Flex Space with Roll-Up
For Sale
$1,800,000
454 SE 187th Ave, Portland, OR 97233
2019 flex property combining adaptable office areas with a warehouse component and off-street parking.
Property Size8,193 SF
Days on Market152
Property Features for 454 SE 187th Ave
General Information
Standard status
Active
Size
8,193 SF
Class
B
Property subtype
Office
Building Details
Building Size
8,193 SF
Year Built
2019
Listing Agency:
Norris & Stevens
(503) 225-8492
Listed By:
Raymond Duchek · License #970300314
Source:
Tcnworldwide
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 7:37PM
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 Norris & Stevens
Investment Insights
Based on property information with market context.
Completed in 2019, this flex space combines adaptable office areas with a large warehouse area and a roll-up door. Off-street parking supports the property’s commercial configuration.
The property is located at 454 SE 187th Ave in Portland, Oregon, and is subject to a ground lease with the Gresham Redevelopment Commission.
The property is located at 454 SE 187th Ave in Portland, Oregon, and is subject to a ground lease with the Gresham Redevelopment Commission.
Key Highlights
- 2019 construction
- Flexible office areas paired with a large warehouse area
- Roll‑up door
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
$106,056
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
5.89%
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%
$2,121,120
$2.1M
Cap Rate 7%
$1,515,086
$1.5M
Cap Rate 9%
$1,178,400
$1.2M
Market Conditions
NOI Build-Up for 8,193 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
$186.8K $22.80/SF
− Vacancy
−$45.4K −$5.54/SF
EGI
$141.4K $17.26/SF
− OpEx
−$35.4K −$4.31/SF
NOI
$106.1K $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%
$2,121,120
Cap Rate 7%
$1,515,086
Cap Rate 9%
$1,178,400
Alternative Uses
Best Use
Office B
$1.52M
$1.33M – $1.77M
NOI $106,056 @ 7.0% cap · market cap 5.89%
Second Best
Flex RnD
$1.19M
$1.04M – $1.39M
NOI $83,205 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $161,056 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
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?
Flex space - 2019 flex property combining adaptable office areas with a warehouse component and off-street parking.
Where is this flex space located?
The property is located at 454 SE 187th Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 2019 construction; Flexible office areas paired with a large warehouse area; Roll‑up door
