Office-Warehouse Flex
New
For Sale
Contact for pricing
3377 SE 21st Avenue, Portland, OR 97282
A conference room, kitchenette, and rear office areas complement the warehouse component.
Property Size3,657 SF
Price / SF$244.74
Days on Market7
Property Features for 3377 SE 21st Avenue
General Information
Standard status
Active
Size
3,657 SF
Property subtype
Office, Industrial
Additional Details
Highway Access
Yes
Amenities
conference room
kitchenette
restrooms
off-street parking
Building Details
Buildings
1
Building Size
3,657 SF
Listing Agency:
SVN Imbrie Realty
Listed By:
Rae Nomura, MAI, CCIM · License #201246079
Source:
Crexi
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 26 at 6:51AM
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 SVN Imbrie Realty
Investment Insights
Based on property information with market context.
The 3,657-square-foot flex property combines office and warehouse areas. The front office includes a conference room, kitchenette, and two restrooms; private and open office spaces are positioned toward the rear. The open office area may be converted to additional warehouse space. Off-street parking serves the building. A roof installed in 2020 and HVAC replaced in 2022 are among the property’s recent improvements, and the exterior has been painted recently.
The property is in Portland’s Brooklyn Industrial District, with access to Downtown Portland, Powell Boulevard, and I-5.
The property is in Portland’s Brooklyn Industrial District, with access to Downtown Portland, Powell Boulevard, and I-5.
Key Highlights
- 3,657 SF flex building with office and warehouse areas
- Front office includes a conference room, kitchenette, and two restrooms
- Private and open office areas are located toward the rear
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
$37,139
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%
$742,780
$742.8K
Cap Rate 7%
$530,557
$530.6K
Cap Rate 9%
$412,656
$412.7K
Market Conditions
NOI Build-Up for 3,657 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
$61.4K $16.80/SF
− Vacancy
−$4.3K −$1.18/SF
EGI
$57.1K $15.62/SF
− OpEx
−$20.0K −$5.47/SF
NOI
$37.1K $10.16/SF
Area
Portland, OR
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$742,780
Cap Rate 7%
$530,557
Cap Rate 9%
$412,656
Alternative Uses
Best Use
Flex RnD
$530.6K
$464.2K – $619.0K
NOI $37,139 @ 7.0% cap · market cap 4.15%
Second Best
Warehouse
$398.2K
$348.4K – $464.5K
NOI $27,872 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$1.03M
$898.6K – $1.20M
NOI $71,888 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,944
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Portland, OR
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Frequently Asked Questions
What type of property is this?
Flex space - A conference room, kitchenette, and rear office areas complement the warehouse component.
Where is this flex space located?
The property is located at 3377 SE 21st Avenue Portland, OR.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 3,657 SF flex building with office and warehouse areas; Front office includes a conference room, kitchenette, and two restrooms; Private and open office areas are located toward the rear
