Updated Office Units with
For Sale
$1,600,000
12208 SE MARKET St, Portland, OR 97233
CommercialSale, Portland, OR
Property Size4,242 SF
Lot Size0.38 Acres
Price / SF$377.18
Days on Market176
Property Features for 12208 SE MARKET St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CG
View
City
Directions
On Signalized Corner of SE 122nd & SE Market St.
Subdivision
_143
Standard status
Active
APN
R305388
Size
4,242 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Description
WHITEHURST, BLOCK 1, LOT 1&2 EXC PT IN ST, W 28' OF LOT 4, LAND &
Tax Annual Amount
12233
Legal Description
WHITEHURST, BLOCK 1, LOT 1&2 EXC PT IN ST, W 28' OF LOT 4, LAND &
Utilities
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Central Air
Amenities
private offices
reception area
kitchens
conference rooms
bathrooms
Building Details
Year built
1951
Floors in Building
1
Building materials
Cedar, Frame
Roof type
Composition
Listing Agency:
Oregon First
(503) 667-5686
Listed By:
Amy Liu · License #201239122
(503) 317-3522
Added: Mar 2
Changed: Aug 25
Last Checked: Aug 25 at 5:06AM
MLS# 275644597
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.
This CG-zoned office property comprises two one-level buildings with a combined 4,242 square feet on 0.38 acres. The office layout includes multiple private offices, reception areas, kitchens, conference rooms, and bathrooms, along with 15 parking spaces. Building 1 contains three units and has received substantial updates, including a new roof, furnaces, air-conditioning units, interior paint, bathrooms, water lines, and iron fencing.
The second building is leased to a convenience store that is currently being remodeled and has an approximately 10-year-old roof. The property occupies a signalized corner at 12208 SE MARKET St in Portland, Oregon, near restaurants and retail businesses. Construction includes cedar and frame materials, with heat pump and forced-air heating, central air conditioning, and composition roofing.
The second building is leased to a convenience store that is currently being remodeled and has an approximately 10-year-old roof. The property occupies a signalized corner at 12208 SE MARKET St in Portland, Oregon, near restaurants and retail businesses. Construction includes cedar and frame materials, with heat pump and forced-air heating, central air conditioning, and composition roofing.
Key Highlights
- Two one‑level buildings totaling 4,242 SF on 0.38 acres
- CG zoning with 15 parking spaces
- Building 1 contains 3 units with multiple recent upgrades
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
$57,114
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
3.57%
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%
$1,142,280
$1.1M
Cap Rate 7%
$815,914
$815.9K
Cap Rate 9%
$634,600
$634.6K
Market Conditions
NOI Build-Up for 4,242 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
$81.4K $19.20/SF
− Vacancy
−$5.3K −$1.25/SF
EGI
$76.2K $17.95/SF
− OpEx
−$19.0K −$4.49/SF
NOI
$57.1K $13.46/SF
Area
Portland, OR
Vacancy
6.50%
Lease Rate
$19.20 /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%
$1,142,280
Cap Rate 7%
$815,914
Cap Rate 9%
$634,600
Alternative Uses
Best Use
Specialty Retail
$815.9K
$713.9K – $951.9K
NOI $57,114 @ 7.0% cap · market cap 3.57%
Second Best
Office B
$784.4K
$686.4K – $915.2K
NOI $54,911 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,388 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
989
Businesses Nearby
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
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 units - CG-zoned property includes private offices, reception space, kitchens, conference rooms, and bathrooms across multiple suites.
Where is this office units located?
The property is located at 12208 SE MARKET St Portland, OR.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Two one‑level buildings totaling 4,242 SF on 0.38 acres; CG zoning with 15 parking spaces; Building 1 contains 3 units with multiple recent upgrades
