Two-Building Office
New
For Sale
$880,000
12715 NE HALSEY, Portland, OR 97230
Includes one leased office building and a second vacant structure for occupancy.
Property Size3,600 SF
Lot Size0.43 Acres
Price / SF$244.44
Days on Market3
Property Features for 12715 NE HALSEY
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
18
Lot size
0.43 Acres
Property subtype
Commercial
Zoning
CM1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$11,016
Amenities
Composition Roof
Forced Air Heating
Off Street
Paved
Building Details
Year Built
1973
Buildings
2
Listing Agency:
BROKERS REALTY, INC
(503) 292-5600
Listed By:
MARIAN HSU · License #780302012
Source:
Corcoran
Added: Aug 18
Changed: Aug 20
Last Checked: Aug 20 at 6:31AM
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 BROKERS REALTY, INC
Investment Insights
Based on property information with market context.
The property includes two office buildings totaling 3,600 square feet, with 1,800 square feet in each structure. One building is leased, while the second is vacant. The 0.43-acre site provides 18 parking spaces, and both the HVAC systems and roof date to 2017. Prior uses included law and chiropractic offices.
Located at 12715 NE Halsey in Portland, the property is on the #77 busline and is zoned CM1. The site does not have a sign.
Located at 12715 NE Halsey in Portland, the property is on the #77 busline and is zoned CM1. The site does not have a sign.
Key Highlights
- Two office buildings totaling 3,600 square feet, with 1,800 square feet in each building
- One 1,800‑square‑foot building is leased; the second 1,800‑square‑foot building is vacant
- 0.43‑acre site with 18 parking spaces
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
$46,601
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
5.30%
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%
$932,020
$932.0K
Cap Rate 7%
$665,729
$665.7K
Cap Rate 9%
$517,789
$517.8K
Market Conditions
NOI Build-Up for 3,600 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
$82.1K $22.80/SF
− Vacancy
−$19.9K −$5.54/SF
EGI
$62.1K $17.26/SF
− OpEx
−$15.5K −$4.31/SF
NOI
$46.6K $12.94/SF
Area
Portland, OR
Vacancy
24.30%
Lease Rate
$22.80 /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%
$932,020
Cap Rate 7%
$665,729
Cap Rate 9%
$517,789
Alternative Uses
Best Use
Office B
$665.7K
$582.5K – $776.7K
NOI $46,601 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$884.6K – $1.18M
NOI $70,768 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
623
Businesses Nearby
Explore this area
Business Placement
Demographics for 97230, OR
41,562
Population
17,190
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
13.9 sq mi
ZIP Area
2,990
Density / Sq Mi
$70,582
Median Household Income
$41,102
Median Earnings
$1,511
Median Rent
$435,800
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 - Includes one leased office building and a second vacant structure for occupancy.
Where is this office building located?
The property is located at 12715 NE HALSEY Portland, OR.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Two office buildings totaling 3,600 square feet, with 1,800 square feet in each building; One 1,800‑square‑foot building is leased; the second 1,800‑square‑foot building is vacant; 0.43‑acre site with 18 parking spaces
