Mixed-Use Office and Apartment
For Sale
$6,750,000
1225 Nw Murray Rd Portland, Portland, OR 97229
Two-building portfolio offers a commercial office building plus fully occupied 12-unit apartments for one acquisition.
Property Size22,806 SF
Price / SF$295.97
Days on Market52
Property Features for 1225 Nw Murray Rd Portland
General Information
Standard status
Active
Size
22,806 SF
Total Parking Spaces
53
Property subtype
CommercialSale
Zoning
TO: BUS
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$69,256
Amenities
Electricity,Gas
PublicWater
53.0
1.82
OnSite
Paved
79279SF
22806.0
2
Building Details
Building Size
22,806 SF
Year Built
1980
Buildings
2
Stories
2
Listing Agency:
(844) 535-5974
Listed By:
Hong Sheppard
(844) 535-5974
Source:
Kellyrightrealestate
Added: Jun 30
Changed: Aug 19
Last Checked: Aug 20 at 4:24AM
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 Hong Sheppard
Investment Insights
Based on property information with market context.
The property includes a 22,000+ square foot commercial office building together with a 12-unit apartment building. The seller states both components are in solid condition. The apartments are fully occupied, and any offer is subject to interior inspection.
The site is described in the public remarks as being in an excellent southwest Washington County location in Portland, Oregon. No further details are provided regarding access, frontage, or nearby tenants.
For investors or owners seeking a multi-asset holding, this structure allows ownership of income-producing apartment units alongside a separate commercial office component within the same property. Because tenants are in place in the apartment building, showings and inspections require coordination, and offers should be submitted with the understanding that interior inspection is part of the process.
The site is described in the public remarks as being in an excellent southwest Washington County location in Portland, Oregon. No further details are provided regarding access, frontage, or nearby tenants.
For investors or owners seeking a multi-asset holding, this structure allows ownership of income-producing apartment units alongside a separate commercial office component within the same property. Because tenants are in place in the apartment building, showings and inspections require coordination, and offers should be submitted with the understanding that interior inspection is part of the process.
Key Highlights
- Two‑building portfolio includes a 22,800+ SF commercial office building and a fully occupied 12‑unit apartment building
- Total building area is 22,806 SF with 2 buildings on a 1.82‑acre lot (79,279 SF)
- Apartments are fully occupied; offers are subject to interior inspection (please do not disturb tenants)
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
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
798
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?
Office building - Two-building portfolio offers a commercial office building plus fully occupied 12-unit apartments for one acquisition.
Where is this office building located?
The property is located at 1225 Nw Murray Rd Portland 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: Two‑building portfolio includes a 22,800+ SF commercial office building and a fully occupied 12‑unit apartment building; Total building area is 22,806 SF with 2 buildings on a 1.82‑acre lot (79,279 SF); Apartments are fully occupied; offers are subject to interior inspection (please do not disturb tenants)
