Ground-Floor Live-Work
For Sale
$405,000
2809 NE M L King Blvd #2, Portland, OR 97212
Commercial condo with separate access points and an adaptable interior for retail, office, studio, or creative use.
Property Size1,137 SF
Days on Market106
Property Features for 2809 NE M L King Blvd #2
General Information
Standard status
Active
Size
1,137 SF
Property subtype
Commercial
Zoning
CM3
Additional Details
Floor
Ground Floor
Taxes and HOA fees
Annual Taxes
$5,061
Building Details
Building Size
1,137 SF
Year Built
2008
Listing Agency:
eXp Realty, LLC
(503) 939-8231
Listed By:
Max Breslau
(503) 939-8231
Source:
Metanars
Added: Apr 28
Changed: Aug 11
Last Checked: Aug 11 at 7:13AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This ground-floor commercial condominium provides a flexible live-work configuration within a building completed in 2008. Two entrances and dual addresses support separate occupancy, leasing one portion while using the other, or dividing the space into two independent units. The interior features polished concrete flooring, high ceilings, and an open plan that can accommodate retail, office, studio, or creative workspace functions.
Located at 2809 NE M L King Blvd in Portland, the property carries CM3 zoning and offers a street-facing commercial setting with regular traffic exposure. Its configuration combines adaptable interior space with the potential for distinct operating areas under one ownership.
Located at 2809 NE M L King Blvd in Portland, the property carries CM3 zoning and offers a street-facing commercial setting with regular traffic exposure. Its configuration combines adaptable interior space with the potential for distinct operating areas under one ownership.
Key Highlights
- Ground‑floor commercial condominium with live‑work configuration
- Two entrances and dual addresses support separate occupancy or leasing
- Layout can be divided 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?
Live-work space - Commercial condo with separate access points and an adaptable interior for retail, office, studio, or creative use.
Where is this live-work space located?
The property is located at 2809 NE M L King Blvd #2 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: Ground‑floor commercial condominium with live‑work configuration; Two entrances and dual addresses support separate occupancy or leasing; Layout can be divided into two independent units
