Commercial Land with Existing
For Sale
$1,900,000
16400 SE HIGHWAY 224, Damascus, OR 97089
CommercialSale, Damascus, OR
Property Size3,508 SF
Lot Size3.98 Acres
Price / SF$541.62
Days on Market1109
Property Features for 16400 SE HIGHWAY 224
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CCC
View
Territorial
Directions
HWY 224. On the left heading East out of Carver, just before the Carver Cafe.
Subdivision
_145
Standard status
Active
APN
00630017
Size
3,508 SF
Lot size
3.98 Acres
Taxes and HOA fees
Tax Description
SECTION 18 TOWNSHIP 2S RANGE 3E QUARTER CB TAX LOT 00200
Tax Annual Amount
4932
Legal Description
SECTION 18 TOWNSHIP 2S RANGE 3E QUARTER CB TAX LOT 00200
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1912
Floors in Building
2
Building materials
FullBasement, WoodFrame, WoodSiding
Roof type
Composition
Listing Agency:
Mal & Seitz
(503) 667-1200
Listed By:
Kathryn Smith · License #200502189
(503) 250-0734
Added: Aug 14, 2023
Changed: Aug 25
Last Checked: Aug 26 at 6:06AM
MLS# 23576770
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 3.98-acre commercial land property includes a 3,508-square-foot Craftsman-style home with 4 bedrooms and 2 bathrooms, along with a shop. The residence was built in 1912 and features wood-frame construction, wood siding, a full basement, forced-air heat, central air, and a composition roof. Fencing and a gate secure the property.
The site is located at 16400 SE Highway 224 in Damascus, Oregon, and carries CCC zoning, or Community Commercial Center District. The property is approved for annexation into Happy Valley and is included in the Pleasant Valley North Carver comprehensive plan. Appropriate and approved future uses are to be determined with the City of Happy Valley.
The site is located at 16400 SE Highway 224 in Damascus, Oregon, and carries CCC zoning, or Community Commercial Center District. The property is approved for annexation into Happy Valley and is included in the Pleasant Valley North Carver comprehensive plan. Appropriate and approved future uses are to be determined with the City of Happy Valley.
Key Highlights
- 3.98‑acre commercial land parcel
- CCC zoning: Community Commercial Center District
- Approved for annexation into Happy Valley
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
$55,108
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
2.90%
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%
$1,102,160
$1.1M
Cap Rate 7%
$787,257
$787.3K
Cap Rate 9%
$612,311
$612.3K
Market Conditions
NOI Build-Up for 3,508 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
$104.0K $29.64/SF
− Vacancy
−$15.8K −$4.51/SF
EGI
$88.2K $25.13/SF
− OpEx
−$33.1K −$9.43/SF
NOI
$55.1K $15.71/SF
Area
Clackamas County, OR
Vacancy
15.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
37.50%
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%
$1,102,160
Cap Rate 7%
$787,257
Cap Rate 9%
$612,311
Alternative Uses
Best Use
Mixed Use
$787.3K
$688.9K – $918.5K
NOI $55,108 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$946.9K
$828.5K – $1.10M
NOI $66,283 @ 7.0% cap · market cap 3.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Explore this area
Business Placement
Demographics for 97089, OR
14,111
Population
4,991
Households
2.8
Avg Household Size
42
Median Age
32%
College-Educated
96%
High-School Grad
21.6 sq mi
ZIP Area
653
Density / Sq Mi
$114,516
Median Household Income
$51,284
Median Earnings
$2,642
Median Rent
$616,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - CCC-zoned acreage includes a fenced, gated home and shop within the Pleasant Valley North Carver comprehensive plan.
Where is this commercial land located?
The property is located at 16400 SE HIGHWAY 224 Damascus, OR.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 3.98‑acre commercial land parcel; CCC zoning: Community Commercial Center District; Approved for annexation into Happy Valley
