Single-Tenant Flex
For Sale
$2,592,000
1190 NE DIVISION St, Gresham, OR 97030
CommercialSale, Gresham, OR
Property Size12,091 SF
Lot Size1.21 Acres
Price / SF$214.37
Days on Market35
Property Features for 1190 NE DIVISION St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Dem
Directions
1190 NE Division St between NE Cleveland Ave & NE Burnside Rd
Subdivision
_144
Standard status
Active
APN
R121672
Size
12,091 SF
Lot size
1.21 Acres
Taxes and HOA fees
Tax Description
BRISTOL, BLOCK 3, LOT 5&6 EXC PT IN HWY, INC PT VAC ST LOT 33-35
Tax Annual Amount
24408
Legal Description
BRISTOL, BLOCK 3, LOT 5&6 EXC PT IN HWY, INC PT VAC ST LOT 33-35
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1973
Floors in Building
1
Building materials
Brick
Roof type
Flat
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Bradley King · License #201235429
(503) 313-8262
Added: Jul 22
Changed: Aug 25
Last Checked: Aug 25 at 6:06AM
MLS# 539050986
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.
The property includes a 12,091-square-foot single-tenant industrial/flex building on 1.21 acres. Built in 1973, the structure features brick construction, a flat roof, forced-air heating, and central air conditioning. The property is zoned Dem.
An in-place NNN lease has 3 years remaining and includes a 2-year renewal option. The reported cap rate is 7.0%. The asset is located at 1190 NE DIVISION St in Gresham, Oregon 97030.
An in-place NNN lease has 3 years remaining and includes a 2-year renewal option. The reported cap rate is 7.0%. The asset is located at 1190 NE DIVISION St in Gresham, Oregon 97030.
Key Highlights
- 12,091 SF single‑tenant industrial/flex building
- 1.21‑acre site in Gresham, OR
- NNN lease with 3 years remaining
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
$112,182
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
4.33%
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%
$2,243,640
$2.2M
Cap Rate 7%
$1,602,600
$1.6M
Cap Rate 9%
$1,246,467
$1.2M
Market Conditions
NOI Build-Up for 12,091 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
$188.6K $15.60/SF
− Vacancy
−$16.0K −$1.33/SF
EGI
$172.6K $14.27/SF
− OpEx
−$60.4K −$5.00/SF
NOI
$112.2K $9.28/SF
Area
Gresham, OR
Vacancy
8.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$2,243,640
Cap Rate 7%
$1,602,600
Cap Rate 9%
$1,246,467
Alternative Uses
Best Use
Flex RnD
$1.60M
$1.40M – $1.87M
NOI $112,182 @ 7.0% cap · market cap 4.33%
Second Best
Industrial
$1.18M
$1.03M – $1.37M
NOI $82,495 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$2.76M
$2.42M – $3.22M
NOI $193,408 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,500
Businesses Nearby
Explore this area
Business Placement
Demographics for 97030, OR
39,492
Population
16,500
Households
2.4
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,266
Density / Sq Mi
$61,793
Median Household Income
$40,352
Median Earnings
$1,604
Median Rent
$418,100
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Brick flex property with central air, forced-air heat, and an existing NNN lease structure.
Where is this flex space located?
The property is located at 1190 NE DIVISION St Gresham, OR.
What is the asking price?
The asking price for this property is $2,592,000.
What are key features of this property?
This property features: 12,091 SF single‑tenant industrial/flex building; 1.21‑acre site in Gresham, OR; NNN lease with 3 years remaining
