Leased Office Building For
For Sale
$3,990,000
4949 South Macadam Avenue, Portland, OR 97239
17,657 SF office building in South Portland, 100% leased.
Property Size17,657 SF
Price / SF$225.97
Days on Market204
Property Features for 4949 South Macadam Avenue
General Information
Standard status
Active
Size
17,657 SF
Class
B
Property subtype
Office
Building Details
Building Size
17,657 SF
Year Built
1979
Listing Agency:
Capacity Commercial Group
(503) 222-2655
Listed By:
Nicholas Diamond · License #WA #25460
Source:
Corfac
Added: Jan 26
Changed: Aug 16
Last Checked: Aug 18 at 5:30AM
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 17,657 square foot office building is located in South Portland, near downtown and the Willamette River, and close to retail and dining locations such as Elephants on Corbett, Jolly Rodger, and Starbucks. The building is currently 100% leased until May 15, 2028, presenting an opportunity for an owner-user or re-leasing scenario. Renovated in 2017, the property also received a partial new roof in 2024. The building features a coworking/creative office buildout on both floors, with 6,007 square feet on the ground floor and 11,650 square feet on the second floor. There are 51 off-street parking spaces, providing a parking ratio of 2.8 spaces per 1,000 square feet.
Key Highlights
- 100% Leased until May 15, 2028, providing immediate income.
- Opportunity for Owner‑User after lease expiration or Value Add Investment.
- Located in Prime Johns Landing Neighborhood near Downtown and the Willamette River.
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
$228,565
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
5.73%
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%
$4,571,300
$4.6M
Cap Rate 7%
$3,265,214
$3.3M
Cap Rate 9%
$2,539,611
$2.5M
Market Conditions
NOI Build-Up for 17,657 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
$402.6K $22.80/SF
− Vacancy
−$97.8K −$5.54/SF
EGI
$304.8K $17.26/SF
− OpEx
−$76.2K −$4.31/SF
NOI
$228.6K $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%
$4,571,300
Cap Rate 7%
$3,265,214
Cap Rate 9%
$2,539,611
Alternative Uses
Best Use
Office B
$3.27M
$2.86M – $3.81M
NOI $228,565 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.96M
$4.34M – $5.78M
NOI $347,097 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,584
Businesses Nearby
Explore this area
Business Placement
Demographics for 97239, OR
18,323
Population
9,963
Households
1.8
Avg Household Size
39
Median Age
74%
College-Educated
99%
High-School Grad
3.6 sq mi
ZIP Area
5,090
Density / Sq Mi
$108,795
Median Household Income
$67,384
Median Earnings
$1,749
Median Rent
$713,100
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 building - 17,657 SF office building in South Portland, 100% leased.
Where is this office building located?
The property is located at 4949 South Macadam Avenue Portland, OR.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: 100% Leased until May 15, 2028, providing immediate income.; Opportunity for Owner‑User after lease expiration or Value Add Investment.; Located in Prime Johns Landing Neighborhood near Downtown and the Willamette River.
