Mixed-Use Building with
For Sale
Contact for pricing
1645-1647 NE Market Drive, Fairview, OR 97024
Fully leased property combines a ground-floor storefront with two garage-equipped residential units.
Property Size4,353 SF
Price / SF$172.29
Days on Market326
Property Features for 1645-1647 NE Market Drive
General Information
Standard status
Active
Size
4,353 SF
Property subtype
Mixed Use, Multifamily, Retail
Occupancy
100%
Investment Type
Owner/User
Net Operating Income
$50,606
Additional Details
Gross Income
$25,200
Highway Access
Yes
Building Details
Year Built
2005
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Think Commercial
(503) 847-2722
Listed By:
Hope Beraka · License #200603056
Source:
Crexi
Added: Oct 10, 2025
Changed: Aug 30
Last Checked: Aug 31 at 2:14AM
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 Think Commercial
Investment Insights
Based on property information with market context.
Built in 2005, this 4,353-square-foot mixed-use property combines a ground-level retail storefront with two side-by-side residential units. The residential layout includes one three-bedroom unit and one one-bedroom unit, and each residence has a private garage. The commercial space is occupied by a local florist, while all three components are fully leased.
The property is positioned within Fairview’s Downtown redevelopment corridor, near NE Halsey Street and with access to I-84 and I205. The surrounding revitalization area includes planned restaurants, retail, public amenities, and housing. Fairview’s population has been growing about 1% annually, and the property is located in East Multnomah County.
The property is positioned within Fairview’s Downtown redevelopment corridor, near NE Halsey Street and with access to I-84 and I205. The surrounding revitalization area includes planned restaurants, retail, public amenities, and housing. Fairview’s population has been growing about 1% annually, and the property is located in East Multnomah County.
Key Highlights
- 4,353 SF mixed‑use property built in 2005
- Fully leased ground‑floor retail space and two residential units
- Residential mix includes one 3‑bedroom and one 1‑bedroom unit
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
$63,925
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
8.52%
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%
$1,278,500
$1.3M
Cap Rate 7%
$913,214
$913.2K
Cap Rate 9%
$710,278
$710.3K
Market Conditions
NOI Build-Up for 4,353 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
$96.6K $22.20/SF
− Vacancy
−$5.3K −$1.22/SF
EGI
$91.3K $20.98/SF
− OpEx
−$27.4K −$6.29/SF
NOI
$63.9K $14.69/SF
Area
Multnomah County, OR
Vacancy
5.50%
Lease Rate
$22.20 /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%
$1,278,500
Cap Rate 7%
$913,214
Cap Rate 9%
$710,278
Alternative Uses
Best Use
Multifamily LT 5
$913.2K
$799.1K – $1.07M
NOI $63,925 @ 7.0% cap · market cap 8.52%
Second Best
Apartment 5plus
$798.5K
$698.7K – $931.5K
NOI $55,892 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,249 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased property combines a ground-floor storefront with two garage-equipped residential units.
Where is this mixed-use property located?
The property is located at 1645-1647 NE Market Drive Fairview, OR.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 4,353 SF mixed‑use property built in 2005; Fully leased ground‑floor retail space and two residential units; Residential mix includes one 3‑bedroom and one 1‑bedroom unit
