Landmark Building with Sustainable
For Sale
Contact for pricing
45 SW Ankeny St, Portland, OR
Historic building with modern expansion and sustainable features.
Property Size83,032 SF
Lot Size0.64 Acres
Price / SF$168.01
Days on Market535
Property Features for 45 SW Ankeny St
General Information
Standard status
Active
Size
83,032 SF
Lot size
0.64 Acres
Property subtype
OFFICE
Site & Location
Neighborhood
Old Town Community Association
Listing Agency:
Commercial Real Estate NW
(503) 309-5106
Listed By:
Denise Brohoski · License #200508190
(503) 597-2444
Source:
Moodyscre
Added: May 19, 2025
Changed: Oct 26
Last Checked: Nov 3 at 8:51AM
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 Commercial Real Estate NW
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Investment Insights
Based on property information with market context.
The Mercy Corps Building is an 83,000-square-foot landmark property blending historic preservation with modern sustainability. Originally constructed in 1892 as the Packer-Scott Building, it underwent renovation and expansion in 2009. The project restored the original 43,000-square-foot structure and added a contemporary 40,000-square-foot wing, resulting in a unified, high-performance facility. Achieving LEED Platinum certification, the building incorporates advanced sustainable features, including a green roof, solar array, operable windows, and a central atrium that functions as a natural ventilation stack. The design emphasizes open, collaborative workspaces with abundant natural light and panoramic views of the Willamette River and Mt. Hood. Ground-level amenities include community meeting rooms and retail space. This offering presents an opportunity to acquire a distinguished, sustainably designed building that embodies architectural excellence and community integration.
Key Highlights
- LEED Platinum certified building with advanced sustainable features.
- Landmark property blending historic preservation with modern design.
- 83,000 square foot facility with a unified design.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,074,824
Cap Rate
7.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$21,496,480
$21.5M
Cap Rate 7%
$15,354,629
$15.4M
Cap Rate 9%
$11,942,489
$11.9M
Market Conditions
NOI Build-Up for 83,032 SF
Gross rent
$1.89M $22.80/SF
− Vacancy
−$460.0K −$5.54/SF
EGI
$1.43M $17.26/SF
− OpEx
−$358.3K −$4.31/SF
NOI
$1.07M $12.94/SF
Area
Portland, OR
Vacancy
24.30%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$21,496,480
Cap Rate 7%
$15,354,629
Cap Rate 9%
$11,942,489
Alternative Uses
Best Use
Office B
$15.35M
$13.44M – $17.91M
NOI $1,074,824 @ 7.0% cap · market cap 7.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$23.32M
$20.40M – $27.20M
NOI $1,632,220 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
10,936
Businesses Nearby
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Business Placement
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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?
Office building - Historic building with modern expansion and sustainable features.
Where is this office building located?
The property is located at 45 SW Ankeny St Portland, OR.
What is the asking price?
The asking price for this property is $13,950,000.
What are key features of this property?
This property features: LEED Platinum certified building with advanced sustainable features.; Landmark property blending historic preservation with modern design.; 83,000 square foot facility with a unified design.
