Medical Office with Treatment
New
For Sale
$448,000
15390 SW 116TH Ave, Portland, OR 97224
CommercialSale, Portland, OR
Property Size906 SF
Lot Size0.13 Acres
Price / SF$494.48
Days on Market4
Property Features for 15390 SW 116TH Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LC
Directions
116th & Pacific Highway
Subdivision
_151
Standard status
Active
APN
R491943
Size
906 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
KING CITY NO.01, BLOCK PT 3, ACRES 0.13
Tax Annual Amount
2450
Legal Description
KING CITY NO.01, BLOCK PT 3, ACRES 0.13
Amenities
shower
laundry area
covered outdoor break space
Building Details
Year built
1978
Listing Agency:
Keller Williams PDX Central · Keller Williams Realty
(503) 548-4848
Listed By:
Heather Miller · License #3378788
(503) 310-1935
Added: Sep 28
Last Checked: Oct 1 at 5:06AM
MLS# 542290400
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 906-square-foot medical office space is configured with four private treatment rooms, a shower, a laundry area, and a covered outdoor break space. Built in 1978, the property occupies a 0.13-acre lot and is zoned LC.
The room arrangement and service areas are established within a modest-sized professional setting, with the covered outdoor area providing an additional break space.
The room arrangement and service areas are established within a modest-sized professional setting, with the covered outdoor area providing an additional break space.
Key Highlights
- 906 square feet on a 0.13‑acre lot
- Four private treatment rooms
- Shower and laundry area
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
$13,203
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
2.95%
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%
$264,060
$264.1K
Cap Rate 7%
$188,614
$188.6K
Cap Rate 9%
$146,700
$146.7K
Market Conditions
NOI Build-Up for 906 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
$23.9K $26.40/SF
− Vacancy
−$1.9K −$2.11/SF
EGI
$22.0K $24.29/SF
− OpEx
−$8.8K −$9.72/SF
NOI
$13.2K $14.57/SF
Area
Portland, OR
Vacancy
8.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$264,060
Cap Rate 7%
$188,614
Cap Rate 9%
$146,700
Alternative Uses
Best Use
Healthcare Medical
$188.6K
$165.0K – $220.1K
NOI $13,203 @ 7.0% cap · market cap 2.95%
Second Best
Office B
$167.5K
$146.6K – $195.5K
NOI $11,728 @ 7.0% cap · market cap 2.62%
Theoretical Best
Office A
$254.4K
$222.6K – $296.8K
NOI $17,810 @ 7.0% cap · market cap 3.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97224, OR
37,365
Population
15,938
Households
2.3
Avg Household Size
43
Median Age
48%
College-Educated
94%
High-School Grad
9.0 sq mi
ZIP Area
4,152
Density / Sq Mi
$94,456
Median Household Income
$55,802
Median Earnings
$1,693
Median Rent
$579,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Portland, OR
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A compact professional suite includes private rooms, a shower, laundry area, and covered outdoor break space.
Where is this medical office space located?
The property is located at 15390 SW 116TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $448,000.
What are key features of this property?
This property features: 906 square feet on a 0.13‑acre lot; Four private treatment rooms; Shower and laundry area
