Historic Craftsman Mixed-Use
For Sale
$1,500,000
3906 S KELLY Ave, Portland, OR 97239
CommercialSale, Portland, OR
Property Size3,186 SF
Lot Size0.23 Acres
Price / SF$470.81
Days on Market497
Property Features for 3906 S KELLY Ave
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
RH
View
River, Territorial
Directions
S Kelly, near OHSU S Waterfront
Subdivision
_148
Standard status
Active
APN
R129301
Size
3,186 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
CARUTHERS ADD, BLOCK 177, LOT 7&8
Tax Annual Amount
16732
Legal Description
CARUTHERS ADD, BLOCK 177, LOT 7&8
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
wraparound porch
balconies
Mt Hood views
exquisite architectural details
rich woodwork and trim
built-ins
fireplaces
hardwood and wood floors
spacious rooms with high ceilings
crown moldings
tin ceilings
full dry basement
Building Details
Year built
1908
Floors in Building
3
Building materials
Cedar, FullBasement, WoodSiding
Roof type
Composition
Listing Agency:
Real Broker
(855) 450-0442
Listed By:
Beth Earnest · License #920700088
(503) 330-7400
Added: Jun 1, 2025
Changed: Oct 8
Last Checked: Oct 10 at 2:06PM
MLS# 597424242
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.
The original Kelly House is a 3,186-square-foot mixed-use building constructed in 1908, with commercial and residential potential. The restored Craftsman property includes spacious rooms, high ceilings, hardwood and wood flooring, built-in cabinetry, fireplaces, crown molding, and tin ceilings. A wraparound porch, balconies, and Mt Hood views add to the building’s character, while the full dry basement provides additional area for future development. Cedar and wood siding, a composition roof, forced-air heat, and central air are also in place.
The property occupies a 0.23-acre lot at 3906 S KELLY Ave in Portland’s South Waterfront area, near the OHSU Plaza and OHSU Center for Health & Healing I & II. Ten off-street parking spaces are provided on a paved portion of the approximately 100-by-100-foot lot. RH zoning supports the property’s mixed-use classification.
The property occupies a 0.23-acre lot at 3906 S KELLY Ave in Portland’s South Waterfront area, near the OHSU Plaza and OHSU Center for Health & Healing I & II. Ten off-street parking spaces are provided on a paved portion of the approximately 100-by-100-foot lot. RH zoning supports the property’s mixed-use classification.
Key Highlights
- 3,186‑square‑foot mixed‑use building constructed in 1908
- 0.23‑acre lot with an approximately 100‑by‑100‑foot configuration
- 10 off‑street parking spaces on a paved area
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.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restored building offers flexible commercial rooms, basement space, architectural detailing, and off-street parking near OHSU facilities.
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; 0.23‑acre lot with an approximately 100‑by‑100‑foot configuration; 10 off‑street parking spaces on a paved area
