Commercial Building with Live-Work
For Sale
$1,650,000
4033 MILWAUKIE AVE, Portland, OR 97202
Commercial building with strong frontage on SE Milwaukie Ave and live/work potential, available for owner-occupied use at closing.
Property Size8,620 SF
Price / SF$191.42
Days on Market516
Property Features for 4033 MILWAUKIE AVE
General Information
Standard status
Active
Size
8,620 SF
Property subtype
General Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$6,231
Amenities
3
Flat
Parking.
4 Parking Spaces. On Street.
105 x 70 x 100 x 102, SqFt7000to9999
Office/Library. Paved Road.
Building Details
Year Built
1956
Listing Agency:
(503) 381-9551
Listed By:
Westlake Properties
(503) 381-9551
Source:
Xome
Added: Mar 15, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:04AM
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 Westlake Properties
Investment Insights
Based on property information with market context.
This commercial building offers owner-occupied flexibility with live/work potential. The property has notable frontage along SE Milwaukie Ave and is expected to be vacated at the time of closing, making it suitable for a buyer who plans to occupy the space or reposition the premises for a tenant-ready environment.
Located at 4033 SE MILWAUKIE Ave Unit 4033 in Portland, OR 97202, the building’s street-facing presence supports retail, office, or flexible use depending on the buyer’s plans for the interior layout.
The offering combines a commercially visible storefront-style frontage with a configuration that accommodates live/work possibilities, aligning well with owner-occupants seeking a property they can tailor to their own needs.
Located at 4033 SE MILWAUKIE Ave Unit 4033 in Portland, OR 97202, the building’s street-facing presence supports retail, office, or flexible use depending on the buyer’s plans for the interior layout.
The offering combines a commercially visible storefront-style frontage with a configuration that accommodates live/work possibilities, aligning well with owner-occupants seeking a property they can tailor to their own needs.
Key Highlights
- Commercial building with strong frontage on SE Milwaukie Ave
- Live/work potential; available for owner‑occupied use at closing (building will be vacated at closing)
- Zoned CM1
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$120,559
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.31%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,411,180
$2.4M
Cap Rate 7%
$1,722,271
$1.7M
Cap Rate 9%
$1,339,544
$1.3M
Market Conditions
NOI Build-Up for 8,620 SF
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.
Gross rent
$186.2K $21.60/SF
− Vacancy
−$14.0K −$1.62/SF
EGI
$172.2K $19.98/SF
− OpEx
−$51.7K −$5.99/SF
NOI
$120.6K $13.99/SF
Area
ZIP 97202
Vacancy
7.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,411,180
Cap Rate 7%
$1,722,271
Cap Rate 9%
$1,339,544
Alternative Uses
Best Use
Retail
$1.72M
$1.51M – $2.01M
NOI $120,559 @ 7.0% cap · market cap 7.31%
Second Best
Office B
$1.71M
$1.49M – $1.99M
NOI $119,582 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $143,954 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
983
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
Median Home Value
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Commercial building with strong frontage on SE Milwaukie Ave and live/work potential, available for owner-occupied use at closing.
Where is this live-work space located?
The property is located at 4033 MILWAUKIE AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Commercial building with strong frontage on SE Milwaukie Ave; Live/work potential; available for owner‑occupied use at closing (building will be vacated at closing); Zoned CM1
