Flexible Dual-Occupancy Flex
For Sale
$369,000
5215 SE FLAVEL, Portland, OR 97206
Updated office and warehouse configuration includes separate entrances and front parking.
Property Size1,455 SF
Price / SF$253.61
Days on Market8
Property Features for 5215 SE FLAVEL
General Information
Standard status
Active
Size
1,455 SF
Total Parking Spaces
5
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,959
Amenities
Central air
Heat Pump Cooling
Heat Pump Heating
Mini Split Heating
On Site
Building Details
Year Built
1926
Listing Agency:
HOMES INTERNATIONAL OREGON
(541) 612-3867
Listed By:
NICHOLAS NEWMAN
Source:
Corcoran
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 7:54AM
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 1,455-square-foot flex property, built in 1926, combines office and storage functions in a compact commercial layout. The interior 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, including an arrangement where an owner-user occupies one portion and leases the other. Recent improvements include new flooring, fresh paint, and HVAC updates.
The property is located at 5215 SE FLAVEL in Portland, Oregon, near Johnson Creek Blvd and I-205. Its position near a corner includes frontage and reported traffic activity, while the nearby roadway access connects with Portland business districts, retail corridors, and surrounding communities. Five striped parking spaces are provided at the front of the building.
The property is located at 5215 SE FLAVEL in Portland, Oregon, near Johnson Creek Blvd and I-205. Its position near a corner includes frontage and reported traffic activity, while the nearby roadway access connects with Portland business districts, retail corridors, and surrounding communities. Five striped parking spaces are provided at the front of the building.
Key Highlights
- 1,455 SF flex property with office, reception, warehouse/storage, and bathroom areas
- Two private offices and two front entrances support flexible occupancy
- Interior dividing wall allows separate use of the space
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
Current Use
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
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Frequently Asked Questions
What type of property is this?
Flex space - Updated office and warehouse configuration includes separate entrances and front parking.
Where is this flex space located?
The property is located at 5215 SE FLAVEL 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: 1,455 SF flex property with office, reception, warehouse/storage, and bathroom areas; Two private offices and two front entrances support flexible occupancy; Interior dividing wall allows separate use of the space
