Ground-Floor Creative
For Sale
$825,000
1314 NW IRVING St, Portland, OR 97209
CommercialSale, Portland, OR
Property Size3,638 SF
Price / SF$226.77
Days on Market63
Property Features for 1314 NW IRVING St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
EX
View
Territorial, City
Directions
I-405 to Everett Exit, W on Everett, R on 14th, L on Irving. Corner of NW 13th & Irving.
Subdivision
_148
Standard status
Active
APN
R187336
Size
3,638 SF
Taxes and HOA fees
Tax Description
IRVING STREET LOFTS,A CONDOMINIUM, LOT 101
Tax Annual Amount
13231
Legal Description
IRVING STREET LOFTS,A CONDOMINIUM, LOT 101
Amenities
secure access
building management
rooftop terrace
Building Details
Year built
1925
Building materials
Brick
Roof type
Flat
Listing Agency:
Better Homes & Gardens Realty · Better Homes and Gardens Real Estate
(503) 698-6600
Listed By:
Derek Peterson · License #200604249
(503) 332-0046
Added: Jun 25
Changed: Jul 6
Last Checked: Aug 26 at 1:06AM
MLS# 554402196
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,638-square-foot ground-floor creative space occupies the Irving Street Lofts and retains substantial industrial character, including exposed concrete columns, brick construction, high ceilings, warehouse-style windows, and abundant natural light. The layout includes a reception area, private offices, open work zones, conference space, copy and work room, kitchen and break area, storage, and private restrooms. Direct exterior access and street-facing windows add a strong presence at the building level.
The property is located in Portland’s Pearl District at 1314 NW Irving St. Building features include secure access, on-site building management from 9-5, and a rooftop terrace with seating and barbecue facilities. The surrounding area includes restaurants, boutiques, galleries, parks, and streetcar access.
The property is located in Portland’s Pearl District at 1314 NW Irving St. Building features include secure access, on-site building management from 9-5, and a rooftop terrace with seating and barbecue facilities. The surrounding area includes restaurants, boutiques, galleries, parks, and streetcar access.
Key Highlights
- 3,638 SF ground‑floor creative space in Irving Street Lofts
- Industrial details include exposed concrete columns, brick construction, high ceilings, and warehouse‑style windows
- Layout includes private offices, open work areas, conference space, kitchen, storage, and private restrooms
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
$47,093
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
5.71%
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%
$941,860
$941.9K
Cap Rate 7%
$672,757
$672.8K
Cap Rate 9%
$523,256
$523.3K
Market Conditions
NOI Build-Up for 3,638 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
$82.9K $22.80/SF
− Vacancy
−$20.2K −$5.54/SF
EGI
$62.8K $17.26/SF
− OpEx
−$15.7K −$4.31/SF
NOI
$47.1K $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%
$941,860
Cap Rate 7%
$672,757
Cap Rate 9%
$523,256
Alternative Uses
Best Use
Office B
$672.8K
$588.7K – $784.9K
NOI $47,093 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$893.9K – $1.19M
NOI $71,515 @ 7.0% cap · market cap 8.67%
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?
Creative space - Flexible office environment with industrial character, direct exterior entry, and adaptable rooms for professional or creative operations.
Where is this creative space located?
The property is located at 1314 NW IRVING St Portland, OR.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 3,638 SF ground‑floor creative space in Irving Street Lofts; Industrial details include exposed concrete columns, brick construction, high ceilings, and warehouse‑style windows; Layout includes private offices, open work areas, conference space, kitchen, storage, and private restrooms
