Two-Unit Commercial Office
For Sale
$700,000
3511 SE Milwaukie Ave, Portland, OR 97202
Commercial zoning supports office, retail, daycare, and production uses, subject to city verification.
Property Size2,480 SF
Price / SF$282.26
Days on Market81
Property Features for 3511 SE Milwaukie Ave
General Information
Standard status
Active
Size
2,480 SF
Additional Details
Gross Income
$54,000
Building Details
Year Built
1973
Listing Agency:
Georgetown Realty Inc.
Listed By:
John Mahaffy
(503) 256-1112
Source:
Apexgroupnw
Added: Jul 30
Changed: Oct 4
Last Checked: Oct 7 at 5:46PM
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 Georgetown Realty Inc.
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Investment Insights
Based on property information with market context.
This 2,480-square-foot commercial office property contains two separate units and was built in 1973. Both units are currently leased under NNN terms, creating an existing income-producing configuration for an investor or a future owner-user. The Commercial zoning designation supports a range of potential applications, including medical or dental office use, professional services, retail sales and service, daycare, light manufacturing, and production, with permitted uses subject to city verification.
Located at 3511 SE Milwaukie Ave in Portland, the property is approximately 5 minutes from downtown Portland and close to the Sellwood neighborhood. The surrounding area includes established businesses, shopping, dining, and residential neighborhoods, with access to major roadways supporting convenient connections throughout the area.
Located at 3511 SE Milwaukie Ave in Portland, the property is approximately 5 minutes from downtown Portland and close to the Sellwood neighborhood. The surrounding area includes established businesses, shopping, dining, and residential neighborhoods, with access to major roadways supporting convenient connections throughout the area.
Key Highlights
- 2,480‑square‑foot commercial office property built in 1973
- Two separate units currently leased under NNN terms
- Commercial zoning with multiple potential office, retail, daycare, and production applications
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,404
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$688,080
$688.1K
Cap Rate 7%
$491,486
$491.5K
Cap Rate 9%
$382,267
$382.3K
Market Conditions
NOI Build-Up for 2,480 SF
Gross rent
$62.5K $25.20/SF
− Vacancy
−$16.6K −$6.70/SF
EGI
$45.9K $18.50/SF
− OpEx
−$11.5K −$4.62/SF
NOI
$34.4K $13.87/SF
Area
ZIP 97202
Vacancy
26.60%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$688,080
Cap Rate 7%
$491,486
Cap Rate 9%
$382,267
Alternative Uses
Best Use
Office B
$491.5K
$430.1K – $573.4K
NOI $34,404 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$591.7K
$517.7K – $690.3K
NOI $41,416 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,556
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Portland, OR
Frequently Asked Questions
What type of property is this?
Office units - Commercial zoning supports office, retail, daycare, and production uses, subject to city verification.
Where is this office units located?
The property is located at 3511 SE Milwaukie Ave Portland, OR.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 2,480‑square‑foot commercial office property built in 1973; Two separate units currently leased under NNN terms; Commercial zoning with multiple potential office, retail, daycare, and production applications
