Two-Story Office
For Sale
$1,900,000
1952 SE 122nd Ave, Portland, OR 97233
Includes conference rooms, kitchens, a lobby, and a fully secured outdoor lot.
Property Size9,800 SF
Lot Size0.65 Acres
Price / SF$193.88
Days on Market92
Property Features for 1952 SE 122nd Ave
General Information
Standard status
Active
Size
9,800 SF
Total Parking Spaces
35
Lot size
0.65 Acres
Property subtype
Office
Additional Details
Road Access
Yes
Amenities
Two large conference rooms
kitchens
lobby
Fully fenced and gated lot
Signage and visibility
Building Details
Buildings
1
Stories
2
Listing Agency:
Portland
Listed By:
Andy Stewart · License #201252244
(503) 265-5050
Source:
Colliers
Added: Jun 7
Changed: Aug 30
Last Checked: Sep 5 at 3:34AM
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 Portland
Investment Insights
Based on property information with market context.
This two-story office building contains 9,800 SF across a 5,800 SF main floor and a 4,000 SF lower level. Interior features include two large conference rooms, kitchens, and a lobby, providing a functional workplace configuration across both levels.
The property occupies a 0.65-acre lot at 1952 SE 122nd Ave in Portland, Oregon. The site is fully fenced and gated, with 35 off-street parking spaces. Signage and visibility are available along SE 122nd Avenue.
The property occupies a 0.65-acre lot at 1952 SE 122nd Ave in Portland, Oregon. The site is fully fenced and gated, with 35 off-street parking spaces. Signage and visibility are available along SE 122nd Avenue.
Key Highlights
- 9,800 SF two‑story office building
- 5,800 SF main floor and 4,000 SF lower level
- Two large conference rooms, kitchens, and lobby
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
$126,858
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
6.68%
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%
$2,537,160
$2.5M
Cap Rate 7%
$1,812,257
$1.8M
Cap Rate 9%
$1,409,533
$1.4M
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
$223.4K $22.80/SF
− Vacancy
−$54.3K −$5.54/SF
EGI
$169.1K $17.26/SF
− OpEx
−$42.3K −$4.31/SF
NOI
$126.9K $12.94/SF
Area
Portland, OR
Vacancy
24.30%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$2,537,160
Cap Rate 7%
$1,812,257
Cap Rate 9%
$1,409,533
Alternative Uses
Best Use
Office B
$1.81M
$1.59M – $2.11M
NOI $126,858 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,646 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
Median Home Value
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Includes conference rooms, kitchens, a lobby, and a fully secured outdoor lot.
Where is this office building located?
The property is located at 1952 SE 122nd Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 9,800 SF two‑story office building; 5,800 SF main floor and 4,000 SF lower level; Two large conference rooms, kitchens, and lobby
