Two-Level Office
New
For Sale
$500,000
4536 Ne 102nd Ave, Portland, OR 97220
Vacant office property with continued nonconforming office use and RM1 zoning.
Property Size2,166 SF
Lot Size0.31 Acres
Price / SF$230.84
Days on Market7
Property Features for 4536 Ne 102nd Ave
General Information
Standard status
Active
Size
2,166 SF
Lot size
0.31 Acres
Property subtype
Commercial
Zoning
RM1
Property Condition
Severity
Repairs Needed
Evidence
needs some TLC
Building Details
Year Built
1957
Buildings
1
Stories
2
Building Size
2,166 SF
Owner Occupied
No
Listing Agency:
Premiere Property Group, LLC
(503) 957-7981
Listed By:
Tim Jackson
Source:
Livingoregoncoast
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 6:06PM
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 Premiere Property Group, LLC
Investment Insights
Based on property information with market context.
This 2,166-square-foot office property occupies an approximately 13,504-square-foot lot and includes a two-level building with a basement. Constructed in 1957, the building has received updates over time and was previously occupied by an accounting firm. It is currently vacant and requires additional work.
The existing office use is being maintained as a nonconforming use, offering a path for continued office occupancy subject to buyer due diligence with the City of Portland. The property is zoned RM1, and the source identifies potential for duplex, fourplex, or other multifamily development, with permitted uses and redevelopment feasibility to be independently confirmed. Its setting near PDX Airport provides access to major transportation routes, shopping, dining, and surrounding amenities.
The existing office use is being maintained as a nonconforming use, offering a path for continued office occupancy subject to buyer due diligence with the City of Portland. The property is zoned RM1, and the source identifies potential for duplex, fourplex, or other multifamily development, with permitted uses and redevelopment feasibility to be independently confirmed. Its setting near PDX Airport provides access to major transportation routes, shopping, dining, and surrounding amenities.
Key Highlights
- Approximately 13,504 SF lot
- 2,166 SF two‑level office building with basement
- Existing office use maintained as a nonconforming use
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
$28,038
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
5.61%
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%
$560,760
$560.8K
Cap Rate 7%
$400,543
$400.5K
Cap Rate 9%
$311,533
$311.5K
Market Conditions
NOI Build-Up for 2,166 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
$49.4K $22.80/SF
− Vacancy
−$12.0K −$5.54/SF
EGI
$37.4K $17.26/SF
− OpEx
−$9.3K −$4.31/SF
NOI
$28.0K $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 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%
$560,760
Cap Rate 7%
$400,543
Cap Rate 9%
$311,533
Alternative Uses
Best Use
Office B
$400.5K
$350.5K – $467.3K
NOI $28,038 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$608.3K
$532.2K – $709.7K
NOI $42,579 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Explore this area
Business Placement
Demographics for 97220, OR
29,357
Population
12,177
Households
2.4
Avg Household Size
39
Median Age
35%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
3,914
Density / Sq Mi
$68,976
Median Household Income
$41,696
Median Earnings
$1,412
Median Rent
$427,700
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?
Office building - Vacant office property with continued nonconforming office use and RM1 zoning.
Where is this office building located?
The property is located at 4536 Ne 102nd Ave Portland, OR.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Approximately 13,504 SF lot; 2,166 SF two‑level office building with basement; Existing office use maintained as a nonconforming use
