Portland Flex Warehouse and
For Sale
$2,950,000
2187 Northwest Reed Street, Portland, OR 97210
18,751 SF flex warehouse with renovated office space.
Property Size18,751 SF
Price / SF$157.32
Days on Market149
Property Features for 2187 Northwest Reed Street
General Information
Standard status
Active
Size
18,751 SF
Property subtype
Industrial
Listing Agency:
CBRE - Portland
(503) 200-9216
Listed By:
Graham Taylor · License #01429996
(503) 200-9216
Source:
Cbre
Added: Mar 25
Changed: Aug 14
Last Checked: Aug 19 at 5:25AM
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 CBRE - Portland
Investment Insights
Based on property information with market context.
Located in Portland’s Northwest industrial district, the property at 2187 NW Reed St. is an approximately 18,751 SF concrete building. The property includes approximately 4,500 SF of renovated office space. It features ample on-site parking with 20+ spaces, one dock-high door, and two grade-level drive-in doors. The building has a 14' clear height, insulated drop-ceilings, and modern HVAC systems. Renovated in 2016, the conditioned flex warehouse and office property offers excellent access to major freeways and downtown Portland. This property is suitable for owner-users or investors seeking operational efficiency and strategic connectivity.
Key Highlights
- Prime location in Portland's coveted Northwest industrial district.
- ±18,751 SF concrete building with ±4,500 SF of renovated office space.
- Excellent access to major freeways and downtown Portland.
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
$190,428
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
6.46%
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%
$3,808,560
$3.8M
Cap Rate 7%
$2,720,400
$2.7M
Cap Rate 9%
$2,115,867
$2.1M
Market Conditions
NOI Build-Up for 18,751 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
$315.0K $16.80/SF
− Vacancy
−$22.1K −$1.18/SF
EGI
$293.0K $15.62/SF
− OpEx
−$102.5K −$5.47/SF
NOI
$190.4K $10.16/SF
Area
Portland, OR
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$3,808,560
Cap Rate 7%
$2,720,400
Cap Rate 9%
$2,115,867
Alternative Uses
Best Use
Flex RnD
$2.72M
$2.38M – $3.17M
NOI $190,428 @ 7.0% cap · market cap 6.46%
Second Best
Industrial
$1.68M
$1.47M – $1.96M
NOI $117,690 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$5.27M
$4.61M – $6.14M
NOI $368,602 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,669
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97210, OR
13,016
Population
7,910
Households
1.6
Avg Household Size
38
Median Age
76%
College-Educated
97%
High-School Grad
8.9 sq mi
ZIP Area
1,462
Density / Sq Mi
$87,942
Median Household Income
$66,429
Median Earnings
$1,577
Median Rent
$991,500
Median Home Value
Market
Vacancy Rate% for Industrial in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 18,751 SF flex warehouse with renovated office space.
Where is this flex space located?
The property is located at 2187 Northwest Reed Street Portland, OR.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Prime location in Portland's coveted Northwest industrial district.; ±18,751 SF concrete building with **±4,500 SF of renovated office space.**; Excellent access to major freeways and downtown Portland.
