Office and Apartment Investment
For Sale
$6,750,000
1225 NW MURRAY RD, Portland, OR 97229
22,000SF+ commercial office building plus 12 fully occupied apartment units offered together for sale.
Property Size22,000 SF
Price / SF$306.82
Days on Market48
Property Features for 1225 NW MURRAY RD
General Information
Standard status
Active
Size
22,000 SF
Zoning
TO: BUS
Occupancy
100%
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$69,256
Amenities
yes
2
no
Public Water
1 to 2.99 Acres
Electricity, Gas
Paved
Existing
79279SF
Building Details
Year Built
1980
Buildings
2
Stories
2
Listed By:
Twenty-Four Ten Avenue Realty, LLC
(833) 848-8326
Source:
2410ave.idxbroker
Added: Jul 21
Changed: Sep 4
Last Checked: Sep 6 at 4:03AM
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 Twenty-Four Ten Avenue Realty, LLC
Investment Insights
Based on property information with market context.
The property at 1225 NW Murray Rd, Portland, OR 97229 includes a 22,000SF+ commercial office building and a 12-unit apartment building. Public remarks indicate the buildings are in solid condition, and the apartments are fully occupied.
The office building and residential units are both located on the same site in an excellent SW Washington County location. The seller notes this as an investor opportunity and requests that tenants not be disturbed.
Offers are stated to be subject to interior inspection, which may be important for evaluating the apartments and office space prior to finalizing terms.
The office building and residential units are both located on the same site in an excellent SW Washington County location. The seller notes this as an investor opportunity and requests that tenants not be disturbed.
Offers are stated to be subject to interior inspection, which may be important for evaluating the apartments and office space prior to finalizing terms.
Key Highlights
- 22,000 SF+ commercial office building
- 12‑unit apartment building included
- Apartments 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
$329,670
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
4.88%
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%
$6,593,400
$6.6M
Cap Rate 7%
$4,709,571
$4.7M
Cap Rate 9%
$3,663,000
$3.7M
Market Conditions
NOI Build-Up for 22,000 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
$594.0K $27.00/SF
− Vacancy
−$154.4K −$7.02/SF
EGI
$439.6K $19.98/SF
− OpEx
−$109.9K −$5.00/SF
NOI
$329.7K $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%
$6,593,400
Cap Rate 7%
$4,709,571
Cap Rate 9%
$3,663,000
Alternative Uses
Best Use
Office B
$4.71M
$4.12M – $5.49M
NOI $329,670 @ 7.0% cap · market cap 4.88%
Second Best
Apartment 5plus
$4.25M
$3.72M – $4.96M
NOI $297,754 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$5.94M
$5.20M – $6.93M
NOI $415,684 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - 22,000SF+ commercial office building plus 12 fully occupied apartment units offered together for sale.
Where is this office building located?
The property is located at 1225 NW MURRAY RD 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: 22,000 SF+ commercial office building; 12‑unit apartment building included; Apartments are fully occupied
