Flex Space with Auto
For Sale
$3,250,000
1625 WASHINGTON St, Oregon City, OR 97045
CommercialSale, OregonCity, OR
Property Size38,000 SF
Lot Size1.52 Acres
Price / SF$85.53
Days on Market47
Property Features for 1625 WASHINGTON St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MUD
View
City
Directions
1625 Washington St, Oregon City, OR 97045
Subdivision
_146
Standard status
Active
APN
00561528
Size
38,000 SF
Lot size
1.52 Acres
Taxes and HOA fees
Tax Description
PARTITION PLAT 2023-031 PARCEL 2
Tax Annual Amount
11189
Legal Description
PARTITION PLAT 2023-031 PARCEL 2
Utilities
Water front features
Creek
Water front
1
Amenities
on-site parking
RV hookup
Building Details
Year built
1930
Floors in Building
1
Building materials
Concrete, WoodFrame, WoodSiding
Roof type
Membrane
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Bradley King · License #201235429
(503) 313-8262
Added: Jul 10
Changed: Aug 25
Last Checked: Aug 25 at 11:06AM
MLS# 181863523
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 flex-space property at 1625 Washington St. combines retail, office, and industrial areas within a multi-tenant commercial asset. The improvements include an established auto body shop, a mechanic shop, multiple retail units, on-site parking, and a permitted RV hookup. The building contains 38,000 square feet on a 1.52-acre parcel and was constructed in 1930. Construction materials include concrete, wood frame, and wood siding, with a membrane roof.
The property is located in Oregon City, Oregon, and includes road frontage and a creek waterfront feature. MUD zoning applies to the site. The configuration accommodates a range of commercial functions within one property, with additional space noted in the source information.
The property is located in Oregon City, Oregon, and includes road frontage and a creek waterfront feature. MUD zoning applies to the site. The configuration accommodates a range of commercial functions within one property, with additional space noted in the source information.
Key Highlights
- 38,000‑square‑foot flex‑space property on 1.52 acres
- Established auto body shop and mechanic shop
- Multiple retail units plus office and industrial areas
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
$238,506
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
7.34%
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%
$4,770,120
$4.8M
Cap Rate 7%
$3,407,229
$3.4M
Cap Rate 9%
$2,650,067
$2.7M
Market Conditions
NOI Build-Up for 38,000 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
$364.8K $9.60/SF
− Vacancy
−$24.1K −$0.63/SF
EGI
$340.7K $8.97/SF
− OpEx
−$102.2K −$2.69/SF
NOI
$238.5K $6.28/SF
Area
Clackamas County, OR
Vacancy
6.60%
Lease Rate
$9.60 /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%
$4,770,120
Cap Rate 7%
$3,407,229
Cap Rate 9%
$2,650,067
Alternative Uses
Best Use
Flex RnD
$9.61M
$8.41M – $11.21M
NOI $672,441 @ 7.0% cap · market cap 20.69%
Second Best
Retail
$7.55M
$6.61M – $8.81M
NOI $528,515 @ 7.0% cap · market cap 16.26%
Theoretical Best
Office A
$10.26M
$8.97M – $11.97M
NOI $717,999 @ 7.0% cap · market cap 22.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,299
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97045, OR
57,403
Population
21,702
Households
2.6
Avg Household Size
41
Median Age
33%
College-Educated
95%
High-School Grad
86.8 sq mi
ZIP Area
661
Density / Sq Mi
$100,388
Median Household Income
$49,342
Median Earnings
$1,600
Median Rent
$563,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Joey's KC style BBQ — 616 Madison St, Oregon City, OR 97045
- Sweet Masterpieces Catering & Events — 616 Main St Unit B, Oregon City, OR 97045
Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant commercial property combining retail, office, and industrial areas with on-site parking and a permitted RV hookup.
Where is this flex space located?
The property is located at 1625 WASHINGTON St Oregon City, OR.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 38,000‑square‑foot flex‑space property on 1.52 acres; Established auto body shop and mechanic shop; Multiple retail units plus office and industrial areas
