Ground-Floor Live-Work
For Sale
$369,900
2809 NE M L King Blvd Unit 2, Portland, OR 97212
Two entrances and an adaptable interior support flexible occupancy, leasing, or creative commercial use.
Property Size1,137 SF
Price / SF$325.33
Days on Market59
Property Features for 2809 NE M L King Blvd Unit 2
General Information
Standard status
Active
Size
1,137 SF
Additional Details
Floor
Ground Floor
Amenities
polished concrete floors
high ceilings
open adaptable layout
two separate entrances
dual addresses
Building Details
Year Built
2008
Listing Agency:
eXp Realty, LLC
Listed By:
Max Breslau
(503) 939-8231
Source:
Wisser
Added: Jul 31
Changed: Sep 25
Last Checked: Sep 26 at 11:32AM
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 1,137-square-foot ground-floor commercial condominium was built in 2008 and offers a flexible live-work configuration. The interior features polished concrete flooring, high ceilings, and an open plan that can accommodate retail, office, studio, or other creative workspace uses. Two separate entrances and dual addresses provide the physical separation needed for distinct occupancy arrangements, including use of one area while leasing the other.
Located at 2809 NE M L King Blvd Unit 2 in Portland, the property has street-facing exposure and sits along a consistently traveled commercial corridor. Its layout can also be divided into two independent units, giving owner-users and investors multiple ways to configure the space.
Located at 2809 NE M L King Blvd Unit 2 in Portland, the property has street-facing exposure and sits along a consistently traveled commercial corridor. Its layout can also be divided into two independent units, giving owner-users and investors multiple ways to configure the space.
Key Highlights
- 1,137 SF ground‑floor commercial condo
- Built in 2008
- Two separate entrances and dual addresses
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
4.15%
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 4.15%
Second Best
Office B
$210.3K
$184.0K – $245.3K
NOI $14,718 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$319.3K
$279.4K – $372.5K
NOI $22,351 @ 7.0% cap · market cap 6.04%
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
3,431
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Portland, OR
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Frequently Asked Questions
What type of property is this?
Live-work space - Two entrances and an adaptable interior support flexible occupancy, leasing, or creative commercial use.
Where is this live-work space located?
The property is located at 2809 NE M L King Blvd Unit 2 Portland, OR.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: 1,137 SF ground‑floor commercial condo; Built in 2008; Two separate entrances and dual addresses
