Versatile Industrial Property Near Sandy
For Sale
Contact for pricing
2319 NE Glisan St, Portland, OR 97232
CM3-zoned industrial property with flexible space in prime Portland location.
Property Size3,894 SF
Lot Size0.11 Acres
Price / SF$331.28
Days on Market178
Property Features for 2319 NE Glisan St
General Information
Standard status
Active
Size
3,894 SF
Lot size
0.11 Acres
Property subtype
Mixed Use, Office, Retail
Zoning
CM3 (Commercial Mixed Use)
Building Details
Buildings
1
Stories
1
Listing Agency:
KW Commercial Portland Premiere
(503) 597-2444
Listed By:
Cameron Schwab · License #201220872
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Aug 8 at 3:20PM
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 KW Commercial Portland Premiere
Investment Insights
Based on property information with market context.
This versatile CM3-zoned industrial property offers approximately 3,894 square feet of well-configured building space on a 5,000 square foot parcel. It is located in a prime Portland location just off Sandy Boulevard. Constructed of durable masonry with a flat roof, the building is designed to support a wide range of commercial and production uses. The space features roll-up door access directly from the frontage and five on-site parking stalls. A floor drain runs through the building, making it ideal for light manufacturing, production, or creative uses. The layout includes a dedicated front office area, ample electrical capacity throughout the space and ceiling, and a ceiling grid system already installed for production equipment or lighting. A centrally located skylight provides natural light. Additional improvements include two heat pumps for efficient climate control, two single-fixture restrooms, and a small personal kitchen area conveniently located adjacent to the bathrooms. With highly flexible CM3 zoning and an exceptional location in close proximity to major transportation corridors, this property presents an opportunity for owner-users or investors seeking adaptable space in one of Portland’s dynamic submarkets.
Key Highlights
- Prime Portland location off Sandy Boulevard with easy access to major transportation corridors.
- Flexible CM3 zoning allows for a wide range of commercial, production, or creative uses.
- Approximately 3,894 SF of well‑configured building space with roll‑up door access and five on‑site parking stalls.
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
$52,569
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
4.08%
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%
$1,051,380
$1.1M
Cap Rate 7%
$750,986
$751.0K
Cap Rate 9%
$584,100
$584.1K
Market Conditions
NOI Build-Up for 3,894 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
$93.5K $24.00/SF
− Vacancy
−$9.3K −$2.40/SF
EGI
$84.1K $21.60/SF
− OpEx
−$31.5K −$8.10/SF
NOI
$52.6K $13.50/SF
Area
Portland, OR
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,051,380
Cap Rate 7%
$750,986
Cap Rate 9%
$584,100
Alternative Uses
Best Use
Mixed Use
$751.0K
$657.1K – $876.2K
NOI $52,569 @ 7.0% cap · market cap 4.08%
Second Best
Office B
$720.1K
$630.1K – $840.1K
NOI $50,407 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$1.09M
$956.8K – $1.28M
NOI $76,547 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,026
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
Median Home Value
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - CM3-zoned industrial property with flexible space in prime Portland location.
Where is this mixed-use property located?
The property is located at 2319 NE Glisan St Portland, OR.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: Prime Portland location off Sandy Boulevard with easy access to major transportation corridors.; Flexible CM3 zoning allows for a wide range of commercial, production, or creative uses.; Approximately 3,894 SF of well‑configured building space with roll‑up door access and five on‑site parking stalls.
