Mixed-Use Property with
For Sale
$6,750,000
1225 NW MURRAY, Portland, OR 97229
Combined office and apartment improvements provide both commercial workspace and residential units within one property.
Property Size22,806 SF
Price / SF$295.97
Days on Market117
Property Features for 1225 NW MURRAY
General Information
Standard status
Active
Size
22,806 SF
Property subtype
Commercial
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$69,257
Amenities
Central air
Baseboard Heating
Central Air Cooling
Composition Roof
Flat Roof
Forced Air Heating
Membrane Roof
On Site
Building Details
Year Built
1979
Buildings
2
Listing Agency:
WHERE, INC.
(503) 222-4373
Listed By:
SUZANN BARICEVIC MURPHY · License #860700098
Source:
Corcoran
Added: May 7
Changed: Aug 30
Last Checked: Aug 30 at 2:23PM
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 WHERE, INC.
Investment Insights
Based on property information with market context.
Located at 1225 NW Murray in Portland, Oregon, this mixed-use property combines a commercial office building with a separate 12-unit apartment building. The office component contains more than 22,000SF, while the residential building adds an established apartment component to the asset.
Built in 1979, the property is described as being in solid condition. All 12 apartments are fully occupied. The offering marks the first time the original owners have brought the property to market. Tenant access is restricted, and offers are subject to interior inspection.
Built in 1979, the property is described as being in solid condition. All 12 apartments are fully occupied. The offering marks the first time the original owners have brought the property to market. Tenant access is restricted, and offers are subject to interior inspection.
Key Highlights
- More than 22,000SF commercial office building
- Separate 12‑unit apartment building
- All 12 apartment units are fully occupied
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
$341,748
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
5.06%
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%
$6,834,960
$6.8M
Cap Rate 7%
$4,882,114
$4.9M
Cap Rate 9%
$3,797,200
$3.8M
Market Conditions
NOI Build-Up for 22,806 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
$615.8K $27.00/SF
− Vacancy
−$160.1K −$7.02/SF
EGI
$455.7K $19.98/SF
− OpEx
−$113.9K −$5.00/SF
NOI
$341.7K $14.99/SF
Area
ZIP 97229
Vacancy
26.00%
Lease Rate
$27.00 /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%
$6,834,960
Cap Rate 7%
$4,882,114
Cap Rate 9%
$3,797,200
Alternative Uses
Best Use
Office B
$4.88M
$4.27M – $5.70M
NOI $341,748 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$4.41M
$3.86M – $5.14M
NOI $308,663 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$6.16M
$5.39M – $7.18M
NOI $430,913 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
Business Placement
Demographics for 97229, OR
73,602
Population
28,312
Households
2.6
Avg Household Size
38
Median Age
69%
College-Educated
98%
High-School Grad
19.7 sq mi
ZIP Area
3,736
Density / Sq Mi
$159,863
Median Household Income
$83,904
Median Earnings
$1,948
Median Rent
$728,800
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?
Mixed-use property - Combined office and apartment improvements provide both commercial workspace and residential units within one property.
Where is this mixed-use property located?
The property is located at 1225 NW MURRAY Portland, OR.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: More than 22,000SF commercial office building; Separate 12‑unit apartment building; All 12 apartment units are fully occupied
