Medical Office Condo with Treatment
New
For Sale
$365,000
2817 NE M L KING, Portland, OR 97212
A clinical suite pairs private care rooms with radiant floor heating and polished concrete finishes.
Property Size1,137 SF
Price / SF$321.02
Days on Market6
Property Features for 2817 NE M L KING
General Information
Standard status
Active
Size
1,137 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,814
Amenities
Forced Air Heating
Building Details
Year Built
2008
Listing Agency:
MORE REALTY
(503) 353-6673
Listed By:
DARRYN FOOR · License #201001053
(503) 740-6300
Source:
Corcoran
Added: Sep 29
Changed: Oct 3
Last Checked: Oct 4 at 9:30AM
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 MORE REALTY
Investment Insights
Based on property information with market context.
This 1,137-square-foot medical office condominium in Graham Street Lofts was built in 2008. Its layout includes six enclosed treatment rooms, two with sinks, and three rooms currently leased to medical professionals. Radiant floor heating, polished concrete floors, and high ceilings complete the interior.
Key Highlights
- Six private treatment rooms, including two with sinks
- Three treatment rooms are leased to medical professionals
- 1,137‑square‑foot medical office condominium
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
$16,569
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
4.54%
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%
$331,380
$331.4K
Cap Rate 7%
$236,700
$236.7K
Cap Rate 9%
$184,100
$184.1K
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
$30.0K $26.40/SF
− Vacancy
−$2.4K −$2.11/SF
EGI
$27.6K $24.29/SF
− OpEx
−$11.0K −$9.72/SF
NOI
$16.6K $14.57/SF
Area
Portland, OR
Vacancy
8.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$331,380
Cap Rate 7%
$236,700
Cap Rate 9%
$184,100
Alternative Uses
Best Use
Healthcare Medical
$236.7K
$207.1K – $276.2K
NOI $16,569 @ 7.0% cap · market cap 4.54%
Second Best
Office B
$210.3K
$184.0K – $245.3K
NOI $14,718 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$319.3K
$279.4K – $372.5K
NOI $22,351 @ 7.0% cap · market cap 6.12%
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
Under-served
Demand for This Use
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
View Realmo Analytics
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A clinical suite pairs private care rooms with radiant floor heating and polished concrete finishes.
Where is this medical office space located?
The property is located at 2817 NE M L KING Portland, OR.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Six private treatment rooms, including two with sinks; Three treatment rooms are leased to medical professionals; 1,137‑square‑foot medical office condominium
