Flexible Industrial Office
For Sale
$1,480,000
2221 YEW St, Forest Grove, OR 97116
CommercialSale, ForestGrove, OR
Property Size10,963 SF
Lot Size0.96 Acres
Price / SF$134
Days on Market1267
Property Features for 2221 YEW St
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
GI
Directions
West on OR-8/Baseline, right on Yew
Subdivision
_152
Standard status
Active
APN
R751635
Size
10,963 SF
Lot size
0.96 Acres
Taxes and HOA fees
Tax Description
BECKER'S SUBDIVISION, LOT 3, ACRES 0.96
Tax Annual Amount
18830
Legal Description
BECKER'S SUBDIVISION, LOT 3, ACRES 0.96
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
conference rooms
Building Details
Year built
1996
Floors in Building
1
Building materials
Brick, MetalSiding, VinylSiding
Roof type
Composition
Listing Agency:
John L. Scott Market Center
(503) 844-9800
Listed By:
Ethan Thursam · License #201222153
(503) 816-0020
Added: Mar 8, 2023
Changed: Aug 25
Last Checked: Aug 26 at 12:06AM
MLS# 23192606
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes 10,963 square feet across two separate buildings on a 0.96-acre site. One building is configured for office use, while the other includes four HVAC systems, restrooms, two conference rooms, and two garage spaces. The second building also has a new roof. Construction materials include brick, metal siding, and vinyl siding, with forced-air heating and central air conditioning. The property was built in 1996.
General Industrial (GI) zoning supports a range of commercial and industrial applications. The layout can accommodate up to five units, allowing the buildings to function as one larger operation or as multiple spaces. On-site parking is available for staff and visitors.
General Industrial (GI) zoning supports a range of commercial and industrial applications. The layout can accommodate up to five units, allowing the buildings to function as one larger operation or as multiple spaces. On-site parking is available for staff and visitors.
Key Highlights
- 10,963‑square‑foot flex property on a 0.96‑acre lot
- General Industrial (GI) zoning
- Two separate buildings with office and industrial configurations
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
$120,571
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
8.15%
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%
$2,411,420
$2.4M
Cap Rate 7%
$1,722,443
$1.7M
Cap Rate 9%
$1,339,678
$1.3M
Market Conditions
NOI Build-Up for 10,963 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
$197.3K $18.00/SF
− Vacancy
−$11.8K −$1.08/SF
EGI
$185.5K $16.92/SF
− OpEx
−$64.9K −$5.92/SF
NOI
$120.6K $11.00/SF
Area
Washington County, OR
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,411,420
Cap Rate 7%
$1,722,443
Cap Rate 9%
$1,339,678
Alternative Uses
Best Use
Office B
$2.03M
$1.77M – $2.37M
NOI $141,913 @ 7.0% cap · market cap 9.59%
Second Best
Flex RnD
$1.72M
$1.51M – $2.01M
NOI $120,571 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$2.96M
$2.59M – $3.45M
NOI $207,143 @ 7.0% cap · market cap 14.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
427
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97116, OR
29,351
Population
10,229
Households
2.9
Avg Household Size
36
Median Age
33%
College-Educated
90%
High-School Grad
82.1 sq mi
ZIP Area
358
Density / Sq Mi
$87,308
Median Household Income
$42,330
Median Earnings
$1,397
Median Rent
$479,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Commissary Mister Pique — 81 N 11th Ave, Cornelius, OR 97113
- Zesti food carts — 2131 Yew St, Forest Grove, OR 97116
Frequently Asked Questions
What type of property is this?
Flex space - Two-building commercial asset with GI zoning, office improvements, warehouse areas, and room for multiple configurations.
Where is this flex space located?
The property is located at 2221 YEW St Forest Grove, OR.
What is the asking price?
The asking price for this property is $1,480,000.
What are key features of this property?
This property features: 10,963‑square‑foot flex property on a 0.96‑acre lot; General Industrial (GI) zoning; Two separate buildings with office and industrial configurations
