Pearl District Live/Work
For Sale
$395,000
1314 NW IRVING #308, Portland, OR 97209
Spacious loft in the Pearl District's historic warehouse neighborhood.
Property Size1,635 SF
Price / SF$241.59
Days on Market144
Property Features for 1314 NW IRVING #308
General Information
Standard status
Active
Size
1,635 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,033
Amenities
Built Up Roof
Off Street
Secured
Zoned Heating
Building Details
Year Built
1925
Listing Agency:
JOSH REITER REAL ESTATE
(503) 706-1411
Listed By:
JOSH REITER
Source:
Corcoran
Added: Mar 23
Changed: Aug 10
Last Checked: Aug 12 at 7:27AM
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 JOSH REITER REAL ESTATE
Investment Insights
Based on property information with market context.
Located in the Pearl District's historic warehouse neighborhood, this spacious loft at Irving Street Lofts offers south-facing views. The property is surrounded by restaurants, art galleries, cafes, breweries, and the local tech scene. Zoned EX, this artist's loft allows for combining living and workspace. The interior features 11-foot ceilings and natural light, with finishes including tile and natural stone. The updated kitchen and bath include stainless steel appliances and modern design, complemented by halogen pendant lighting, new carpet, and fresh interior paint. Additional features include deeded parking in a secure garage, a large private storage unit, and a shared rooftop deck with panoramic views. The property provides access to MAX Light Rail and the Portland Streetcar. The property has a Walk Score of 99.
Key Highlights
- EX Zoning: Ideal for artists and entrepreneurs, allows seamless integration of living and workspace.
- Prime Pearl District Location: Surrounded by restaurants, art galleries, cafes, breweries, and the tech scene.
- Sweeping South‑Facing Views: Enjoy expansive views from the spacious loft.
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
$22,073
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
5.59%
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%
$441,460
$441.5K
Cap Rate 7%
$315,329
$315.3K
Cap Rate 9%
$245,256
$245.3K
Market Conditions
NOI Build-Up for 1,635 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
$39.2K $24.00/SF
− Vacancy
−$3.9K −$2.40/SF
EGI
$35.3K $21.60/SF
− OpEx
−$13.2K −$8.10/SF
NOI
$22.1K $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%
$441,460
Cap Rate 7%
$315,329
Cap Rate 9%
$245,256
Alternative Uses
Best Use
Mixed Use
$315.3K
$275.9K – $367.9K
NOI $22,073 @ 7.0% cap · market cap 5.59%
Second Best
Office B
$302.4K
$264.6K – $352.8K
NOI $21,165 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$459.1K
$401.8K – $535.7K
NOI $32,140 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10,690
Businesses Nearby
Explore this area
Business Placement
Demographics for 97209, OR
22,755
Population
16,437
Households
1.4
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
1.0 sq mi
ZIP Area
22,755
Density / Sq Mi
$84,059
Median Household Income
$68,731
Median Earnings
$1,669
Median Rent
$573,700
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?
Live-work space - Spacious loft in the Pearl District's historic warehouse neighborhood.
Where is this live-work space located?
The property is located at 1314 NW IRVING #308 Portland, OR.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: EX Zoning: Ideal for artists and entrepreneurs, allows seamless integration of living and workspace.; Prime Pearl District Location: Surrounded by restaurants, art galleries, cafes, breweries, and the tech scene.; Sweeping South‑Facing Views: Enjoy expansive views from the spacious loft.
