Historic Durham House Office
2138 SW Salmon Street Portland, Portland, OR 97205
Queen Anne Victorian office building with high visibility and long-term tenants.
Type:Office
Property size:
8,917 SFPrice / SF:
$250/SF- Added:
- Sep 25, 2025
- Days on Market:
- 239
- Last Refresh:
- Apr 6 at 12:52 am
Property Features for 2138 SW Salmon Street Portland
General Information
- Standard status
- Active
- Size
- 8,917 SF
- Property subtype
- Office
Building Details
- Year Built
- 1898
Listing agent Thomas McDowell (503) 225-8473
Listing office Norris & Stevens, Inc. - Corporate (503) 225-8473
Listing date Sep 25, 2025
Source Tcnworldwide
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 Norris & Stevens, Inc. - Corporate
HighLights
- 100% Leased with long‑term tenants, providing immediate income.
- Priced well below replacement cost at $291 per square foot.
- Prime location in Kings Hill, near Multnomah Athletic Club/Providence Park, with easy access to I‑405 and Highway 26.
- Historically significant Queen Anne Victorian architecture with unique features like Povey Brothers stain glass windows and stately Carriage House.
- Recent capital improvements including new A/C and a newer boiler.
- Included in the purchase are area rugs, wall art, and common area furniture.
Overview
The Durham House, constructed in 1890 in the Queen Anne Victorian style, is a three-story office building with a daylight lower level and a carriage house, totaling approximately 8,917 square feet with 24 rentable suites. Located at the top of SW Salmon Street, above the Multnomah Athletic Club/Providence Park complex, this corner property features two entrances. The Kings Hill neighborhood is characterized by historically significant homes with office tenants, creating an urban mixed-use area. The building includes shared reception/waiting areas, restrooms, Povey Brothers stain glass windows, break areas, and exterior decks on several levels. Large iron lions flank the formal north and west entrances. The property is positioned for professionals seeking high-end space. The building has multiple long-term tenants and consistent high occupancy pre-pandemic. It is situated 4 blocks from I-405 entrances and 2 blocks from Highway 26. Attractive offices feature view windows and waiting spaces in common areas. Included in the purchase are area rugs, wall art, and common area furniture. Capital improvements in 2020 totaled $58,678, including kitchen appliances and new central A/C on the third floor. A new boiler was installed in 2015. The property offers flexible space for tenant expansion and contraction.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$1.28M
NOI $115,428 @ 9.00% cap · cautious / downside scenario
Moderate
$1.65M
NOI $115,428 @ 7.00% cap · market / base-case scenario
Aggressive
$2.31M
NOI $115,428 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $203.3k | $22.80 |
| − Vacancy | −$49.4k | −$5.54 |
| EGI | $153.9k | $17.26 |
| − OpEx | −$38.5k | −$4.31 |
| NOI | $115.4k | $12.94 |
8,917 SF · lease $22.80/SF/yr · vacancy 24.30% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$1.65M
$1.44M – $1.92M
NOI $115,428 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,288 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Office buildings
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Washington
- State
- Oregon
- Longitude
- -122.695
- Latitude
- 45.5208
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Queen Anne Victorian office building with high visibility and long-term tenants.
Where is this office building located?
The property is located at 2138 SW Salmon Street Portland Portland, OR.
What is the asking price?
The asking price for this property is $2,230,000.
What are key features of this property?
This property features: 100% Leased with long‑term tenants, providing immediate income.; Priced well below replacement cost at $291 per square foot.; Prime location in Kings Hill, near Multnomah Athletic Club/Providence Park, with easy access to I‑405 and Highway 26.
