Two-Unit Office
For Sale
$700,000
3511 SE MILWAUKIE Ave, Portland, OR 97202
CommercialSale, Portland, OR
Property Size2,480 SF
Lot Size0.09 Acres
Price / SF$282.26
Days on Market81
Property Features for 3511 SE MILWAUKIE Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CS
Directions
Milwaukie Ave
Subdivision
_143
Standard status
Active
APN
R228572
Size
2,480 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
OAK KNOLL, BLOCK 1, LOT 1
Tax Annual Amount
6169
Legal Description
OAK KNOLL, BLOCK 1, LOT 1
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1973
Floors in Building
2
Roof type
Composition
Listing Agency:
Georgetown Realty Inc.
Listed By:
John Mahaffy
(503) 256-1112
Added: Jul 21
Changed: Sep 12
Last Checked: Oct 9 at 8:06AM
MLS# 531329891
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 2,480-square-foot office property contains two separate units, including five offices on the upper level. Both units are currently leased under NNN terms, providing an established occupancy profile for an investor or a future owner-user. The building dates to 1973 and includes a heat pump, central air, and a composition roof.
Located at 3511 SE MILWAUKIE Ave in Portland, the property is near the Sellwood neighborhood and approximately 5 minutes from downtown Portland. The CS zoning supports a range of commercial applications, with potential uses identified in the property information including medical or dental office, professional office, retail sales and service, daycare, light manufacturing, and production. Permitted uses should be confirmed with the city.
Located at 3511 SE MILWAUKIE Ave in Portland, the property is near the Sellwood neighborhood and approximately 5 minutes from downtown Portland. The CS zoning supports a range of commercial applications, with potential uses identified in the property information including medical or dental office, professional office, retail sales and service, daycare, light manufacturing, and production. Permitted uses should be confirmed with the city.
Key Highlights
- 2,480‑square‑foot office building with two separate units
- Five upstairs offices
- Both units currently leased on NNN terms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,141
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$722,820
$722.8K
Cap Rate 7%
$516,300
$516.3K
Cap Rate 9%
$401,567
$401.6K
Market Conditions
NOI Build-Up for 2,480 SF
Gross rent
$65.5K $26.40/SF
− Vacancy
−$5.2K −$2.11/SF
EGI
$60.2K $24.29/SF
− OpEx
−$24.1K −$9.72/SF
NOI
$36.1K $14.57/SF
Area
ZIP 97202
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 Rate 5%
$722,820
Cap Rate 7%
$516,300
Cap Rate 9%
$401,567
Alternative Uses
Best Use
Healthcare Medical
$516.3K
$451.8K – $602.4K
NOI $36,141 @ 7.0% cap · market cap 5.16%
Second Best
Office B
$491.5K
$430.1K – $573.4K
NOI $34,404 @ 7.0% cap · market cap 4.91%
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.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Office building - Commercially zoned office property with separate units, upstairs offices, and existing NNN leases.
Where is this office building 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 office building with two separate units; Five upstairs offices; Both units currently leased on NNN terms
