Flex Building With Fenced
For Sale
$1,400,000
2042-2104 N Willis BLVD, Portland, OR 97217
Multiple suites support flexible occupancy, with the option to operate the property under a single tenancy.
Property Size9,040 SF
Price / SF$154.87
Days on Market13
Property Features for 2042-2104 N Willis BLVD
General Information
Standard status
Active
Size
9,040 SF
Property subtype
Retail
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Building Details
Building Size
9,040 SF
Buildings
1
Listing Agency:
SVN Bluestone
Listed By:
Olesya Prokhorova · License #OR #201226492
(503) 539-1341
Source:
Svnbluestone
Added: Sep 1
Changed: Sep 8
Last Checked: Sep 13 at 5:07AM
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 SVN Bluestone
Investment Insights
Based on property information with market context.
This flex property includes a 9,040-square-foot building configured for retail and light industrial use. The interior is divided into suites, with floor plans available to show the layout, while the full building can be occupied by one tenant. The property previously operated as an auto repair facility.
Outdoor improvements include a 7,100-square-foot fenced gravel yard and a separate fenced asphalt yard totaling 13,745 square feet. The real estate comprises five adjacent legal tax lots, combining building space with secured exterior areas for a range of commercial operations.
Outdoor improvements include a 7,100-square-foot fenced gravel yard and a separate fenced asphalt yard totaling 13,745 square feet. The real estate comprises five adjacent legal tax lots, combining building space with secured exterior areas for a range of commercial operations.
Key Highlights
- 9,040‑square‑foot retail and light industrial building
- Five adjacent legal tax lots included
- 7,100‑square‑foot fenced gravel yard
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
$105,361
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
7.53%
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%
$2,107,220
$2.1M
Cap Rate 7%
$1,505,157
$1.5M
Cap Rate 9%
$1,170,678
$1.2M
Market Conditions
NOI Build-Up for 9,040 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
$162.7K $18.00/SF
− Vacancy
−$12.2K −$1.35/SF
EGI
$150.5K $16.65/SF
− OpEx
−$45.2K −$5.00/SF
NOI
$105.4K $11.66/SF
Area
Portland, OR
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,107,220
Cap Rate 7%
$1,505,157
Cap Rate 9%
$1,170,678
Alternative Uses
Best Use
Retail
$1.51M
$1.32M – $1.76M
NOI $105,361 @ 7.0% cap · market cap 7.53%
Second Best
Flex RnD
$1.31M
$1.15M – $1.53M
NOI $91,807 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,706 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Market
Vacancy Rate% for Industrial in Portland, OR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Multiple suites support flexible occupancy, with the option to operate the property under a single tenancy.
Where is this flex space located?
The property is located at 2042-2104 N Willis BLVD Portland, OR.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 9,040‑square‑foot retail and light industrial building; Five adjacent legal tax lots included; 7,100‑square‑foot fenced gravel yard
