Building Details

Year built 1973

Floors in Building 2

Roof type Composition

Listing Agency: Georgetown Realty Inc.

Listed By: John Mahaffy Show Phone

Added: Jul 21 Changed: Oct 10 Last Checked: Oct 11 at 12:06AM

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MLS# 531329891

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Investment Insights

Based on property information with market context.

This 2,480-square-foot office property contains two separate suites, with five offices on the upper floor. The building was constructed in 1973 and has central air conditioning, heat-pump heating, and a composition roof. The property is zoned CS and occupies a 0.09-acre lot.

Both suites are currently leased on NNN terms. The property is in Portland, about five minutes from downtown and minutes from the Sellwood neighborhood. Businesses, shopping, dining, and residential areas are also nearby.

Key Highlights

• Two separate office suites, both leased on NNN terms
• Five offices on the upper floor
• 2,480 square feet on a 0.09‑acre lot

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 (±1% cap)

NOI $36,141 @ 7.0% cap · market cap 5.16%

Second Best

Office B

$491.5K

$430.1K – $573.4K (±1% cap)

NOI $34,404 @ 7.0% cap · market cap 4.91%

Theoretical Best

Office A

$591.7K

$517.7K – $690.3K (±1% cap)

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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Current Use

Lauka & Associates Accounting Firm Exectec Financial Services ... Financial Advisor

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Florist Pet Grooming Service Butcher Computer & Electronic Repair

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

Lease Details

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

Market

Vacancy Rate% for Office in Portland, OR

10.1% 2019

12.3% 2020

16.1% 2021

18.5% 2022

20.8% 2023

21.7% 2024

24.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings 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?

Office building - The upper level contains five offices, and the building has central air conditioning and heat-pump heating.

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: Two separate office suites, both leased on NNN terms; Five offices on the upper floor; 2,480 square feet on a 0.09‑acre lot