
