Commercial Building in Gateway
For Sale
Contact for pricing
11702 NE Halsey, Portland, OR 97220
4,766 SF commercial building in Portland's Gateway District.
Property Size4,766 SF
Lot Size0.59 Acres
Price / SF$230.80
Days on Market383
Property Features for 11702 NE Halsey
General Information
Standard status
Active
Size
4,766 SF
Class
C
Lot size
0.59 Acres
Property subtype
Office, Retail, Special Purpose
Investment Type
Owner/User
Listing Agency:
Keller Williams Commercial Portland
(503) 548-4848
Listed By:
Heather Miller · License #201212192
Source:
Crexi
Added: Aug 7, 2025
Changed: Aug 21
Last Checked: Aug 23 at 11:03AM
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 Keller Williams Commercial Portland
Investment Insights
Based on property information with market context.
This 4,766 square foot commercial building is located in Portland's Gateway District. Built in 1970, the property sits on a 0.59-acre (25,822 SF) lot and is zoned CM1 – Commercial Mixed-Use, supporting a wide range of potential uses. The building features two large, flexible showroom/retail areas, four restrooms (including two ADA-compliant restrooms with showers and lockers), one private office, and ample storage throughout. Multiple access points include a front street-facing entry, a side entry, and a rear loading door adjacent to the storage area. There are 23 on-site parking spaces, with additional off-site parking available on NE 117th Avenue. The property is a corner lot with dual access, excellent street visibility, and signage. It experiences high traffic counts on NE Halsey Street and has immediate access to NE Halsey Street and NE 117th Avenue. It is located minutes from I-205, the 122nd Ave MAX Station Hub, Portland International Airport, and Downtown Portland (a 15-minute drive). The surrounding area offers abundant retail, dining, parks, and neighborhood amenities. The CM1 zoning supports a variety of commercial and mixed-use applications, making it ideal for an owner-user, retail showroom, medical, service-based business, or investment hold. The location is strategic within an emerging submarket with strong connectivity and visibility.
Key Highlights
- Prime Gateway District location with high traffic counts and excellent street visibility
- CM1 zoning allows for a wide range of commercial and mixed‑use applications
- Large 0.59 acre lot with 4,766 SF building and 23 on‑site parking spaces
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
$55,548
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
5.05%
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%
$1,110,960
$1.1M
Cap Rate 7%
$793,543
$793.5K
Cap Rate 9%
$617,200
$617.2K
Market Conditions
NOI Build-Up for 4,766 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
$85.8K $18.00/SF
− Vacancy
−$6.4K −$1.35/SF
EGI
$79.4K $16.65/SF
− OpEx
−$23.8K −$5.00/SF
NOI
$55.5K $11.66/SF
Area
Portland, OR
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,110,960
Cap Rate 7%
$793,543
Cap Rate 9%
$617,200
Alternative Uses
Best Use
Retail
$793.5K
$694.4K – $925.8K
NOI $55,548 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,689 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97220, OR
29,357
Population
12,177
Households
2.4
Avg Household Size
39
Median Age
35%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
3,914
Density / Sq Mi
$68,976
Median Household Income
$41,696
Median Earnings
$1,412
Median Rent
$427,700
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Showroom - 4,766 SF commercial building in Portland's Gateway District.
Where is this showroom located?
The property is located at 11702 NE Halsey Portland, OR.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Prime Gateway District location with high traffic counts and excellent street visibility; CM1 zoning allows for a wide range of commercial and mixed‑use applications; Large 0.59 acre lot with 4,766 SF building and **23 on‑site parking spaces**
