Commercial Land with Open-Span
For Sale
$1,399,999
2812 NE ALBERTA St, Portland, OR 97211
Land, Portland, OR
Property Size3,690 SF
Price / SF$379.40
Days on Market207
Property Features for 2812 NE ALBERTA St
General Information
Property type
Land
Property subtype
Other
Zoning
CM2
Elementary school
Vernon
Middle school
Vernon
High school
Jefferson
Directions
NE Alberta and NE 28th
Subdivision
_142
Standard status
Active
APN
R155475
Taxes and HOA fees
Tax Description
ELBERTA, BLOCK 3, LOT 1, N 33' OF LOT 2
Tax Annual Amount
521
Legal Description
ELBERTA, BLOCK 3, LOT 1, N 33' OF LOT 2
Listing Agency:
UNIQUE REALT
(503) 740-0259
Listed By:
Dennis Kviz
(503) 318-1988
Added: Mar 13
Changed: Sep 7
Last Checked: Oct 4 at 11:06PM
MLS# 211107369
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 commercial land property includes an open-span shell with 20-foot ceilings and a 90' x 41' footprint. The interior configuration provides a large, unobstructed volume for planning and build-out within the existing shell.
Located at 2812 NE Alberta St in Portland, the corner parcel has 116 feet of frontage on Alberta Street. CM2 zoning is identified for the property, and the stated development concept includes mixed-use construction with residential units above retail, office, food and beverage, brewery, or restaurant uses.
Located at 2812 NE Alberta St in Portland, the corner parcel has 116 feet of frontage on Alberta Street. CM2 zoning is identified for the property, and the stated development concept includes mixed-use construction with residential units above retail, office, food and beverage, brewery, or restaurant uses.
Key Highlights
- Open‑span shell with 20‑foot ceilings
- 90' x 41' building footprint
- 116 feet of frontage on Alberta Street
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
$49,815
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
3.56%
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%
$996,300
$996.3K
Cap Rate 7%
$711,643
$711.6K
Cap Rate 9%
$553,500
$553.5K
Market Conditions
NOI Build-Up for 3,690 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
$88.6K $24.00/SF
− Vacancy
−$8.9K −$2.40/SF
EGI
$79.7K $21.60/SF
− OpEx
−$29.9K −$8.10/SF
NOI
$49.8K $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%
$996,300
Cap Rate 7%
$711,643
Cap Rate 9%
$553,500
Alternative Uses
Best Use
Mixed Use
$711.6K
$622.7K – $830.3K
NOI $49,815 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$906.7K – $1.21M
NOI $72,537 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20 ft
Clear height
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
860
Businesses Nearby
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Commercial land - CM2-zoned corner property with an open-span shell, 20-foot ceilings, and frontage along NE Alberta Street.
Where is this commercial land located?
The property is located at 2812 NE ALBERTA St Portland, OR.
What is the asking price?
The asking price for this property is $1,399,999.
What are key features of this property?
This property features: Open‑span shell with 20‑foot ceilings; 90' x 41' building footprint; 116 feet of frontage on Alberta Street
