Versatile Mixed-Use Property For
For Sale
$399,000
2901 SE 122ND, Portland, OR 97236
Charming property with flexible space, ideal for live/work setup.
Property Size2,282 SF
Price / SF$174.85
Days on Market492
Property Features for 2901 SE 122ND
General Information
Standard status
Active
Size
2,282 SF
Taxes and HOA fees
Annual Taxes
$4,818
Building Details
Year Built
1951
Listing Agency:
HOMETRUST REAL ESTATE
Listed By:
JASMINE PHAM
Source:
Corcoran
Added: May 1, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 HOMETRUST REAL ESTATE
Investment Insights
Based on property information with market context.
This versatile property features a main level and a basement with both interior and exterior entrances, offering abundant space, flexibility, and functionality. The main level includes 2 bedrooms and a roll-in shower. The basement adds even more value with a full bathroom, family room, and ample storage space. A standout feature is the detached garage space, approximately 665 sqft, with a bathroom. Located on a high-exposure corner lot, this property benefits from excellent visibility, street parking, and proximity to local amenities and major routes. This property is zoned CM2 and is suitable for a live/work setup, an investment opportunity, or a space to customize and grow. The property size is 2282 sqft.
Key Highlights
- Detached 665 sqft garage with bathroom, suitable for home office or business.
- Basement with interior/exterior entrances, full bathroom, family room, and ample storage.
- High‑exposure corner lot with excellent visibility and street parking.
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
$30,807
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
7.72%
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%
$616,140
$616.1K
Cap Rate 7%
$440,100
$440.1K
Cap Rate 9%
$342,300
$342.3K
Market Conditions
NOI Build-Up for 2,282 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
$54.8K $24.00/SF
− Vacancy
−$5.5K −$2.40/SF
EGI
$49.3K $21.60/SF
− OpEx
−$18.5K −$8.10/SF
NOI
$30.8K $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%
$616,140
Cap Rate 7%
$440,100
Cap Rate 9%
$342,300
Alternative Uses
Best Use
Mixed Use
$440.1K
$385.1K – $513.5K
NOI $30,807 @ 7.0% cap · market cap 7.72%
Second Best
Office B
$422.0K
$369.3K – $492.3K
NOI $29,540 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$640.8K
$560.7K – $747.7K
NOI $44,859 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
753
Businesses Nearby
Explore this area
Business Placement
Demographics for 97236, OR
40,193
Population
13,736
Households
2.9
Avg Household Size
36
Median Age
21%
College-Educated
81%
High-School Grad
7.7 sq mi
ZIP Area
5,220
Density / Sq Mi
$68,582
Median Household Income
$38,131
Median Earnings
$1,436
Median Rent
$414,400
Median Home Value
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Charming property with flexible space, ideal for live/work setup.
Where is this mixed-use property located?
The property is located at 2901 SE 122ND Portland, OR.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Detached 665 sqft garage with bathroom, suitable for home office or business.; Basement with interior/exterior entrances, full bathroom, family room, and ample storage.; High‑exposure corner lot with excellent visibility and street parking.
