Raleigh Hills Commercial Property
For Sale
$400,000
4575 SW DOGWOOD, Portland, OR 97225
Prime commercial property in Raleigh Hills with OC zoning.
Property Size2,584 SF
Price / SF$154.80
Days on Market461
Property Features for 4575 SW DOGWOOD
General Information
Standard status
Active
Size
2,584 SF
Taxes and HOA fees
Annual Taxes
$2,613
Building Details
Year Built
1948
Listing Agency:
KELLER WILLIAMS SUNSET CORRIDOR
Listed By:
MATTHEW SPEIGHT
Source:
Corcoran
Added: Jun 10, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 KELLER WILLIAMS SUNSET CORRIDOR
Investment Insights
Based on property information with market context.
This commercial property, originally built as a residential home in 1948, is situated in Raleigh Hills and has been re-zoned as OC (Office Commercial). The property features 1,414 sq ft on the main floor and an expansive 1,170 sq ft unfinished basement. The main level includes custom wood floors, built-ins, a fireplace, a full kitchen, two bedrooms, and one bathroom. The spacious basement features an additional fireplace. Set on a 0.18-acre lot, the property includes a detached garage with multiple parking spaces and additional street parking. The property is being offered in AS-IS condition. The property is suitable for offices, boutique shops, or service businesses. The basement is suited for a large workspace, conference area, or storage. This is the first time this property is available as a commercial opportunity.
Key Highlights
- Prime commercial property in the heart of Raleigh Hills.
- Re‑zoned as OC (Office Commercial), offering diverse business opportunities.
- Enjoy the generous 1,414 sq ft main floor featuring custom wood floors, built‑ins, fireplace, full kitchen, two bedrooms, and one bathroom.
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
$33,449
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
8.36%
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%
$668,980
$669.0K
Cap Rate 7%
$477,843
$477.8K
Cap Rate 9%
$371,656
$371.7K
Market Conditions
NOI Build-Up for 2,584 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
$58.9K $22.80/SF
− Vacancy
−$14.3K −$5.54/SF
EGI
$44.6K $17.26/SF
− OpEx
−$11.1K −$4.31/SF
NOI
$33.4K $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%
$668,980
Cap Rate 7%
$477,843
Cap Rate 9%
$371,656
Alternative Uses
Best Use
Office B
$477.8K
$418.1K – $557.5K
NOI $33,449 @ 7.0% cap · market cap 8.36%
Second Best
Retail
$430.2K
$376.5K – $502.0K
NOI $30,117 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$725.7K
$635.0K – $846.6K
NOI $50,796 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
864
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97225, OR
26,247
Population
12,219
Households
2.1
Avg Household Size
41
Median Age
62%
College-Educated
98%
High-School Grad
6.7 sq mi
ZIP Area
3,917
Density / Sq Mi
$111,341
Median Household Income
$60,933
Median Earnings
$1,703
Median Rent
$709,500
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?
Office space - Prime commercial property in Raleigh Hills with OC zoning.
Where is this office space located?
The property is located at 4575 SW DOGWOOD Portland, OR.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Prime commercial property in the heart of Raleigh Hills.; Re‑zoned as OC (Office Commercial), offering diverse business opportunities.; Enjoy the generous 1,414 sq ft main floor featuring custom wood floors, built‑ins, fireplace, full kitchen, two bedrooms, and one bathroom.
