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31895 NW Hillcrest St

Floor

Bldg

Size

2,000 SF

Type

FLEX_R_AND_D

Availability

AVAILABLE, Now

Sublease

No

- This free-standing office building sits on 0.23 acres of industrial-zoned land... and was recently renovated. - Inside you’ll find an open work area, private office, conference room, two restrooms, a large storage room, and a photo studio with a built-in cyclorama wall. - A rear roll-up door makes the studio easily convertible into warehouse or production space — with the added benefit of full climate control, offering flexibility beyond standard warehouse options.

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Listing Agency: Colliers | Portland Show Phone

Listed By: Jon Rubey · License #200606420 Show Phone

Source: Moodyscre

Added: Jan 23 Changed: Aug 30 Last Checked: Aug 30 at 6:55AM

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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 Colliers | Portland

Investment Insights

Based on property information with market context.

This freestanding flex property contains 2,000 square feet on 0.23 acres of industrial-zoned land. The recently renovated building includes an open work area, private office, conference room, two restrooms, substantial storage, and a photo studio equipped with a built-in cyclorama wall.

A rear roll-up door supports movement of materials and allows the studio area to adapt for warehouse or production use. Full climate control extends throughout the building, providing conditioned space for office, studio, storage, and flexible operational needs.

Key Highlights

• 2,000‑square‑foot freestanding flex building
• 0.23 acres of industrial‑zoned land
• Recently renovated interior with open work area and private office

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

$25,889

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

3.26%

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%

$517,780 $517.8K

Cap Rate 7%

$369,843 $369.8K

Cap Rate 9%

$287,656 $287.7K

Market Conditions

NOI Build-Up for 2,000 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

$45.6K $22.80/SF

− Vacancy

−$11.1K −$5.54/SF

EGI

$34.5K $17.26/SF

− OpEx

−$8.6K −$4.31/SF

NOI

$25.9K $12.94/SF

Area

Washington County, OR

Vacancy

24.30%

Lease Rate

$22.80 /SF/Yr

Expense Ratio

25.00%

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%

$517,780

Cap Rate 7%

$369,843

Cap Rate 9%

$287,656

Alternative Uses

Best Use

Office B

$369.8K

$323.6K – $431.5K (±1% cap)

NOI $25,889 @ 7.0% cap · market cap 3.26%

Second Best

Flex RnD

$314.2K

$275.0K – $366.6K (±1% cap)

NOI $21,996 @ 7.0% cap · market cap 2.77%

Theoretical Best

Office A

$539.8K

$472.4K – $629.8K (±1% cap)

NOI $37,789 @ 7.0% cap · market cap 4.75%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Dental Office Parking Lot & Garage HVAC Service Storage Facility Plumbing Service Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

180

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 97133, OR

5,577

Population

2,212

Households

2.5

Avg Household Size

39

Median Age

47%

College-Educated

97%

High-School Grad

76.8 sq mi

ZIP Area

73

Density / Sq Mi

$117,986

Median Household Income

$72,972

Median Earnings

$1,455

Median Rent

$644,300

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Renovated commercial space combines office functionality with a climate-controlled studio and rear loading access.

Where is this flex space located?

The property is located at 31895 NW Hillcrest St North Plains, OR.

What is the asking price?

The asking price for this property is $795,000.

What are key features of this property?

This property features: 2,000‑square‑foot freestanding flex building; 0.23 acres of industrial‑zoned land; Recently renovated interior with open work area and private office