Mixed-Use Craftsman
New
For Sale
$1,500,000
3906 S KELLY AVE, Portland, OR 97239
The property is zoned RH and includes on-site parking.
Property Size3,186 SF
Lot Size0.23 Acres
Price / SF$470.81
Days on Market3
Property Features for 3906 S KELLY AVE
General Information
Standard status
Active
Size
3,186 SF
Total Parking Spaces
10
Lot size
0.23 Acres
Property subtype
Commercial
Zoning
RH
Site & Location
Neighborhood
South Portland
Additional Details
Property Use
Office, Medical Office, Educational, Residential
Taxes and HOA fees
Annual Taxes
$16,731
Amenities
wraparound porch
balconies
Mt Hood views
woodwork and trim
built-ins
fireplaces
hardwood floors
high ceilings
crown moldings
tin ceilings
Gas
PublicWater
100
10.0
approx 100x100
0.23
SmokeDetector
OffStreet,OnSite
Paved
10,000
3186.0
1
Building Details
Building Size
3,186 SF
Year Built
1908
Buildings
1
Stories
3
Construction
Craftsman
Abandoned
No
Listing Agency:
Nova Realty NW, LLC
(360) 693-6139
Listed By:
Adam Bayer
(503) 442-2892
Source:
Premierepropertygroup
Added: Oct 24
Changed: Oct 25
Last Checked: Oct 24 at 2:40PM
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 Nova Realty NW, LLC
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Investment Insights
Based on property information with market context.
Built in 1908, this 3,186-square-foot mixed-use property features Craftsman architectural details, including woodwork, built-ins, fireplaces, hardwood floors, and tin ceilings. A wraparound porch and balconies extend the building’s usable spaces, while the full basement offers additional area. The site measures approximately 100 by 100 feet, with a paved section and 10 off-street parking spaces.
The property is in Portland’s South Waterfront area, near OHSU Plaza and OHSU Center for Health & Healing I & II. The stated potential uses include medical offices, counseling, wellness services, and educational classrooms.
The property is in Portland’s South Waterfront area, near OHSU Plaza and OHSU Center for Health & Healing I & II. The stated potential uses include medical offices, counseling, wellness services, and educational classrooms.
Key Highlights
- 3,186‑square‑foot mixed‑use building, constructed in 1908
- RH zoning
- Approximately 100x100 lot with 0.23 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,429
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$928,580
$928.6K
Cap Rate 7%
$663,271
$663.3K
Cap Rate 9%
$515,878
$515.9K
Market Conditions
NOI Build-Up for 3,186 SF
Gross rent
$84.1K $26.40/SF
− Vacancy
−$6.7K −$2.11/SF
EGI
$77.4K $24.29/SF
− OpEx
−$31.0K −$9.72/SF
NOI
$46.4K $14.57/SF
Area
Portland, OR
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%
$928,580
Cap Rate 7%
$663,271
Cap Rate 9%
$515,878
Alternative Uses
Best Use
Healthcare Medical
$663.3K
$580.4K – $773.8K
NOI $46,429 @ 7.0% cap · market cap 3.10%
Second Best
Mixed Use
$614.4K
$537.6K – $716.9K
NOI $43,011 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$894.7K
$782.9K – $1.04M
NOI $62,630 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
5,413
Businesses Nearby
Explore this area
Business Placement
Demographics for 97239, OR
18,323
Population
9,963
Households
1.8
Avg Household Size
39
Median Age
74%
College-Educated
99%
High-School Grad
3.6 sq mi
ZIP Area
5,090
Density / Sq Mi
$108,795
Median Household Income
$67,384
Median Earnings
$1,749
Median Rent
$713,100
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?
Mixed-use property - The property is zoned RH and includes on-site parking.
Where is this mixed-use property located?
The property is located at 3906 S KELLY AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 3,186‑square‑foot mixed‑use building, constructed in 1908; RH zoning; Approximately 100x100 lot with 0.23 acres
