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    South Waterfront Mixed-Use Building Title is generated by Realmo AI

    3906 S KELLY, Portland, OR 97239

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    For Sale
    $1,500,000

    Versatile mixed-use building in South Waterfront near OHSU.

    Property size:
    3,186 SF
    Price / SF:
    $470/SF
    Added:
    Jun 2, 2025
    Days on Market:
    368
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 3906 S KELLY

    General Information

    Standard status
    Active
    Size
    3,186 SF

    Building Details

    Year Built
    1908

    We can help!

    Listing Contact
    BETH EARNEST

    Listing agent BETH EARNEST

    Listing office EARNEST REAL ESTATE

    Listing date Jun 2, 2025

    Source Corcoran

    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 EARNEST REAL ESTATE

    HighLights

    • Prime South Waterfront location near OHSU Plaza and OHSU Center for Health & Healing I & II.
    • Versatile Commercial/Office Residential mixed‑use building with multifaceted potential uses (medical, counseling, spa, education, housing).
    • Meticulously maintained and restored original Kelly House with stunning architecture.
    • Classic Portland Craftsman architecture with rich woodwork, built‑ins, fireplaces, hardwood floors, high ceilings, crown moldings, and tin ceilings.
    • Approximately 100x100 lot with 10 off‑street parking spaces.
    • Wraparound porch, balconies, and Mt Hood views.

    Overview

    Located in the South Waterfront area near the OHSU Plaza and OHSU Center for Health & Healing I & II, the original Kelly House is a commercial/office residential mixed-use building featuring notable architecture and versatile spaces. The property has been meticulously maintained and restored. Potential uses include medical offices, counseling and mental health services, spa and massage therapy, acupuncture, educational classrooms, and student housing. The property features a wraparound porch, balconies, Mt Hood views, and architectural details. The Classic Portland Craftsman architecture is highlighted by woodwork and trim, built-ins, fireplaces, hardwood and wood floors, spacious rooms with high ceilings, crown moldings, and tin ceilings. A full, dry basement with higher ceilings provides additional spaces for development. The property size is 3186 square feet. The lot, approximately 100x100, includes a paved section with 10 off-street parking spaces. There is potential for renting to food carts.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Best Friends Veterinary Medical Center — 123 S Hamilton St, Portland, OR 97239
    • Wildwood Veterinary Clinic — 3734 S Moody Ave, Portland, OR 97239
    • Ryan Cain, P.A.-C. — 3181 SW Sam Jackson Park Rd, Portland, OR 97201
    • Walker Janelle DVM — 0123 SW Hamilton St, Portland, OR 97239

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.622
    Latitude
    45.4996

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    FAQs

    What type of property is this?
    Medical Office Space - Versatile mixed-use building in South Waterfront near OHSU.
    Where is this medical office space located?
    The property is located at 3906 S KELLY 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: Prime South Waterfront location near OHSU Plaza and OHSU Center for Health & Healing I & II.; Versatile Commercial/Office Residential mixed‑use building with multifaceted potential uses (medical, counseling, spa, education, housing).; Meticulously maintained and restored original Kelly House with stunning architecture.
    We can help!
    Listing Contact
    BETH EARNEST
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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