South Waterfront Mixed-Use
3906 S KELLY Portland, OR 97239
3906 S KELLY, Portland, OR, 97239
$1,500,000
For Sale
$1,500,000
Versatile mixed-use building in South Waterfront near OHSU.
Property Size3,186 SF
Price / SF$470.81
Days on Market414
Property Features for 3906 S KELLY
General Information
- Standard status
- Active
- Size
- 3,186 SF
Building Details
- Year Built
- 1908
Listing Agency
EARNEST REAL ESTATE
Listed by
BETH EARNEST
Source
Corcoran
Added: Jun 2, 2025 Updated: Mar 16 at 9:09 am Checked: Mar 16 at 9:09 am
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Local Financial Insights For Healthcare Medical
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 | $84.1k | $26.40 |
| − Vacancy | −$6.7k | −$2.11 |
| EGI | $77.4k | $24.29 |
| − OpEx | −$31.0k | −$9.72 |
| NOI | $46.4k | $14.57 |
3,186 SF · lease $26.40/SF/yr · vacancy 8.00% · expense 40.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Medical Office Space
Similar For Sale Nearby
Similar Off Market Nearby
- City Pets Vet — 3521 SE Division St, Portland, OR 97202
- Powell Veterinary Center — 3654 SE Powell Blvd, Portland, OR 97202
- Unleashed Vaccination Clinic — 3828 SE Powell Blvd, Portland, OR 97202
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.
