Freestanding Flex/Industrial
223 SE 3rd Ave Portland, OR 97214
New
223 SE 3rd Ave, Portland, OR, 97214
Contact for pricing
For Sale
Contact for pricing
Built in 1936 with 3 recessed dock doors, 1 grade door, and a 7,000 lb freight elevator.
Property Size23,588 SF
Price / SF$167.46
Days on Market2
Property Features for 223 SE 3rd Ave
General Information
- Standard status
- Active
- Size
- 23,588 SF
- Property subtype
- OFFICE
Listing Agency
Macadam Forbes
(503) 972-7283
Listed by
Todd Collins · License ##881000059
(503) 972-7283
Source
Moodyscre
Added: Jul 17 Checked: Jul 18 at 2:11 am
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.
Built in 1936, this freestanding flex/industrial building features clear heights of 14'4" on the first floor and 11'9" to 19'4" on the second floor. Improvements include cooler/power upgrades completed in 2022. The building is served by a 7,000 lb freight elevator and offers 3 recessed dock doors plus 1 grade door.
The property is described as adaptable for re-use and is zoned IG1, with access to a close-in SE Portland setting.
With a range of clear heights and dock and grade door functionality, the building supports flexible layouts across floors while maintaining practical loading and material-handling capability.
The property is described as adaptable for re-use and is zoned IG1, with access to a close-in SE Portland setting.
With a range of clear heights and dock and grade door functionality, the building supports flexible layouts across floors while maintaining practical loading and material-handling capability.
Key Highlights
- Built in 1936 with historic significance and adaptive re‑use architecture
- 3 recessed dock doors plus 1 grade door for loading and access
- Freight elevator with 7,000 lb capacity
Local Financial Insights For Office B
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $537.8k | $22.80 |
| − Vacancy | −$130.7k | −$5.54 |
| EGI | $407.1k | $17.26 |
| − OpEx | −$101.8k | −$4.31 |
| NOI | $305.3k | $12.94 |
23,588 SF · lease $22.80/SF/yr · vacancy 24.30% · expense 25.00%
Alternative Uses
Best Use
Office B
$4.36M
$3.82M – $5.09M
NOI $305,340 @ 7.0% cap · market cap 7.73%
Second Best
Flex RnD
$3.42M
$2.99M – $3.99M
NOI $239,550 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$6.62M
$5.80M – $7.73M
NOI $463,686 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
NICKY USA
Butcher
mtekkiosk
Home Decor Store
Similar For Sale Nearby
Similar Off Market Nearby
- Eat Your Heart Out Catering Co — 1230 SE 7th Ave, Portland, OR 97214
- Sugar Street Catering — 3334, 1430 SE Water Ave #102, Portland, OR 97214
- Gourmet Coffee Brew Master, Inc. — 1214 SE 7th Ave, Portland, OR 97214
- Alimenti Event Services, LLC — 1430 SE Water Ave #102, Portland, OR 97214
- Trailhead Coffee Roasters — 350 SE Mill St, Portland, OR 97214
FAQs
What type of property is this?
Flex space - Built in 1936 with 3 recessed dock doors, 1 grade door, and a 7,000 lb freight elevator.
Where is this flex space located?
The property is located at 223 SE 3rd Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Built in 1936 with historic significance and adaptive re‑use architecture; 3 recessed dock doors plus 1 grade door for loading and access; Freight elevator with 7,000 lb capacity
