Listing Agency: CBRE - Portland

Listed By: Graham Taylor · License #01429996 Show Phone

Source: Cbre

Added: Mar 25 Changed: Oct 25 Last Checked: Oct 24 at 4:19PM

Report an Issue

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 CBRE - Portland

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Located in Portland’s Northwest industrial district, the property at 2187 NW Reed St. is an approximately 18,751 SF concrete building. The property includes approximately 4,500 SF of renovated office space. It features ample on-site parking with 20+ spaces, one dock-high door, and two grade-level drive-in doors. The building has a 14' clear height, insulated drop-ceilings, and modern HVAC systems. Renovated in 2016, the conditioned flex warehouse and office property offers excellent access to major freeways and downtown Portland. This property is suitable for owner-users or investors seeking operational efficiency and strategic connectivity.

Key Highlights

• Prime location in Portland's coveted Northwest industrial district.
• ±18,751 SF concrete building with ±4,500 SF of renovated office space.
• Excellent access to major freeways and downtown Portland.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$190,428

Cap Rate

6.46%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,808,560 $3.8M

Cap Rate 7%

$2,720,400 $2.7M

Cap Rate 9%

$2,115,867 $2.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 18,751 SF

Gross rent

$315.0K $16.80/SF

− Vacancy

−$22.1K −$1.18/SF

EGI

$293.0K $15.62/SF

− OpEx

−$102.5K −$5.47/SF

NOI

$190.4K $10.16/SF

Area

Portland, OR

Vacancy

7.00%

Lease Rate

$16.80 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,808,560

Cap Rate 7%

$2,720,400

Cap Rate 9%

$2,115,867

Alternative Uses

Best Use

Flex RnD

$2.72M

$2.38M – $3.17M (±1% cap)

NOI $190,428 @ 7.0% cap · market cap 6.46%

Second Best

Industrial

$1.68M

$1.47M – $1.96M (±1% cap)

NOI $117,690 @ 7.0% cap · market cap 3.99%

Theoretical Best

Office A

$5.27M

$4.61M – $6.14M (±1% cap)

NOI $368,602 @ 7.0% cap · market cap 12.49%

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

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Gango Custom Printing (Bike/Boat/Book/etc) Store Alan Mascord Design ... Architect

Suggested Use

Top Pick Auto Parts Store HVAC Service Auto Repair Shop Pharmacy Accounting Firm Grocery & Convenience Store

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

Location Intelligence

Trade Area within ½ mile

2,669

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 97210, OR

13,016

Population

7,910

Households

1.6

Avg Household Size

38

Median Age

76%

College-Educated

97%

High-School Grad

8.9 sq mi

ZIP Area

1,462

Density / Sq Mi

$87,942

Median Household Income

$66,429

Median Earnings

$1,577

Median Rent

$991,500

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

Similar For Sale Nearby

See more

Freestanding Manufacturing Warehouse

5440 NE Columbia Blvd, Portland, OR 97218

$3,000,000

18,737 SF

View details

Award-Winning Flex Building For Sale

2110 Southeast 82nd Avenue, Portland, OR 97216

$3,302,611

18,682 SF

View details

Industrial Building with Office Space

1163 NE 63rd Ave, Portland, OR 97213

$2,575,000

18,800 SF

View details

Creative Industrial Flex Building

2105 SE 7th Avenue, Portland, OR 97214

$3,450,000

17,167 SF

View details

Six-Suite Flex Property

8411 N DENVER Ave, Portland, OR 97217

$4,350,000

19,100 SF

View details

Functional Industrial Site For Sale

1105 SE Woodward St, Portland, OR 97202

$1,950,000

17,343 SF

View details

Warehouse with Office and Storage

8900 NE Lombard St, Portland, OR 97220

$3,825,000

23,777 SF

View details

Leased Flex Space with Grade Doors

711 SE Stark St, Portland, OR 97214

$2,040,000

View details

Flex Space with Roll-Up Door

454 SE 187th Ave, Portland, OR 97233

$1,800,000

View details

Flex Space with Fenced Yard

5833 NE LOMBARD ST, Portland, OR 97218

$1,575,000

View details

Industrial Warehouse with Dual Lots

2506 NE MULTNOMAH St, Portland, OR 97232

$1,990,000

65,060 SF

View details

Office Flex Building with Roll-Up Door

1219 SE Lafayette St, Portland, OR 97202

$2,100,000

View details

Similar Off Market Nearby

• Kahel Filipino Cuisine — 817 NW 23rd Ave, Portland, OR 97210
• Swagat Indian Cuisine NW — 2074 NW Lovejoy St, Portland, OR 97209
• Portland Burmese Food Catering Services — 833 nw 16th ave, portland, or 97209
• Yancy Violi - Cocktail Catering — 2346 NW Northrup St, Portland, OR 97210
• Fuego Food Carts Burritos & Bowls — 2741 nw vaughn st, portland, or 97210

Frequently Asked Questions

What type of property is this?

Flex space - 18,751 SF flex warehouse with renovated office space.

Where is this flex space located?

The property is located at 2187 Northwest Reed Street Portland, OR.

What is the asking price?

The asking price for this property is $2,950,000.

What are key features of this property?

This property features: Prime location in Portland's coveted Northwest industrial district.; ±18,751 SF concrete building with **±4,500 SF of renovated office space.**; Excellent access to major freeways and downtown Portland.