100% Leased Office
For Sale
Contact for pricing
4949 S Macadam Ave, Portland, OR 97239
Office building with ground-floor open offices and a creative coworking-style second floor, plus 51 off-street parking spaces.
Property Size17,657 SF
Price / SF$225.97
Days on Market54
Property Features for 4949 S Macadam Ave
General Information
Standard status
Active
Size
17,657 SF
Total Parking Spaces
51
Property subtype
OFFICE
Occupancy
100%
Additional Details
Road Access
Yes
Amenities
kitchen
coworking space
Building Details
Year Built
1979
Year Renovated
2017
Stories
2
Listing Agency:
Capacity Commercial Group
(503) 326-9000
Listed By:
John Fettig · License ##200403266
(503) 708-9710
Source:
Moodyscre
Added: Jun 29
Changed: Aug 15
Last Checked: Aug 15 at 9:44AM
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 Capacity Commercial Group
Investment Insights
Based on property information with market context.
This 1979-built office building was renovated in 2017 and is currently 100% leased. The ground floor is mostly open traditional office space, while the second floor features a substantial creative office buildout with rustic and industrial finishes, including a kitchen. The second floor is currently configured as open coworking space with private offices along the perimeter.
The property includes 51 off-street parking spaces, with some covered, and provides excellent street access. It is offered as an owner-user or investment opportunity, with the existing lease structure in place until May 15, 2028.
The building consists of approximately 6,007 square feet on the ground floor and 11,650 square feet on the second floor, supporting a mix of open areas and private offices within the current layout.
The property includes 51 off-street parking spaces, with some covered, and provides excellent street access. It is offered as an owner-user or investment opportunity, with the existing lease structure in place until May 15, 2028.
The building consists of approximately 6,007 square feet on the ground floor and 11,650 square feet on the second floor, supporting a mix of open areas and private offices within the current layout.
Key Highlights
- 100% leased office building in South Portland’s Johns Landing neighborhood, with occupancy continuing until May 15, 2028
- Built in 1979 and renovated in 2017, with open traditional offices on the ground floor and coworking‑style space on the 2nd floor
- Ground floor offers 6,007 SF of open office space; 2nd floor offers 11,650 SF with creative buildout including kitchen
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
$228,565
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
5.73%
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%
$4,571,300
$4.6M
Cap Rate 7%
$3,265,214
$3.3M
Cap Rate 9%
$2,539,611
$2.5M
Market Conditions
NOI Build-Up for 17,657 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
$402.6K $22.80/SF
− Vacancy
−$97.8K −$5.54/SF
EGI
$304.8K $17.26/SF
− OpEx
−$76.2K −$4.31/SF
NOI
$228.6K $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%
$4,571,300
Cap Rate 7%
$3,265,214
Cap Rate 9%
$2,539,611
Alternative Uses
Best Use
Office B
$3.27M
$2.86M – $3.81M
NOI $228,565 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.96M
$4.34M – $5.78M
NOI $347,097 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,247
Businesses Nearby
Explore this area
Business Placement
Demographics for 97239, OR
18,323
Population
9,963
Households
1.8
Avg Household Size
39
Median Age
74%
College-Educated
99%
High-School Grad
3.6 sq mi
ZIP Area
5,090
Density / Sq Mi
$108,795
Median Household Income
$67,384
Median Earnings
$1,749
Median Rent
$713,100
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?
Office building - Office building with ground-floor open offices and a creative coworking-style second floor, plus 51 off-street parking spaces.
Where is this office building located?
The property is located at 4949 S Macadam Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: 100% leased office building in South Portland’s Johns Landing neighborhood, with occupancy continuing until May 15, 2028; Built in 1979 and renovated in 2017, with open traditional offices on the ground floor and coworking‑style space on the 2nd floor; Ground floor offers 6,007 SF of open office space; 2nd floor offers 11,650 SF with creative buildout including kitchen
