Office Building with
For Sale
$685,000
1510 NE VILLAGE St, Fairview, OR 97024
CommercialSale, Fairview, OR
Property Size3,222 SF
Lot Size0.07 Acres
Price / SF$212.60
Days on Market429
Property Features for 1510 NE VILLAGE St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
VC
Directions
84 East to Fairview (exit 14), L on Halsey, R on Village St.
Subdivision
_144
Standard status
Active
APN
R161427
Size
3,222 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
FAIRVIEW VILLAGE NO 5, LOT 230
Tax Annual Amount
7889
Legal Description
FAIRVIEW VILLAGE NO 5, LOT 230
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2001
Floors in Building
2
Building materials
Brick
Roof type
Composition
Listing Agency:
ERA Freeman & Associates · ERA Real Estate
(503) 665-3144
Listed By:
Michelle Haage
(503) 522-0617
Added: Jun 23, 2025
Changed: Aug 25
Last Checked: Aug 25 at 1:06PM
MLS# 272503875
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office property combines a two-level front building with an accessory dwelling unit, supporting both commercial and residential functions. The office component contains approximately 2,700 square feet, a reception area, 3 1/2 bathrooms, and a flexible layout configured as five office spaces or four offices plus a large conference room. The 500-square-foot ADU includes one bedroom and one bathroom.
The property is positioned near I-84 in Fairview and occupies a 0.07-acre lot. Built in 2001, the brick improvements feature forced-air heating, central air conditioning, and a composition roof. VC zoning is identified for the property.
The property is positioned near I-84 in Fairview and occupies a 0.07-acre lot. Built in 2001, the brick improvements feature forced-air heating, central air conditioning, and a composition roof. VC zoning is identified for the property.
Key Highlights
- Approximately 2,700 SF of office space across two levels
- 500‑square‑foot ADU with 1 bedroom and 1 bathroom
- Office layout offers 5 office spaces or 4 offices plus a large conference room
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
Lease Details
Yes
Highway access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two-level office property with an accessory dwelling unit and VC zoning.
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 2,700 SF of office space across two levels; 500‑square‑foot ADU with 1 bedroom and 1 bathroom; Office layout offers 5 office spaces or 4 offices plus a large conference room
