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 Market198
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, Inc. - Corporate
Listed By:
Raymond Duchek · License #970300314
(503) 225-8492
Source:
Tcnworldwide
Added: Apr 1
Changed: Oct 7
Last Checked: Oct 14 at 9:09PM
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, Inc. - Corporate
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 / Yr
$106,056
Cap Rate
5.89%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Portland, OR
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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
