Two-Unit Medical Office
For Sale
$1,299,000
19230 SE MCLOUGHLIN Blvd, Gladstone, OR 97027
CommercialSale, Gladstone, OR
Property Size4,000 SF
Lot Size0.35 Acres
Price / SF$324.75
Days on Market489
Property Features for 19230 SE MCLOUGHLIN Blvd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Glad-C3
Directions
Driving NB on McLoughlin Blvd from Milwaukie, turn right into parking lot
Subdivision
_145
Standard status
Active
APN
00522642
Size
4,000 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Description
SECTION 19 TOWNSHIP 2S RANGE 2E QUARTER AC TAX LOT 06800
Tax Annual Amount
13566
Legal Description
SECTION 19 TOWNSHIP 2S RANGE 2E QUARTER AC TAX LOT 06800
Building Details
Year built
1968
Floors in Building
1
Roof type
Flat
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Bradley King · License #201235429
(503) 313-8262
Added: Apr 25, 2025
Changed: Aug 25
Last Checked: Aug 26 at 1:06PM
MLS# 320274517
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.
Freestanding medical office property comprising two commercial units totaling 4,000 square feet. The larger 3,200-square-foot suite includes a newer dental office buildout, while the 800-square-foot secondary unit provides separate retail-oriented space. Both units are expected to be vacant at closing, allowing an owner-user to occupy the property without an existing tenant in place.
Built in 1968, the building sits on a 0.35-acre parcel along SE McLoughlin Boulevard in Gladstone. The property is identified as Glad-C3 zoning and features a flat roof. Its two-suite configuration supports a medical office user requiring a larger primary space with an additional separately configured commercial unit.
Built in 1968, the building sits on a 0.35-acre parcel along SE McLoughlin Boulevard in Gladstone. The property is identified as Glad-C3 zoning and features a flat roof. Its two-suite configuration supports a medical office user requiring a larger primary space with an additional separately configured commercial unit.
Key Highlights
- 4,000‑square‑foot freestanding medical office property
- Two‑unit configuration with 3,200 SF dental office and 800 SF secondary unit
- Newer dental office buildout in the larger suite
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
$61,177
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
4.71%
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%
$1,223,540
$1.2M
Cap Rate 7%
$873,957
$874.0K
Cap Rate 9%
$679,744
$679.7K
Market Conditions
NOI Build-Up for 4,000 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
$118.6K $29.64/SF
− Vacancy
−$16.6K −$4.15/SF
EGI
$102.0K $25.49/SF
− OpEx
−$40.8K −$10.20/SF
NOI
$61.2K $15.29/SF
Area
Clackamas County, OR
Vacancy
14.00%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
40.00%
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%
$1,223,540
Cap Rate 7%
$873,957
Cap Rate 9%
$679,744
Alternative Uses
Best Use
Healthcare Medical
$874.0K
$764.7K – $1.02M
NOI $61,177 @ 7.0% cap · market cap 4.71%
Second Best
Retail
$794.8K
$695.4K – $927.2K
NOI $55,633 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$1.08M
$944.7K – $1.26M
NOI $75,579 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97027, OR
12,599
Population
5,365
Households
2.3
Avg Household Size
41
Median Age
24%
College-Educated
92%
High-School Grad
2.5 sq mi
ZIP Area
5,040
Density / Sq Mi
$91,957
Median Household Income
$49,689
Median Earnings
$1,721
Median Rent
$464,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- International Canine Semen Bank — 430 W Arlington St, Gladstone, OR 97027
- Willamette Valley Animal Hospital of Gladstone — 18321 SE McLoughlin Blvd, Gladstone, OR 97267
- Gladstone Veterinary Clinic — 18420 SE McLoughlin Blvd, Milwaukie, OR 97267
- Mc Daneld Carol DVM — 18420 SE McLoughlin Blvd, Oak Grove, OR 97267
Frequently Asked Questions
What type of property is this?
Medical Office Space - Freestanding commercial property with a dental office buildout and a separate retail-oriented suite.
Where is this medical office space located?
The property is located at 19230 SE MCLOUGHLIN Blvd Gladstone, OR.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 4,000‑square‑foot freestanding medical office property; Two‑unit configuration with 3,200 SF dental office and 800 SF secondary unit; Newer dental office buildout in the larger suite
