Medical Office Condo with Treatment
New
For Sale
$365,000
2817 NE M L KING Blvd, Portland, OR 97212
CommercialSale, Portland, OR
Property Size1,137 SF
Price / SF$321.02
Days on Market4
Property Features for 2817 NE M L KING Blvd
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
CM3
Directions
Knott
Subdivision
_142
Standard status
Active
APN
R619490
Size
1,137 SF
Taxes and HOA fees
Tax Description
GRAHAM STREET LOFTS CONDOMINIUM, LOT 3
Tax Annual Amount
4814
Legal Description
GRAHAM STREET LOFTS CONDOMINIUM, LOT 3
Utilities
Heating system
Forced Air
Building Details
Year built
2008
Floors in Building
1
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Darryn Foor · License #201001053
(503) 740-6300
Added: Sep 28
Changed: Sep 30
Last Checked: Oct 1 at 5:06AM
MLS# 341652843
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 medical office condominium was built in 2008 and is configured with six private treatment rooms. Two rooms have sinks, and three are occupied by medical professionals. Interior finishes include polished concrete flooring and high ceilings, with radiant floor heating and forced-air heat. The property is zoned CM3.
The office is located at 2817 NE M L KING Blvd in Portland, within the Graham Street Lofts.
The office is located at 2817 NE M L KING Blvd in Portland, within the Graham Street Lofts.
Key Highlights
- 1,137 square feet in a medical office condominium
- Six private treatment rooms; two have sinks
- Three rooms are rented to medical professionals
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
Lease Details
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Six private rooms, including two with sinks, serve a multi-practitioner medical office layout.
Where is this medical office space located?
The property is located at 2817 NE M L KING Blvd 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: 1,137 square feet in a medical office condominium; Six private treatment rooms; two have sinks; Three rooms are rented to medical professionals
