Two-Unit NNN Office
3511 SE MILWAUKIE Portland, OR 97202
New
For Sale
$700,000
Two separate leased office units in a zoned commercial building, providing immediate NNN income.
Property Size2,480 SF
Price / SF$282.26
Days on Market3
Property Features for 3511 SE MILWAUKIE
General Information
- Standard status
- Active
- Size
- 2,480 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1973
Listing Agency:
GEORGETOWN REALTY INC.
(503) 256-1112
Listed By:
JOHN MAHAFFY
Source:
Corcoran
Added: Jul 22
Changed: Jul 24
Last Checked: Jul 24 at 6:50AM
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.
Investment Insights
Based on property information with market context.
This versatile commercial property features two separate units within a zoned Commercial building. Both units are currently leased on a NNN basis, providing immediate income potential. The property is offered for sale as a turnkey option for investors seeking steady cash flow, or for an owner-user planning for future occupancy. Permitted uses are broad, and the buyer is responsible for verifying approvals with the city.
Located at 3511 SE MILWAUKIE in Portland, the property is described as just minutes from the Sellwood neighborhood and approximately 5 minutes to downtown Portland. Access to major roadways is also highlighted, with close proximity to established businesses, shopping, dining, and residential neighborhoods.
The property’s flexibility is positioned for a range of potential uses, including medical or dental offices, professional office space, retail sales and service, daycare, and light manufacturing/production uses, subject to city verification.
Located at 3511 SE MILWAUKIE in Portland, the property is described as just minutes from the Sellwood neighborhood and approximately 5 minutes to downtown Portland. Access to major roadways is also highlighted, with close proximity to established businesses, shopping, dining, and residential neighborhoods.
The property’s flexibility is positioned for a range of potential uses, including medical or dental offices, professional office space, retail sales and service, daycare, and light manufacturing/production uses, subject to city verification.
Key Highlights
- Year built 1973 commercial building with two separate leased units
- Currently leased for $4,500/month NNN for immediate income
- Zoned Commercial, offering flexibility for a range of permitted uses (buyer to verify with the city)
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $62.5k | $25.20 |
| − Vacancy | −$16.6k | −$6.70 |
| EGI | $45.9k | $18.50 |
| − OpEx | −$11.5k | −$4.62 |
| NOI | $34.4k | $13.87 |
2,480 SF · lease $25.20/SF/yr · vacancy 26.60% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Lauka & Associates
Accounting Firm
Exectec Financial Services ...
Financial Advisor
FAQs
What type of property is this?
Office units - Two separate leased office units in a zoned commercial building, providing immediate NNN income.
Where is this office units located?
The property is located at 3511 SE MILWAUKIE 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: Year built 1973 commercial building with two separate leased units; Currently leased for $4,500/month NNN for immediate income; Zoned Commercial, offering flexibility for a range of permitted uses (buyer to verify with the city)
