Renovated Mixed-Use Space in
For Sale
$11,500,000
1715 NW 17th Ave, Portland, OR 97209
Available mixed-use space in a highly walkable Portland neighborhood.
Property Size68,767 SF
Price / SF$167.23
Days on Market260
Property Features for 1715 NW 17th Ave
General Information
Standard status
Active
Size
68,767 SF
Class
B
Property subtype
Office / Flex / Retail
Building Details
Building Size
68,767 SF
Year Built
2020
Listing Agency:
Capacity Commercial Group
(503) 781-4008
Listed By:
Don Ossey, SIOR · License #201233429
(503) 781-4008
Source:
Corfac
Added: Nov 25, 2025
Changed: Aug 8
Last Checked: May 8 at 9:02PM
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 Capacity Commercial Group
Investment Insights
Based on property information with market context.
This mixed-use space offers 68,767 square feet, divisible to 34,383 square feet, in Portland’s Northwest close-in area. The property is situated in a highly walkable neighborhood with a Walk Score of 98, benefiting from strong mixed-use infrastructure that includes retail, office, and residential elements. This infrastructure captures both local and broader traffic. The location provides convenient access to major highways, including I-405 and Highway 30, as well as downtown via the Fremont Bridge. Northwest 17th Avenue is a prominent corridor, offering high visibility and signage opportunities. The area features strong residential density and mixed-use, supporting both daytime and evening activity with a diverse base of amenities. It also offers convenient regional access suitable for light manufacturing, trades, or service-based businesses. The property was completely renovated in 2020, featuring new windows and skylights, polished concrete floors, and seismic upgrades. Constructed with reinforced concrete and mass timber, the space includes a second-story deck and oversized windows that allow for abundant light, creating a highly collaborative work environment. Bike storage is available. Nearby highlights include Aviation American Gin, Emerald Line, Fullerton Wines, Globe Lighting Supply, Inn at Northrup Station, LA Fitness, New Seasons, Ranch Pizza, The Triple Lindy, and YogaSix Slabtown.
Key Highlights
- Completely renovated in 2020 with new windows, skylights, polished concrete floors, and seismic upgrades.
- Prime location in Portland's NW Close‑In with a high walk score of 98.**
- 68,767 SF of mixed‑use space divisible to 34,383 SF.
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
$890,168
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
7.74%
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%
$17,803,360
$17.8M
Cap Rate 7%
$12,716,686
$12.7M
Cap Rate 9%
$9,890,756
$9.9M
Market Conditions
NOI Build-Up for 68,767 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
$1.57M $22.80/SF
− Vacancy
−$381.0K −$5.54/SF
EGI
$1.19M $17.26/SF
− OpEx
−$296.7K −$4.31/SF
NOI
$890.2K $12.94/SF
Area
Portland, OR
Vacancy
24.30%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$17,803,360
Cap Rate 7%
$12,716,686
Cap Rate 9%
$9,890,756
Alternative Uses
Best Use
Office B
$12.72M
$11.13M – $14.84M
NOI $890,168 @ 7.0% cap · market cap 7.74%
Second Best
Retail
$11.45M
$10.02M – $13.36M
NOI $801,479 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$19.31M
$16.90M – $22.53M
NOI $1,351,803 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,597
Businesses Nearby
Explore this area
Business Placement
Demographics for 97209, OR
22,755
Population
16,437
Households
1.4
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
1.0 sq mi
ZIP Area
22,755
Density / Sq Mi
$84,059
Median Household Income
$68,731
Median Earnings
$1,669
Median Rent
$573,700
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?
Office units - Available mixed-use space in a highly walkable Portland neighborhood.
Where is this office units located?
The property is located at 1715 NW 17th Ave Portland, OR.
What is the asking price?
The asking price for this property is $11,500,000.
What are key features of this property?
This property features: Completely renovated in 2020 with new windows, skylights, polished concrete floors, and seismic upgrades.; Prime location in Portland's NW Close‑In with a high walk score of 98.**; 68,767 SF of mixed‑use space divisible to 34,383 SF.
