Industrial Flex Building with
For Sale
Contact for pricing
2330 Northwest 31st Avenue, Portland, OR 97210
Industrial flex space includes upgraded HVAC, creative office, and secured yard parking.
Property Size18,788 SF
Price / SF$263.47
Days on Market104
Property Features for 2330 Northwest 31st Avenue
General Information
Standard status
Active
Size
18,788 SF
Class
B
Property subtype
Industrial
Zoning
Industrial
Occupancy
91%
Investment Type
Stabilized
Net Operating Income
$285,880
Financials
Asking Price
$4,950,000
Cap Rate
5.78%
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Power
2,400 amps
Three-Phase Power
Yes
Building Details
Year Built
1976
Buildings
1
Tenancy
Multi
Building Size
18,788 SF
Listing Agency:
Marcus & Millichap - Portland
(916) 724-1400
Listed By:
Zachary Danner · License #201254181
Source:
Crexi
Added: May 19
Changed: Aug 29
Last Checked: Aug 29 at 9:29PM
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 Marcus & Millichap - Portland
Investment Insights
Based on property information with market context.
The 1976-built property contains 18,788 square feet of industrial flex space with a second-story creative office component, seismic retrofitting, and custom soundproofing. HVAC upgrades were completed in 2025, and the building is served by a 2,400-amp, 3-phase electrical system. A fenced and gated parking yard adds secured on-site vehicle storage.
Cine Rent West occupies the primary space, while additional tenants operate in legal, accounting, and production uses. Occupancy is 91.7%, and a potential 10-year leaseback is available at closing. The property is located at 2330 Northwest 31st Avenue in Portland, with access to Downtown Portland via US-30 and I-405 in approximately 10 minutes.
Cine Rent West occupies the primary space, while additional tenants operate in legal, accounting, and production uses. Occupancy is 91.7%, and a potential 10-year leaseback is available at closing. The property is located at 2330 Northwest 31st Avenue in Portland, with access to Downtown Portland via US-30 and I-405 in approximately 10 minutes.
Key Highlights
- 18,788 SF industrial flex building constructed in 1976
- 2,400‑amp, 3‑phase electrical service
- 2025 HVAC upgrades
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
$243,205
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
4.91%
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%
$4,864,100
$4.9M
Cap Rate 7%
$3,474,357
$3.5M
Cap Rate 9%
$2,702,278
$2.7M
Market Conditions
NOI Build-Up for 18,788 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
$428.4K $22.80/SF
− Vacancy
−$104.1K −$5.54/SF
EGI
$324.3K $17.26/SF
− OpEx
−$81.1K −$4.31/SF
NOI
$243.2K $12.94/SF
Area
Portland, 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 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%
$4,864,100
Cap Rate 7%
$3,474,357
Cap Rate 9%
$2,702,278
Alternative Uses
Best Use
Office B
$3.47M
$3.04M – $4.05M
NOI $243,205 @ 7.0% cap · market cap 4.91%
Second Best
Flex RnD
$2.73M
$2.39M – $3.18M
NOI $190,803 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$5.28M
$4.62M – $6.16M
NOI $369,329 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,025
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Office in Portland, OR
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex space includes upgraded HVAC, creative office, and secured yard parking.
Where is this flex space located?
The property is located at 2330 Northwest 31st Avenue Portland, OR.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 18,788 SF industrial flex building constructed in 1976; 2,400‑amp, 3‑phase electrical service; 2025 HVAC upgrades
