Live-Work Office
For Sale
Contact for pricing
12135 Southeast Lincoln Street, Portland, OR 97216
Two-building setup with ADA-accessible office suites and a corner-lot bungalow suited for live-work or creative use.
Property Size6,659 SF
Price / SF$150.02
Days on Market77
Property Features for 12135 Southeast Lincoln Street
General Information
Standard status
Active
Size
6,659 SF
Property subtype
Retail, Office
Zoning
CM1
Investment Type
Owner/User
Building Details
Year Built
1977
Buildings
2
Tenancy
Multi
Listing Agency:
Commercial Real Estate NW
(503) 309-5106
Listed By:
Marissa Lee · License #201221687
Source:
Crexi
Added: May 28
Changed: Aug 8
Last Checked: Aug 12 at 8:22AM
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 Commercial Real Estate NW
Investment Insights
Based on property information with market context.
This two-building offering is designed for flexible owner-user use with immediate occupancy. 12135 SE Lincoln St features two office suites, each with private offices, ADA accessibility, and marquee signage. The remodeled lower suite is available now for an owner-user, while the second suite provides existing income and may be re-leased.
A separate asset at 2057 SE 122nd Ave is a corner lot Craftsman bungalow. The property is described as having strong visibility and signage, supporting live/work or creative office potential.
For tenants and owner-users, the combination of ADA-accessible office space and a distinctive bungalow format creates options for operational flexibility, whether you need conventional office configuration or a more character-driven live-work or creative workspace. The suite-level arrangement also allows you to consider occupying the available remodeled space while evaluating the continuing tenancy strategy for the other suite.
A separate asset at 2057 SE 122nd Ave is a corner lot Craftsman bungalow. The property is described as having strong visibility and signage, supporting live/work or creative office potential.
For tenants and owner-users, the combination of ADA-accessible office space and a distinctive bungalow format creates options for operational flexibility, whether you need conventional office configuration or a more character-driven live-work or creative workspace. The suite-level arrangement also allows you to consider occupying the available remodeled space while evaluating the continuing tenancy strategy for the other suite.
Key Highlights
- Two‑building offering with immediate occupancy, including an ADA‑accessible office building at 12135 SE Lincoln St.
- 12135 SE Lincoln St includes two office suites with private offices and marquee signage.
- Remodeled lower suite at 12135 SE Lincoln St is available now for an owner‑user.
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
$89,897
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
9.00%
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%
$1,797,940
$1.8M
Cap Rate 7%
$1,284,243
$1.3M
Cap Rate 9%
$998,856
$998.9K
Market Conditions
NOI Build-Up for 6,659 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
$159.8K $24.00/SF
− Vacancy
−$16.0K −$2.40/SF
EGI
$143.8K $21.60/SF
− OpEx
−$53.9K −$8.10/SF
NOI
$89.9K $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%
$1,797,940
Cap Rate 7%
$1,284,243
Cap Rate 9%
$998,856
Alternative Uses
Best Use
Mixed Use
$1.28M
$1.12M – $1.50M
NOI $89,897 @ 7.0% cap · market cap 9.00%
Second Best
Office B
$1.23M
$1.08M – $1.44M
NOI $86,199 @ 7.0% cap · market cap 8.63%
Theoretical Best
Office A
$1.87M
$1.64M – $2.18M
NOI $130,901 @ 7.0% cap · market cap 13.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 97216, OR
17,488
Population
7,235
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
6,995
Density / Sq Mi
$71,951
Median Household Income
$42,537
Median Earnings
$1,390
Median Rent
$439,000
Median Home Value
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Two-building setup with ADA-accessible office suites and a corner-lot bungalow suited for live-work or creative use.
Where is this live-work space located?
The property is located at 12135 Southeast Lincoln Street Portland, OR.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Two‑building offering with immediate occupancy, including an ADA‑accessible office building at 12135 SE Lincoln St.; 12135 SE Lincoln St includes two office suites with private offices and marquee signage.; Remodeled lower suite at 12135 SE Lincoln St is available now for an owner‑user.
