Mixed-Use Building with
For Sale
Contact for pricing
1647 NE MARKET DR, 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 Market175
Property Features for 1647 NE MARKET DR
General Information
Standard status
Active
Size
4,353 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Owner/User
Additional Details
Gross Income
$25,200
Highway Access
Yes
Building Details
Year Built
2005
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Think Commercial
Listed By:
Hope Beraka · License #200603056
(503) 847-2722
Source:
Crexi
Added: Apr 24
Changed: Oct 2
Last Checked: Oct 14 at 9:01PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$63,925
Cap Rate
8.52%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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 1647 NE MARKET DR 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
