Manufacturing Facility with
New
For Sale
$8,450,000
2211 & 2245 NW Nicolai Street, Portland, OR 97210
IH-zoned property combines conditioned production areas, warehouse space, offices, and dedicated loading facilities.
Property Size64,954 SF
Price / SF$130.09
Days on Market5
Property Features for 2211 & 2245 NW Nicolai Street
General Information
Standard status
Active
Size
64,954 SF
Property subtype
Industrial
Zoning
IH
Building Details
Building Size
64,954 SF
Year Built
1910
Listing Agency:
Macadam Forbes
Listed By:
Joe Curran · License #OR #200812036
(503) 616-0992
Source:
Macadamforbes
Added: Sep 30
Last Checked: Oct 4 at 7:20AM
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 Macadam Forbes
Investment Insights
Based on property information with market context.
This manufacturing and storage property includes 20,511 SF of HVAC-conditioned production space, along with laboratory areas, offices, breakrooms, a warehouse, and hot and cold storage rooms. Floor drains and water service support wet operations. Equipment and building features include 240/480v power, radiant warehouse heat, a freight elevator, and a sprinkler system in the main building at 2211 NW Nicolai Street. The 1.74-acre site has 404 roof-mounted solar panels and 50 parking spaces. Loading is provided by two dock-high doors, two van-height doors, and three grade doors. A billboard on the property has existing income.
At the corner of NW Yeon and Nicolai Street, the property has direct access to I-405 and connects to the Pearl District and Slabtown. IH zoning supports manufacturing, warehousing, freight movement, wholesale sales, and industrial service uses.
At the corner of NW Yeon and Nicolai Street, the property has direct access to I-405 and connects to the Pearl District and Slabtown. IH zoning supports manufacturing, warehousing, freight movement, wholesale sales, and industrial service uses.
Key Highlights
- 20,511 SF of HVAC‑conditioned production space
- 1.74‑acre site with 404 roof‑mounted solar panels
- 240/480v power, floor drains, and water supply
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
$495,043
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
5.86%
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%
$9,900,860
$9.9M
Cap Rate 7%
$7,072,043
$7.1M
Cap Rate 9%
$5,500,478
$5.5M
Market Conditions
NOI Build-Up for 64,954 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
$623.6K $9.60/SF
− Vacancy
−$41.2K −$0.63/SF
EGI
$582.4K $8.97/SF
− OpEx
−$87.4K −$1.34/SF
NOI
$495.0K $7.62/SF
Area
Portland, OR
Vacancy
6.60%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$9,900,860
Cap Rate 7%
$7,072,043
Cap Rate 9%
$5,500,478
Alternative Uses
Best Use
Warehouse
$7.07M
$6.19M – $8.25M
NOI $495,043 @ 7.0% cap · market cap 5.86%
Second Best
Industrial
$5.82M
$5.10M – $6.79M
NOI $407,682 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$18.24M
$15.96M – $21.28M
NOI $1,276,848 @ 7.0% cap · market cap 15.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,854
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Portland, OR
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Frequently Asked Questions
What type of property is this?
Manufacturing property - IH-zoned property combines conditioned production areas, warehouse space, offices, and dedicated loading facilities.
Where is this manufacturing property located?
The property is located at 2211 & 2245 NW Nicolai Street Portland, OR.
What is the asking price?
The asking price for this property is $8,450,000.
What are key features of this property?
This property features: 20,511 SF of HVAC‑conditioned production space; 1.74‑acre site with 404 roof‑mounted solar panels; 240/480v power, floor drains, and water supply
