Flex Office-Warehouse
For Sale
Contact for pricing
2450 NW Eleven Mile Avenue, Gresham, OR 97030
Combined office and warehouse improvements include client-facing areas, yard space, parking, and convenient MAX station access.
Property Size7,650 SF
Price / SF$228.76
Days on Market14
Property Features for 2450 NW Eleven Mile Avenue
General Information
Standard status
Active
Size
7,650 SF
Property subtype
Office, Industrial
Zoning
SC-RJ
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Outdoor Storage
Yes
Additional Details
Clear Height
20 ft
Amenities
reception
conference room
Building Details
Year Built
1973
Year Renovated
2010
Listing Agency:
Ethos Commercial Advisors LLC Portland
(850) 545-2282
Listed By:
Brian Hanson · License #201217368
Source:
Crexi
Added: Aug 20
Changed: Aug 30
Last Checked: Sep 1 at 11:27AM
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 Ethos Commercial Advisors LLC Portland
Investment Insights
Based on property information with market context.
Built in 1973, this 7,650-square-foot flex property combines finished office areas with warehouse functionality. The office component includes a reception area and conference room, while the warehouse offers 20' clear height and a 12' roll-up door. On-site parking and yard space support a range of operational needs, and the property is zoned SC-RJ.
The site is positioned just south of NW Burnside Road and one block from the Ruby Junction / E 197th Avenue MAX station. Access extends to Gresham, East Portland, Interstate 84, and the wider Portland metropolitan area. Dock loading may be added, providing a potential enhancement to the existing warehouse configuration.
The site is positioned just south of NW Burnside Road and one block from the Ruby Junction / E 197th Avenue MAX station. Access extends to Gresham, East Portland, Interstate 84, and the wider Portland metropolitan area. Dock loading may be added, providing a potential enhancement to the existing warehouse configuration.
Key Highlights
- 7,650‑square‑foot flex office‑warehouse property built in 1973
- Warehouse provides 20' clear height and a 12' roll‑up door
- Office area includes reception and conference room
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
$90,607
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
5.18%
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%
$1,812,140
$1.8M
Cap Rate 7%
$1,294,386
$1.3M
Cap Rate 9%
$1,006,744
$1.0M
Market Conditions
NOI Build-Up for 7,650 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
$160.7K $21.00/SF
− Vacancy
−$39.8K −$5.21/SF
EGI
$120.8K $15.79/SF
− OpEx
−$30.2K −$3.95/SF
NOI
$90.6K $11.84/SF
Area
Gresham, OR
Vacancy
24.80%
Lease Rate
$21.00 /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%
$1,812,140
Cap Rate 7%
$1,294,386
Cap Rate 9%
$1,006,744
Alternative Uses
Best Use
Office B
$1.29M
$1.13M – $1.51M
NOI $90,607 @ 7.0% cap · market cap 5.18%
Second Best
Flex RnD
$1.01M
$887.2K – $1.18M
NOI $70,977 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,369 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,760
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97030, OR
39,492
Population
16,500
Households
2.4
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,266
Density / Sq Mi
$61,793
Median Household Income
$40,352
Median Earnings
$1,604
Median Rent
$418,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Nicholas Restaurant - Lebanese & Mediterranean Cuisine — 323 N Main Ave, Gresham, OR 97030
Frequently Asked Questions
What type of property is this?
Flex space - Combined office and warehouse improvements include client-facing areas, yard space, parking, and convenient MAX station access.
Where is this flex space located?
The property is located at 2450 NW Eleven Mile Avenue Gresham, OR.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 7,650‑square‑foot flex office‑warehouse property built in 1973; Warehouse provides 20' clear height and a 12' roll‑up door; Office area includes reception and conference room
