Flex Space with Grade-Level
For Sale
$2,800,000
1132 SE Salmon St, Portland, OR 97214
EX zoning supports commercial, retail, and mixed-use applications.
Property Size8,200 SF
Price / SF$341.46
Days on Market115
Property Features for 1132 SE Salmon St
General Information
Standard status
Active
Size
8,200 SF
Total Parking Spaces
6
Property subtype
Retail
Zoning
EX
Additional Details
Road Access
Yes
Drive-In Doors
1
Building Details
Building Size
8,200 SF
Year Built
1971
Listing Agency:
Macadam Forbes
Listed By:
Tyler Collins · License #OR #201219113
(503) 416-0088
Source:
Macadamforbes
Added: May 14
Changed: Sep 4
Last Checked: Sep 4 at 4:01AM
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 Macadam Forbes
Investment Insights
Based on property information with market context.
This 1971-built flex property includes a 4,000 SF building with office space and a grade-level door. The site also provides 6 off-street parking stalls and frontage along SE 11th and SE 12th.
Located at 1132 SE Salmon St in Portland’s Buckman neighborhood, the property carries EX zoning that supports commercial, retail, and mixed-use applications. The existing configuration offers a practical setting for business operations, while the zoning accommodates multiple commercial formats.
Located at 1132 SE Salmon St in Portland’s Buckman neighborhood, the property carries EX zoning that supports commercial, retail, and mixed-use applications. The existing configuration offers a practical setting for business operations, while the zoning accommodates multiple commercial formats.
Key Highlights
- 4,000 SF flex building
- EX zoning supports commercial, retail, and mixed‑use applications
- Flex office configuration with grade‑level door
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
$106,147
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
3.79%
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%
$2,122,940
$2.1M
Cap Rate 7%
$1,516,386
$1.5M
Cap Rate 9%
$1,179,411
$1.2M
Market Conditions
NOI Build-Up for 8,200 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
$187.0K $22.80/SF
− Vacancy
−$45.4K −$5.54/SF
EGI
$141.5K $17.26/SF
− OpEx
−$35.4K −$4.31/SF
NOI
$106.1K $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%
$2,122,940
Cap Rate 7%
$1,516,386
Cap Rate 9%
$1,179,411
Alternative Uses
Best Use
Office B
$1.52M
$1.33M – $1.77M
NOI $106,147 @ 7.0% cap · market cap 3.79%
Second Best
Flex RnD
$1.19M
$1.04M – $1.39M
NOI $83,276 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$2.30M
$2.01M – $2.69M
NOI $161,193 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,088
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
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?
Flex space - EX zoning supports commercial, retail, and mixed-use applications.
Where is this flex space located?
The property is located at 1132 SE Salmon St Portland, OR.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 4,000 SF flex building; EX zoning supports commercial, retail, and mixed‑use applications; Flex office configuration with grade‑level door
