Portland Industrial Warehouse Asset
For Sale
$3,950,000
2506 NE Multnomah St, Portland, OR 97232
65,060 SF warehouse on 3.29 acres near I-84.
Property Size56,175 SF
Lot Size3.29 Acres
Price / SF$70.32
Days on Market146
Property Features for 2506 NE Multnomah St
General Information
Standard status
Active
Size
56,175 SF
Lot size
3.29 Acres
Property subtype
Industrial
Building Details
Building Size
56,175 SF
Year Built
1910
Buildings
1
Listing Agency:
Kidder Mathews - Portland
Listed By:
Jake Haas · License #201004093
(503) 721-2728
Source:
Kidder
Added: May 27
Changed: Aug 23
Last Checked: Aug 21 at 9:40PM
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 Kidder Mathews - Portland
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Investment Insights
Based on property information with market context.
This is a rare opportunity to acquire a substantial industrial warehouse asset on two contiguous lots totaling 3.29 acres in inner Northeast Portland. The property encompasses 65,060 square feet of warehouse and industrial space within a historic structure. Positioned in Sullivan's Gulch, the site benefits from immediate access to I-84 and proximity to the Lloyd District, placing it minutes from downtown Portland with excellent regional distribution connectivity. With a Walk Score of 83 and Transit Score of 68, the location supports a broad range of employees and operational uses. The dual-lot configuration carries split zoning of IG2 (General Industrial) and R2.5 (medium-density residential). The IG2-zoned parcel accommodates heavy industrial, warehousing, manufacturing, flex, and distribution uses, while the R2.5 parcel opens the door to residential development potential in one of Portland's most walkable inner-east neighborhoods.
Key Highlights
- Substantial 65,060 sq ft warehouse on 3.29 acres in inner Northeast Portland.
- Dual‑lot configuration with split zoning (IG2/R2.5) allows for industrial use and future redevelopment/mixed‑use potential.
- Prime location in Sullivan's Gulch with immediate I‑84 access and proximity to the Lloyd District and downtown Portland.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$352,581
Cap Rate
8.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,051,620
$7.1M
Cap Rate 7%
$5,036,871
$5.0M
Cap Rate 9%
$3,917,567
$3.9M
Market Conditions
NOI Build-Up for 56,175 SF
Gross rent
$539.3K $9.60/SF
− Vacancy
−$35.6K −$0.63/SF
EGI
$503.7K $8.97/SF
− OpEx
−$151.1K −$2.69/SF
NOI
$352.6K $6.28/SF
Area
Portland, OR
Vacancy
6.60%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,051,620
Cap Rate 7%
$5,036,871
Cap Rate 9%
$3,917,567
Alternative Uses
Best Use
Warehouse
$6.12M
$5.35M – $7.14M
NOI $428,134 @ 7.0% cap · market cap 10.84%
Second Best
Industrial
$5.04M
$4.41M – $5.88M
NOI $352,581 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$15.78M
$13.80M – $18.40M
NOI $1,104,273 @ 7.0% cap · market cap 27.96%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,931
Businesses Nearby
Balanced
Demand for This Use
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Portland, OR
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- Self Storage — ne 28th ave, portland, or 97232
- U Store — portland, or 97232
Frequently Asked Questions
What type of property is this?
Warehouse - 65,060 SF warehouse on 3.29 acres near I-84.
Where is this warehouse located?
The property is located at 2506 NE Multnomah St Portland, OR.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Substantial 65,060 sq ft warehouse on 3.29 acres in inner Northeast Portland.; Dual‑lot configuration with split zoning (IG2/R2.5) allows for industrial use and future redevelopment/mixed‑use potential.; Prime location in Sullivan's Gulch with immediate I‑84 access and proximity to the Lloyd District and downtown Portland.
