Multi-Suite Office
New
For Sale
$639,000
2318 Pacific Ave, Forest Grove, OR 97116
Two occupied suites include a larger space that may be divided to create an additional commercial unit.
Property Size2,424 SF
Lot Size0.41 Acres
Price / SF$263.61
Days on Market3
Property Features for 2318 Pacific Ave
General Information
Standard status
Active
Size
2,424 SF
Total Parking Spaces
25
Lot size
0.41 Acres
Property subtype
Commercial
Zoning
TCT
Additional Details
Road Access
Yes
Office Units
2
Tenant in Place
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$4,919
Building Details
Building Size
2,424 SF
Year Built
1950
Buildings
1
Stories
1
Construction
cement block
Tenancy
Multi
Listing Agency:
Keller Williams Sunset Corridor
Listed By:
Kevin Mapes · License #200607154
(503) 341-0267
Source:
Duanejohnson
Added: Oct 22
Changed: Oct 23
Last Checked: Oct 23 at 12:03PM
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 Keller Williams Sunset Corridor
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Investment Insights
Based on property information with market context.
This 2,424-square-foot office property, built in 1950, occupies a 0.41-acre lot at 2318 Pacific Ave in Forest Grove. The building has 10 rooms or offices and three bathrooms, arranged in two suites: a 600-square-foot unit with three rooms and one bathroom, and a 1,824-square-foot unit with seven rooms, a storage room, and two bathrooms. The larger suite could be reconfigured as two units. Approximately 25 parking spaces serve the property, which is currently occupied by long-term tenants.
The site is near Pacific University on a road carrying up to 15,000 vehicles per day. TCT zoning allows commercial uses including retail, offices, repair-oriented services, eating and drinking establishments, day care, and multifamily housing.
The site is near Pacific University on a road carrying up to 15,000 vehicles per day. TCT zoning allows commercial uses including retail, offices, repair-oriented services, eating and drinking establishments, day care, and multifamily housing.
Key Highlights
- 2,424 SF office building on a 0.41‑acre lot
- Two suites: 600 SF and 1,824 SF; the larger suite could be divided to create a third unit
- 10 rooms or offices and three bathrooms; larger suite includes a storage room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,378
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$627,560
$627.6K
Cap Rate 7%
$448,257
$448.3K
Cap Rate 9%
$348,644
$348.6K
Market Conditions
NOI Build-Up for 2,424 SF
Gross rent
$55.3K $22.80/SF
− Vacancy
−$13.4K −$5.54/SF
EGI
$41.8K $17.26/SF
− OpEx
−$10.5K −$4.31/SF
NOI
$31.4K $12.94/SF
Area
Washington County, OR
Vacancy
24.30%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$627,560
Cap Rate 7%
$448,257
Cap Rate 9%
$348,644
Alternative Uses
Best Use
Office B
$448.3K
$392.2K – $523.0K
NOI $31,378 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$654.3K
$572.5K – $763.4K
NOI $45,801 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
844
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Two occupied suites include a larger space that may be divided to create an additional commercial unit.
Where is this office building located?
The property is located at 2318 Pacific Ave Forest Grove, OR.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: 2,424 SF office building on a 0.41‑acre lot; Two suites: 600 SF and 1,824 SF; the larger suite could be divided to create a third unit; 10 rooms or offices and three bathrooms; larger suite includes a storage room
