Corner Fitness Center
For Sale
$1,100,000
11702 NE HALSEY St, Portland, OR 97220
CommercialSale, Portland, OR
Property Size4,766 SF
Lot Size0.59 Acres
Price / SF$230.80
Days on Market971
Property Features for 11702 NE HALSEY St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CM1
Directions
117th & Halsey
Subdivision
_142
Standard status
Active
APN
R154518
Size
4,766 SF
Lot size
0.59 Acres
Taxes and HOA fees
Tax Description
EDISON, LOT 11 EXC S 76'- EXC PT IN STS
Tax Annual Amount
17327
Legal Description
EDISON, LOT 11 EXC S 76'- EXC PT IN STS
Utilities
Heating system
Forced Air
Amenities
storage space
showers
lockers
Building Details
Year built
1970
Floors in Building
1
Roof type
Tile
Listing Agency:
Keller Williams PDX Central · Keller Williams Realty
(503) 548-4848
Listed By:
Heather Miller
(503) 310-1935
Added: Jan 4, 2024
Changed: Aug 31
Last Checked: Sep 1 at 5:06PM
MLS# 24465137
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.
Investment Insights
Based on property information with market context.
This 4,766-square-foot fitness center building sits on a 0.59-acre corner lot and was built in 1970. The interior includes two expansive open areas configured as showroom spaces, four restrooms, two ADA-compliant restrooms with showers and lockers, one private office, and substantial storage. A front entrance and side entrance serve the retail and showroom areas, while a rear delivery door connects with the storage room. The property also includes a tile roof and forced-air heating.
On-site parking totals 23 spaces, with additional off-site parking on 117th Avenue. The building has street frontage, signage, two access points, and access from NE Halsey Street and NE 117th Avenue. It is near I-205, the Gateway District, the 122nd MAX Hub, Portland Airport, parks, shopping, and restaurants, with Downtown Portland approximately 15 minutes away. CM1 zoning allows a variety of commercial mixed-use applications.
On-site parking totals 23 spaces, with additional off-site parking on 117th Avenue. The building has street frontage, signage, two access points, and access from NE Halsey Street and NE 117th Avenue. It is near I-205, the Gateway District, the 122nd MAX Hub, Portland Airport, parks, shopping, and restaurants, with Downtown Portland approximately 15 minutes away. CM1 zoning allows a variety of commercial mixed-use applications.
Key Highlights
- 4,766 SF building on a 0.59‑acre corner lot
- Two large open showroom areas with four restrooms
- Two ADA‑compliant restrooms include showers and lockers
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
Flex RnD
$691.5K
$605.0K – $806.7K
NOI $48,402 @ 7.0% cap · market cap 4.40%
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
Lease Details
Yes
Highway access
Yes
Paved road access
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 Industrial in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Fitness center & gym - CM1-zoned facility with open areas, showers, lockers, storage, and multiple access points.
Where is this fitness center & gym located?
The property is located at 11702 NE HALSEY St 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: 4,766 SF building on a 0.59‑acre corner lot; Two large open showroom areas with four restrooms; Two ADA‑compliant restrooms include showers and lockers
