Ground-Floor Mixed-Use
For Sale
$405,000
2809 NE M L KING Blvd, Portland, OR 97212
CommercialSale, Portland, OR
Property Size1,137 SF
Price / SF$356.20
Days on Market121
Property Features for 2809 NE M L KING Blvd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CM3
View
City
Directions
MLK to NE Graham St
Subdivision
_142
Standard status
Active
APN
R619489
Size
1,137 SF
Taxes and HOA fees
Tax Description
GRAHAM STREET LOFTS CONDOMINIUM, LOT 2
Tax Annual Amount
5062
Legal Description
GRAHAM STREET LOFTS CONDOMINIUM, LOT 2
Utilities
Heating system
Radiant
Building Details
Year built
2008
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Max Breslau
(503) 939-8231
Added: Apr 28
Changed: Aug 25
Last Checked: Aug 26 at 4:06AM
MLS# 589565542
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,137-square-foot ground-floor commercial condominium was built in 2008 and features two separate entrances, dual addresses, polished concrete floors, high ceilings, and an open layout. The configuration can accommodate occupancy as one space or separation into two independent units. The property is presented for retail, studio, office, or creative workspace use, with live/work potential also identified in the offering. Radiant heating is installed, and the zoning designation is CM3.
Located at 2809 NE M L KING Blvd in Portland, Oregon, the property has street-facing exposure and consistent traffic described as supporting customer and client access. Its commercial condominium format and two-entry arrangement provide a practical physical setup for an owner-user, investor, or live/work buyer.
Located at 2809 NE M L KING Blvd in Portland, Oregon, the property has street-facing exposure and consistent traffic described as supporting customer and client access. Its commercial condominium format and two-entry arrangement provide a practical physical setup for an owner-user, investor, or live/work buyer.
Key Highlights
- 1,137 SF ground‑floor commercial condominium
- Two separate entrances and dual addresses
- Open layout with potential separation into two independent units
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
$15,350
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
3.79%
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%
$307,000
$307.0K
Cap Rate 7%
$219,286
$219.3K
Cap Rate 9%
$170,556
$170.6K
Market Conditions
NOI Build-Up for 1,137 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
$27.3K $24.00/SF
− Vacancy
−$2.7K −$2.40/SF
EGI
$24.6K $21.60/SF
− OpEx
−$9.2K −$8.10/SF
NOI
$15.3K $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%
$307,000
Cap Rate 7%
$219,286
Cap Rate 9%
$170,556
Alternative Uses
Best Use
Mixed Use
$219.3K
$191.9K – $255.8K
NOI $15,350 @ 7.0% cap · market cap 3.79%
Second Best
Office B
$210.3K
$184.0K – $245.3K
NOI $14,718 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$319.3K
$279.4K – $372.5K
NOI $22,351 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,431
Businesses Nearby
Explore this area
Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
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 - Two entrances and an adaptable layout allow flexible occupancy or separation into independent spaces.
Where is this mixed-use property located?
The property is located at 2809 NE M L KING Blvd Portland, OR.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: 1,137 SF ground‑floor commercial condominium; Two separate entrances and dual addresses; Open layout with potential separation into two independent units
