Live-Work Building with Street
For Sale
$499,000
5232 N Williams Ave, Portland, OR 97217
Street-level commercial suite with private entrance and soaring ceilings, plus an upper residence with an open-concept layout.
Property Size1,433 SF
Price / SF$348.22
Days on Market51
Property Features for 5232 N Williams Ave
General Information
Standard status
Active
Size
1,433 SF
Building Details
Year Built
2009
Listing Agency:
Windermere Realty Trust
Listed By:
Kate Alvord
(503) 284-7755
Source:
Christiesrealestateevg
Added: Jul 23
Changed: Sep 8
Last Checked: Sep 9 at 8:43PM
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 Windermere Realty Trust
Investment Insights
Based on property information with market context.
This live-work property combines a street-level commercial suite with a separate upper residence. The street-level space includes its own private entrance, soaring ceilings, polished concrete floors, and a newly remodeled bathroom. The residence above is designed with an open-concept layout, tall ceilings, and contemporary finishes, and it includes a spacious deck.
The property is located at 5232 N WILLIAMS in Portland and is described as having a Walk/Bike Score of 91/100 and a Home Energy Score of 9.
The overall layout supports flexible use, allowing the option to operate a business from the street-level suite while living upstairs, or to generate income through a separate commercial tenant.
The property is located at 5232 N WILLIAMS in Portland and is described as having a Walk/Bike Score of 91/100 and a Home Energy Score of 9.
The overall layout supports flexible use, allowing the option to operate a business from the street-level suite while living upstairs, or to generate income through a separate commercial tenant.
Key Highlights
- Built in 2009 live/work property with both an upper residence and a street‑level commercial suite.
- Street‑level commercial suite has its own private entrance, soaring ceilings, polished concrete floors, and a newly remodeled bathroom.
- Upper residence features an open‑concept layout with tall ceilings and contemporary finishes.
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
$19,346
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
3.88%
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%
$386,920
$386.9K
Cap Rate 7%
$276,371
$276.4K
Cap Rate 9%
$214,956
$215.0K
Market Conditions
NOI Build-Up for 1,433 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
$34.4K $24.00/SF
− Vacancy
−$3.4K −$2.40/SF
EGI
$31.0K $21.60/SF
− OpEx
−$11.6K −$8.10/SF
NOI
$19.3K $13.50/SF
Area
Portland, OR
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$386,920
Cap Rate 7%
$276,371
Cap Rate 9%
$214,956
Alternative Uses
Best Use
Mixed Use
$276.4K
$241.8K – $322.4K
NOI $19,346 @ 7.0% cap · market cap 3.88%
Second Best
Office B
$265.0K
$231.9K – $309.2K
NOI $18,550 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$402.4K
$352.1K – $469.5K
NOI $28,170 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,520
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Portland, OR
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Frequently Asked Questions
What type of property is this?
Live-work space - Street-level commercial suite with private entrance and soaring ceilings, plus an upper residence with an open-concept layout.
Where is this live-work space located?
The property is located at 5232 N Williams Ave Portland, OR.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Built in 2009 live/work property with both an upper residence and a street‑level commercial suite.; Street‑level commercial suite has its own private entrance, soaring ceilings, polished concrete floors, and a newly remodeled bathroom.; Upper residence features an open‑concept layout with tall ceilings and contemporary finishes.
