Two-Level Office Flex
For Sale
Contact for pricing
2407 SE 10th Ave., Portland, OR 97214
Concrete construction pairs adaptable office space with a dedicated warehouse area and loading access.
Property Size6,765 SF
Price / SF$354.77
Days on Market65
Property Features for 2407 SE 10th Ave.
General Information
Standard status
Active
Size
6,765 SF
Class
A
Total Parking Spaces
4
Property subtype
Industrial
Zoning
General Industrial (IG1)
Lease Type
NNN
Building Details
Year Built
1986
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Cascade Commercial Real Estate
Listed By:
Todd DeNeffe · License #OR
(503) 705-6380
Source:
Crexi
Added: Jul 25
Changed: Sep 8
Last Checked: Sep 26 at 7:05AM
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 Cascade Commercial Real Estate
Investment Insights
Based on property information with market context.
This 6,765-square-foot flex building uses concrete tilt-up construction and is configured for office and warehouse functions. The office component spans 5,765 square feet across two levels, with generously sized rooms and an open arrangement. A separate 1,000-square-foot warehouse area provides an 18-foot ceiling, 3-phase power, and a large loading door. General Industrial (IG1) zoning supports the property’s industrial classification.
The property sits two blocks north of SE Division in Portland’s Central Eastside. Its setting provides access to freeways, bridges, downtown, nearby eastside residential areas including Ladd’s Addition, and surrounding retail amenities. Off-street parking is available, supplemented by plentiful on-street parking.
The layout can accommodate professional service, engineering, technology, design, architecture, audio/visual, research and development, or nonprofit operations, as identified in the property information.
The property sits two blocks north of SE Division in Portland’s Central Eastside. Its setting provides access to freeways, bridges, downtown, nearby eastside residential areas including Ladd’s Addition, and surrounding retail amenities. Off-street parking is available, supplemented by plentiful on-street parking.
The layout can accommodate professional service, engineering, technology, design, architecture, audio/visual, research and development, or nonprofit operations, as identified in the property information.
Key Highlights
- 6,765 SF concrete tilt‑up flex building
- 5,765 SF of office space across two levels
- 1,000 SF warehouse with an 18‑foot ceiling
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
$87,571
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
3.65%
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%
$1,751,420
$1.8M
Cap Rate 7%
$1,251,014
$1.3M
Cap Rate 9%
$973,011
$973.0K
Market Conditions
NOI Build-Up for 6,765 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
$154.2K $22.80/SF
− Vacancy
−$37.5K −$5.54/SF
EGI
$116.8K $17.26/SF
− OpEx
−$29.2K −$4.31/SF
NOI
$87.6K $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%
$1,751,420
Cap Rate 7%
$1,251,014
Cap Rate 9%
$973,011
Alternative Uses
Best Use
Office B
$1.25M
$1.09M – $1.46M
NOI $87,571 @ 7.0% cap · market cap 3.65%
Second Best
Flex RnD
$981.5K
$858.8K – $1.15M
NOI $68,703 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $132,985 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,864
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Portland, OR
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Frequently Asked Questions
What type of property is this?
Flex space - Concrete construction pairs adaptable office space with a dedicated warehouse area and loading access.
Where is this flex space located?
The property is located at 2407 SE 10th Ave. Portland, OR.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 6,765 SF concrete tilt‑up flex building; 5,765 SF of office space across two levels; 1,000 SF warehouse with an 18‑foot ceiling
