Updated Flex Space with Dual
For Sale
$369,000
5215 SE FLAVEL DR, Portland, OR 97206
Updated configuration combines office, reception, storage, HVAC, and separate entrances for flexible occupancy.
Property Size1,455 SF
Days on Market9
Property Features for 5215 SE FLAVEL DR
General Information
Standard status
Active
Size
1,455 SF
Total Parking Spaces
5
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,958
Building Details
Building Size
1,455 SF
Year Built
1926
Tenancy
Single
Listing Agency:
Homes International Oregon
(503) 250-3546
Listed By:
Nicholas Newman
(503) 250-3546
Source:
Eleeterealestate
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 10 at 6:43AM
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 Homes International Oregon
Investment Insights
Based on property information with market context.
This flex property offers a compact combination of office and storage improvements. The current layout includes two private offices, a reception and lobby area, warehouse/storage space, and one bathroom. Two front entrances and an interior dividing wall support separate occupancy arrangements. Recent improvements include new flooring and paint, along with HVAC service. Five striped parking spaces are positioned at the front of the building.
The property is near Johnson Creek Blvd and I-205, providing access to Portland business districts, retail corridors, and surrounding communities. Its near-corner position includes frontage and exposure to local traffic. The 1926 building is configured for a single occupant but can accommodate an owner-user arrangement with one portion leased separately.
The property is near Johnson Creek Blvd and I-205, providing access to Portland business districts, retail corridors, and surrounding communities. Its near-corner position includes frontage and exposure to local traffic. The 1926 building is configured for a single occupant but can accommodate an owner-user arrangement with one portion leased separately.
Key Highlights
- Two private offices plus reception and lobby areas
- Warehouse/storage space with one bathroom
- Two front entrances and an interior dividing wall
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
$18,835
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
5.10%
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%
$376,700
$376.7K
Cap Rate 7%
$269,071
$269.1K
Cap Rate 9%
$209,278
$209.3K
Market Conditions
NOI Build-Up for 1,455 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
$33.2K $22.80/SF
− Vacancy
−$8.1K −$5.54/SF
EGI
$25.1K $17.26/SF
− OpEx
−$6.3K −$4.31/SF
NOI
$18.8K $12.94/SF
Area
ZIP 97206
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%
$376,700
Cap Rate 7%
$269,071
Cap Rate 9%
$209,278
Alternative Uses
Best Use
Office B
$269.1K
$235.4K – $313.9K
NOI $18,835 @ 7.0% cap · market cap 5.10%
Second Best
Warehouse
$168.3K
$147.3K – $196.4K
NOI $11,782 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$408.6K
$357.5K – $476.7K
NOI $28,602 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97206, OR
51,072
Population
22,348
Households
2.3
Avg Household Size
38
Median Age
49%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
7,857
Density / Sq Mi
$94,233
Median Household Income
$54,254
Median Earnings
$1,693
Median Rent
$480,500
Median Home Value
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Updated configuration combines office, reception, storage, HVAC, and separate entrances for flexible occupancy.
Where is this flex space located?
The property is located at 5215 SE FLAVEL DR Portland, OR.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two private offices plus reception and lobby areas; Warehouse/storage space with one bathroom; Two front entrances and an interior dividing wall
