Sixth-Floor Live-Work
New
For Sale
$325,000
1314 NW Irving St Unit 605, Portland, OR 97209
EX-zoned loft accommodates residential, creative studio, and office use in Portland’s Pearl District.
Property Size1,202 SF
Price / SF$270.38
Days on Market2
Property Features for 1314 NW Irving St Unit 605
General Information
Standard status
Active
Size
1,202 SF
Total Parking Spaces
1
Zoning
EX
Additional Details
Floor
6
Amenities
rooftop deck
meeting room
employee restrooms
central air conditioning
Building Details
Year Built
1925
Buildings
1
Construction
industrial
Listing Agency:
Josh Reiter Real Estate
Listed By:
Josh Reiter · License #931000122
(503) 617-6490
Source:
Christiesrealestateevg
Added: Sep 4
Last Checked: Sep 4 at 3:19PM
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.
This sixth-floor live-work loft at 1314 NW Irving St Unit 605 offers 1,202 square feet within the Irving St. Lofts warehouse conversion, built in 1925. Expansive windows, high ceilings, polished and stained concrete floors, stainless steel appliances, and central air conditioning combine historic industrial character with contemporary functionality. The space is suited to residential, creative studio, professional office, or combined live-work use.
Zoned EX (Central Employment), the property is located in Portland’s Pearl District and carries a Walk Score of 99. Downtown and neighborhood views extend from the loft, while a rooftop deck provides 360-degree panoramas of the Portland skyline, mountains, and cityscape. The building also includes one secure parking space, a second-floor meeting room, and employee restrooms.
Zoned EX (Central Employment), the property is located in Portland’s Pearl District and carries a Walk Score of 99. Downtown and neighborhood views extend from the loft, while a rooftop deck provides 360-degree panoramas of the Portland skyline, mountains, and cityscape. The building also includes one secure parking space, a second-floor meeting room, and employee restrooms.
Key Highlights
- 1,202‑square‑foot sixth‑floor loft in a warehouse conversion built in 1925
- EX (Central Employment) zoning supports residential, creative studio, and office use
- Expansive windows, soaring ceilings, stained concrete floors, and stainless steel appliances
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
4.99%
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 4.99%
Second Best
Office B
$222.3K
$194.5K – $259.3K
NOI $15,560 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$337.6K
$295.4K – $393.8K
NOI $23,629 @ 7.0% cap · market cap 7.27%
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 - EX-zoned loft accommodates residential, creative studio, and office use in Portland’s Pearl District.
Where is this live-work space located?
The property is located at 1314 NW Irving St Unit 605 Portland, OR.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1,202‑square‑foot sixth‑floor loft in a warehouse conversion built in 1925; EX (Central Employment) zoning supports residential, creative studio, and office use; Expansive windows, soaring ceilings, stained concrete floors, and stainless steel appliances
