Flex and Warehouse on Hard
For Sale
Contact for pricing
1831 E Powell Blvd, Gresham, OR 97080
Well-maintained flex building with retail and warehouse layout plus in-place leased billboard sign income on a hard corner.
Property Size9,800 SF
Lot Size1.13 Acres
Price / SF$234.69
Days on Market44
Property Features for 1831 E Powell Blvd
General Information
Standard status
Active
Size
9,800 SF
Lot size
1.13 Acres
Property subtype
RETAIL
Zoning
MC
Site & Location
Traffic Count
23,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Listing Agency:
Marcus & Millichap, Inc.
(206) 826-5787
Listed By:
Clayton Brown · License #WA:123258,ID:SP56979
Source:
Moodyscre
Added: Jul 8
Changed: Aug 10
Last Checked: Aug 10 at 3:02AM
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 Marcus & Millichap, Inc.
Investment Insights
Based on property information with market context.
Former Miller Paint presents a well-maintained flex and industrial building with an open layout combining retail and warehouse space. The property includes recent upgrades over the past several years, including a roof overlay and a new HVAC unit. The offering also features in-place income from a leased billboard sign with ongoing five-year terms and a renegotiation window at the end of 2026.
The property sits on a hard corner at E Powell Blvd / Hwy 26 and SE 1st Street, adjacent to SE Burnside Rd, providing prominent visibility and multiple points of ingress and egress, including a dedicated left turn lane. Convenient access to I-84 and I-205 supports regional connectivity.
Flexible MC zoning permits retail, service, office, and general commercial uses, with multi-family housing allowed as a secondary use. The asset is currently vacant and offers lease-up opportunity in addition to the existing billboard revenue stream.
The property sits on a hard corner at E Powell Blvd / Hwy 26 and SE 1st Street, adjacent to SE Burnside Rd, providing prominent visibility and multiple points of ingress and egress, including a dedicated left turn lane. Convenient access to I-84 and I-205 supports regional connectivity.
Flexible MC zoning permits retail, service, office, and general commercial uses, with multi-family housing allowed as a secondary use. The asset is currently vacant and offers lease-up opportunity in addition to the existing billboard revenue stream.
Key Highlights
- 9,800 SF commercial building on 1.13 acres with open retail and warehouse layout
- Hard‑corner location on E Powell Blvd/Hwy 26 and SE 1st St with dedicated left‑turn lane and multiple ingress/egress points
- In‑place income from a leased billboard sign with ongoing 5‑year terms; renegotiation window at end of 2026
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
$108,478
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
4.72%
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%
$2,169,560
$2.2M
Cap Rate 7%
$1,549,686
$1.5M
Cap Rate 9%
$1,205,311
$1.2M
Market Conditions
NOI Build-Up for 9,800 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
$167.0K $17.04/SF
− Vacancy
−$12.0K −$1.23/SF
EGI
$155.0K $15.81/SF
− OpEx
−$46.5K −$4.74/SF
NOI
$108.5K $11.07/SF
Area
Gresham, OR
Vacancy
7.20%
Lease Rate
$17.04 /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%
$2,169,560
Cap Rate 7%
$1,549,686
Cap Rate 9%
$1,205,311
Alternative Uses
Best Use
Retail
$1.55M
$1.36M – $1.81M
NOI $108,478 @ 7.0% cap · market cap 4.72%
Second Best
Flex RnD
$1.30M
$1.14M – $1.52M
NOI $90,925 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$2.24M
$1.96M – $2.61M
NOI $156,761 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
23,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97080, OR
45,647
Population
17,276
Households
2.6
Avg Household Size
38
Median Age
28%
College-Educated
90%
High-School Grad
21.6 sq mi
ZIP Area
2,113
Density / Sq Mi
$96,218
Median Household Income
$47,562
Median Earnings
$1,596
Median Rent
$485,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained flex building with retail and warehouse layout plus in-place leased billboard sign income on a hard corner.
Where is this flex space located?
The property is located at 1831 E Powell Blvd Gresham, OR.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 9,800 SF commercial building on 1.13 acres with open retail and warehouse layout; Hard‑corner location on E Powell Blvd/Hwy 26 and SE 1st St with dedicated left‑turn lane and multiple ingress/egress points; In‑place income from a leased billboard sign with ongoing 5‑year terms; renegotiation window at end of 2026
