Office Building With
For Sale
$685,000
1510 NE VILLAGE ST, Fairview, OR 97024
Two-level office property includes a separate one-bedroom accessory dwelling unit for combined business and residential use.
Property Size3,222 SF
Days on Market435
Property Features for 1510 NE VILLAGE ST
General Information
Standard status
Active
Size
3,222 SF
Property subtype
Income
Taxes and HOA fees
Annual Taxes
$7,889
Building Details
Building Size
3,222 SF
Year Built
2001
Listing Agency:
ERA Freeman & Associates
(503) 522-0617
Listed By:
Michelle Haage
(503) 522-0617
Source:
Eleeterealestate
Added: Jun 23, 2025
Changed: Aug 28
Last Checked: Aug 30 at 11:58PM
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 ERA Freeman & Associates
Investment Insights
Based on property information with market context.
This office property combines a two-level front building with a separate accessory dwelling unit. The office component measures approximately 2700 SF and includes 3 1/2 bathrooms, reception space, and flexible rooms that can function as offices or meeting space. The 500 sf ADU contains 1 bedroom and 1 bath. Both the office area and ADU are currently vacant.
Located at 1510 NE Village St in Fairview, Oregon, the property offers close access to I-84. Its dual-use configuration supports an owner-user seeking office and residential space in one property, as well as an investor evaluating separate office and dwelling components. The building was constructed in 2001.
Located at 1510 NE Village St in Fairview, Oregon, the property offers close access to I-84. Its dual-use configuration supports an owner-user seeking office and residential space in one property, as well as an investor evaluating separate office and dwelling components. The building was constructed in 2001.
Key Highlights
- Approximately 2700 SF of office space across 2 levels
- Separate 500 sf ADU with 1 bedroom and 1 bath
- Front office includes reception space and 3 1/2 bathrooms
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
$41,708
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
6.09%
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%
$834,160
$834.2K
Cap Rate 7%
$595,829
$595.8K
Cap Rate 9%
$463,422
$463.4K
Market Conditions
NOI Build-Up for 3,222 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
$73.5K $22.80/SF
− Vacancy
−$17.9K −$5.54/SF
EGI
$55.6K $17.26/SF
− OpEx
−$13.9K −$4.31/SF
NOI
$41.7K $12.94/SF
Area
Multnomah County, 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%
$834,160
Cap Rate 7%
$595,829
Cap Rate 9%
$463,422
Alternative Uses
Best Use
Office B
$595.8K
$521.4K – $695.1K
NOI $41,708 @ 7.0% cap · market cap 6.09%
Second Best
Mixed Use
$546.8K
$478.5K – $638.0K
NOI $38,277 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$869.7K
$761.0K – $1.01M
NOI $60,879 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Explore this area
Business Placement
Demographics for 97024, OR
11,980
Population
5,157
Households
2.3
Avg Household Size
38
Median Age
23%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
3,524
Density / Sq Mi
$71,649
Median Household Income
$39,911
Median Earnings
$1,503
Median Rent
$404,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-level office property includes a separate one-bedroom accessory dwelling unit for combined business and residential use.
Where is this office building located?
The property is located at 1510 NE VILLAGE ST Fairview, OR.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Approximately 2700 SF of office space across 2 levels; Separate 500 sf ADU with 1 bedroom and 1 bath; Front office includes reception space and 3 1/2 bathrooms
