Building Details

Building Size 9,040 SF

Buildings 1

Listing Agency: SVN Bluestone

Listed By: Olesya Prokhorova · License #OR #201226492 Show Phone

Source: Svnbluestone

Added: Sep 1 Changed: Oct 16 Last Checked: Oct 16 at 7:00AM

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Investment Insights

Based on property information with market context.

This flex property includes a 9,040-square-foot building configured for retail and light industrial use. The interior is divided into suites, with floor plans available to show the layout, while the full building can be occupied by one tenant. The property previously operated as an auto repair facility.

Outdoor improvements include a 7,100-square-foot fenced gravel yard and a separate fenced asphalt yard totaling 13,745 square feet. The real estate comprises five adjacent legal tax lots, combining building space with secured exterior areas for a range of commercial operations.

Key Highlights

• 9,040‑square‑foot retail and light industrial building
• Five adjacent legal tax lots included
• 7,100‑square‑foot fenced gravel yard

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$105,361

Cap Rate

7.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,107,220 $2.1M

Cap Rate 7%

$1,505,157 $1.5M

Cap Rate 9%

$1,170,678 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,040 SF

Gross rent

$162.7K $18.00/SF

− Vacancy

−$12.2K −$1.35/SF

EGI

$150.5K $16.65/SF

− OpEx

−$45.2K −$5.00/SF

NOI

$105.4K $11.66/SF

Area

Portland, OR

Vacancy

7.50%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,107,220

Cap Rate 7%

$1,505,157

Cap Rate 9%

$1,170,678

Alternative Uses

Best Use

Retail

$1.51M

$1.32M – $1.76M (±1% cap)

NOI $105,361 @ 7.0% cap · market cap 7.53%

Second Best

Flex RnD

$1.31M

$1.15M – $1.53M (±1% cap)

NOI $91,807 @ 7.0% cap · market cap 6.56%

Theoretical Best

Office A

$2.54M

$2.22M – $2.96M (±1% cap)

NOI $177,706 @ 7.0% cap · market cap 12.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Law Firm Barber Shop HVAC Service Skin Care Clinic Real Estate Agency Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Fenced yard

Location Intelligence

Trade Area within ½ mile

845

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 97217, OR

36,086

Population

17,038

Households

2.1

Avg Household Size

38

Median Age

59%

College-Educated

96%

High-School Grad

11.1 sq mi

ZIP Area

3,251

Density / Sq Mi

$100,387

Median Household Income

$56,790

Median Earnings

$1,789

Median Rent

$569,500

Median Home Value

Market

Vacancy Rate% for Industrial in Portland, OR

3.4% 2019

4.1% 2020

2.5% 2021

2.1% 2022

4.2% 2023

5.5% 2024

6.6% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Multiple suites support flexible occupancy, with the option to operate the property under a single tenancy.

Where is this flex space located?

The property is located at 2042-2104 N Willis BLVD Portland, OR.

What is the asking price?

The asking price for this property is $1,400,000.

What are key features of this property?

This property features: 9,040‑square‑foot retail and light industrial building; Five adjacent legal tax lots included; 7,100‑square‑foot fenced gravel yard