Building Details

Year Built 1979

Buildings 2

Listing Agency: WHERE, INC. Show Phone

Listed By: SUZANN BARICEVIC MURPHY · License #860700098 Show Phone

Source: Corcoran

Added: May 7 Changed: Oct 16 Last Checked: Oct 16 at 9:11AM

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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.

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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.

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 / Yr

$341,748

Cap Rate

5.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,834,960 $6.8M

Cap Rate 7%

$4,882,114 $4.9M

Cap Rate 9%

$3,797,200 $3.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 22,806 SF

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 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 (±1% cap)

NOI $341,748 @ 7.0% cap · market cap 5.06%

Second Best

Apartment 5plus

$4.41M

$3.86M – $5.14M (±1% cap)

NOI $308,663 @ 7.0% cap · market cap 4.57%

Theoretical Best

Office A

$6.16M

$5.39M – $7.18M (±1% cap)

NOI $430,913 @ 7.0% cap · market cap 6.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office buildings

Suggested Use

Top Pick Law Firm Nail Salon Building Supply Parking Lot & Garage Hair Salon Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

10.1% 2019

12.3% 2020

16.1% 2021

18.5% 2022

20.8% 2023

21.7% 2024

24.3% 2025

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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