Redevelopment Opportunity: Mixed-Use
5417 NE 15TH Portland, OR 97211
5417 NE 15TH, Portland, OR, 97211
$550,000
For Sale
$550,000
Double lot with CM2 zoning, ideal for mixed-use development.
Property Size1,936 SF
Lot Size0.16 Acres
Price / SF$284.09
Days on Market467
Property Features for 5417 NE 15TH
General Information
- Standard status
- Active
- Size
- 1,936 SF
- Lot size
- 0.16 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1914
Listing agency
PREMIERE PROPERTY GROUP LLC
(503) 670-9000
Listed by
CRYSTAL BACON
Source
Corcoran
Added: Apr 11, 2025 Updated: Jul 6 at 10:05AM Checked: Jul 21 at 5:46AM
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 PREMIERE PROPERTY GROUP LLC
Investment Insights
Based on property information with market context.
This property presents an excellent redevelopment opportunity with a double commercial lot zoned CM2, suitable for constructing a new mixed-use building with retail space below and apartments above. Currently on the site is a large, classic fixer-upper home and an old detached garage. The house features two bedrooms upstairs, one bedroom in the basement, a fireplace, and washer/dryer hookups in the basement. The Commercial/Mixed Use 2 (CM2) zone is designed for medium-scale development in centers, corridors, and mixed-use areas with frequent transit service. It accommodates a wide range of commercial, residential, and employment uses with limited off-site impacts. Buildings in this zone can generally be up to four stories tall, with potential for increased height and floor area through bonuses or plan district provisions. Development in this zone is intended to be pedestrian-oriented, create a strong connection between buildings and sidewalks, and complement the scale of surrounding residential areas. The property size is 1936 square feet.
Key Highlights
- Excellent redevelopment opportunity on a double commercial lot.
- CM2 zoning allows for mixed‑use development with retail below and apartments above.
- Located in an area with frequent transit service.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $46.5k | $24.00 |
| − Vacancy | −$4.6k | −$2.40 |
| EGI | $41.8k | $21.60 |
| − OpEx | −$15.7k | −$8.10 |
| NOI | $26.1k | $13.50 |
1,936 SF · lease $24.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$373.4K
$326.7K – $435.6K
NOI $26,136 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$355.1K
$310.7K – $414.3K
NOI $24,858 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$543.7K
$475.7K – $634.3K
NOI $38,057 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Mixed-use properties
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Double lot with CM2 zoning, ideal for mixed-use development.
Where is this mixed-use property located?
The property is located at 5417 NE 15TH Portland, OR.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Excellent redevelopment opportunity on a double commercial lot.; CM2 zoning allows for mixed‑use development with retail below and apartments above.; Located in an area with frequent transit service.
