Industrial Building with Two Demised
For Sale
Contact for pricing
18055 Wi NE San Rafael St, Portland, OR 97230
Industrial building with separate entrances and loading doors, including space leased through May 31, 2030.
Property Size40,992 SF
Price / SF$173.57
Days on Market381
Property Features for 18055 Wi NE San Rafael St
General Information
Standard status
Active
Size
40,992 SF
Property subtype
INDUSTRIAL
Additional Details
Highway Access
Yes
Heavy Power
Yes
Building Details
Tenancy
Multi
Listing Agency:
Colliers | Portland
(503) 819-7586
Listed By:
Jon Rubey · License #200606420
(503) 819-7586
Source:
Moodyscre
Added: Jul 29, 2025
Changed: Aug 10
Last Checked: Aug 12 at 10:25AM
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 Colliers | Portland
Investment Insights
Based on property information with market context.
This industrial property is currently demised for two separate tenants, with each space having its own entry and loading doors. Space 1 is leased to a cannabis grow through May 31, 2030, and Space 2 is occupied by the current owner and could be vacated upon closing for an owner-user purchase.
The property is located in the City of Gresham and provides easy access to Interstate 84. While the address is often identified as a Portland address, it is legally within Gresham city limits.
The building includes 2500 amps at 277/480V and 400 amps at 120/208V. An owner-user can occupy a portion of the building, and buyers also have the ability to purchase the building next door.
The property is located in the City of Gresham and provides easy access to Interstate 84. While the address is often identified as a Portland address, it is legally within Gresham city limits.
The building includes 2500 amps at 277/480V and 400 amps at 120/208V. An owner-user can occupy a portion of the building, and buyers also have the ability to purchase the building next door.
Key Highlights
- Industrial building with two demised spaces, each with its own entry and loading doors
- Space 1: 24,354 SF leased to a cannabis grow through May 31, 2030
- Space 2: 16,638 SF currently occupied by the building owner; could be vacated upon closing for an owner‑user purchase
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
$416,298
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
5.85%
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%
$8,325,960
$8.3M
Cap Rate 7%
$5,947,114
$5.9M
Cap Rate 9%
$4,625,533
$4.6M
Market Conditions
NOI Build-Up for 40,992 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
$688.7K $16.80/SF
− Vacancy
−$48.2K −$1.18/SF
EGI
$640.5K $15.62/SF
− OpEx
−$224.2K −$5.47/SF
NOI
$416.3K $10.16/SF
Area
Portland, OR
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$8,325,960
Cap Rate 7%
$5,947,114
Cap Rate 9%
$4,625,533
Alternative Uses
Best Use
Flex RnD
$5.95M
$5.20M – $6.94M
NOI $416,298 @ 7.0% cap · market cap 5.85%
Second Best
Industrial
$3.68M
$3.22M – $4.29M
NOI $257,285 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$11.51M
$10.07M – $13.43M
NOI $805,810 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97230, OR
41,562
Population
17,190
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
13.9 sq mi
ZIP Area
2,990
Density / Sq Mi
$70,582
Median Household Income
$41,102
Median Earnings
$1,511
Median Rent
$435,800
Median Home Value
Market
Vacancy Rate% for Industrial in Portland, OR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Ingram Catering — 17505 ne san rafael st, portland, or 97230
Frequently Asked Questions
What type of property is this?
Flex space - Industrial building with separate entrances and loading doors, including space leased through May 31, 2030.
Where is this flex space located?
The property is located at 18055 Wi NE San Rafael St Portland, OR.
What is the asking price?
The asking price for this property is $7,115,000.
What are key features of this property?
This property features: Industrial building with two demised spaces, each with its own entry and loading doors; Space 1: 24,354 SF leased to a cannabis grow through May 31, 2030; Space 2: 16,638 SF currently occupied by the building owner; could be vacated upon closing for an owner‑user purchase
