Central East Side Warehouse
For Sale
$2,200,000
307 SE Washington St, Portland, OR 97214
Warehouse in Portland's central east side with development opportunity.
Property Size20,000 SF
Days on Market233
Property Features for 307 SE Washington St
General Information
Standard status
Active
Size
20,000 SF
Property subtype
Industrial
Zoning
EX
Building Details
Building Size
20,000 SF
Year Built
1922
Listed By:
Clayton Madey, SIOR · License #OR #201727196
(503) 896-6286
Source:
Macadamforbes
Added: Jan 27
Changed: Sep 4
Last Checked: Sep 16 at 7:02PM
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 Clayton Madey, SIOR
Investment Insights
Based on property information with market context.
This warehouse building, situated in the heart of Portland's central east side, presents an opportunity for an owner-user or investor. The property's "EX" zoning designation suggests a potential development opportunity. It features immediate access to I-5, Hwy 99E, and various retail and restaurant amenities. The building includes two side-by-side grade-level operational roll-up doors and one dock level on the west side. The building has three stories: the basement and first floor share a similar footprint, while the second floor contains small office suites accessible only by stairs. The building is elevator served.
Key Highlights
- Excellent central east side location.
- Immediate access to I‑5, Hwy 99E.
- Flexible "EX" zoning designation offers development opportunity.
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
$152,429
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
6.93%
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%
$3,048,580
$3.0M
Cap Rate 7%
$2,177,557
$2.2M
Cap Rate 9%
$1,693,656
$1.7M
Market Conditions
NOI Build-Up for 20,000 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
$192.0K $9.60/SF
− Vacancy
−$12.7K −$0.63/SF
EGI
$179.3K $8.97/SF
− OpEx
−$26.9K −$1.34/SF
NOI
$152.4K $7.62/SF
Area
Portland, OR
Vacancy
6.60%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$3,048,580
Cap Rate 7%
$2,177,557
Cap Rate 9%
$1,693,656
Alternative Uses
Best Use
Office B
$3.70M
$3.24M – $4.31M
NOI $258,894 @ 7.0% cap · market cap 11.77%
Second Best
Warehouse
$2.18M
$1.91M – $2.54M
NOI $152,429 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$5.62M
$4.91M – $6.55M
NOI $393,155 @ 7.0% cap · market cap 17.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,974
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Portland, OR
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Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse in Portland's central east side with development opportunity.
Where is this warehouse located?
The property is located at 307 SE Washington St Portland, OR.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Excellent central east side location.; Immediate access to I‑5, Hwy 99E.; Flexible "EX" zoning designation offers development opportunity.
