Live-Work Loft
For Sale
$365,000
1314 NW IRVING #605, Portland, OR 97209
Sixth-floor loft with central air, open industrial styling, and access to a rooftop deck for flexible live/work or office use.
Property Size1,202 SF
Price / SF$303.66
Days on Market60
Property Features for 1314 NW IRVING #605
General Information
Standard status
Active
Size
1,202 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
EX
Taxes and HOA fees
Annual Taxes
$7,964
Amenities
Central air
Built Up Roof
Central Air Cooling
Covered
Heat Pump Cooling
Heat Pump Heating
Secured
Zoned Heating
Building Details
Year Built
1925
Listing Agency:
JOSH REITER REAL ESTATE
(503) 706-1411
Listed By:
JOSH REITER
Source:
Corcoran
Added: Jun 13
Changed: Aug 10
Last Checked: Aug 11 at 9:00AM
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 on the sixth floor, this Irving St. Lofts loft blends authentic industrial architecture with modern finishes. The space features expansive windows, soaring ceilings, and polished/stained concrete floors, with stainless steel appliances complementing the open layout. A rare in-building central air conditioning setup adds year-round comfort.
Set at 1314 NW Irving #605 in Portland’s Pearl District, the property is described as supportive of commercial and office use under EX (Central Employment) zoning. Building amenities include a rooftop deck with panoramic 360-degree views, along with one secure parking space. Additional shared facilities are located on the second floor, including a meeting room and employee restrooms.
This versatile configuration is suited for a range of users seeking an adaptable environment, including those looking for a live/work setup, a creative studio, a professional office, or a combination approach. With central air, the loft’s high-impact industrial character and practical building support spaces help accommodate both day-to-day work needs and more personal use within the same footprint. The listing also notes a Walk Score of 99, positioning everyday services and destinations close by in the Pearl neighborhood.
Set at 1314 NW Irving #605 in Portland’s Pearl District, the property is described as supportive of commercial and office use under EX (Central Employment) zoning. Building amenities include a rooftop deck with panoramic 360-degree views, along with one secure parking space. Additional shared facilities are located on the second floor, including a meeting room and employee restrooms.
This versatile configuration is suited for a range of users seeking an adaptable environment, including those looking for a live/work setup, a creative studio, a professional office, or a combination approach. With central air, the loft’s high-impact industrial character and practical building support spaces help accommodate both day-to-day work needs and more personal use within the same footprint. The listing also notes a Walk Score of 99, positioning everyday services and destinations close by in the Pearl neighborhood.
Key Highlights
- Built in 1925; sixth‑floor loft in Irving St. Lofts warehouse conversion
- Central A/C for year‑round comfort (rare in the building)
- Expansive windows with soaring ceilings plus polished/stained concrete floors
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
$16,227
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
4.45%
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%
$324,540
$324.5K
Cap Rate 7%
$231,814
$231.8K
Cap Rate 9%
$180,300
$180.3K
Market Conditions
NOI Build-Up for 1,202 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
$28.8K $24.00/SF
− Vacancy
−$2.9K −$2.40/SF
EGI
$26.0K $21.60/SF
− OpEx
−$9.7K −$8.10/SF
NOI
$16.2K $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%
$324,540
Cap Rate 7%
$231,814
Cap Rate 9%
$180,300
Alternative Uses
Best Use
Mixed Use
$231.8K
$202.8K – $270.5K
NOI $16,227 @ 7.0% cap · market cap 4.45%
Second Best
Office B
$222.3K
$194.5K – $259.3K
NOI $15,560 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$337.6K
$295.4K – $393.8K
NOI $23,629 @ 7.0% cap · market cap 6.47%
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 - Sixth-floor loft with central air, open industrial styling, and access to a rooftop deck for flexible live/work or office use.
Where is this live-work space located?
The property is located at 1314 NW IRVING #605 Portland, OR.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Built in 1925; sixth‑floor loft in Irving St. Lofts warehouse conversion; Central A/C for year‑round comfort (rare in the building); Expansive windows with soaring ceilings plus polished/stained concrete floors
