Live-Work Space with Commercial
For Sale
$499,000
5232 N WILLIAMS Ave, Portland, OR 97217
CommercialSale, Portland, OR
Property Size1,433 SF
Price / SF$348.22
Days on Market118
Property Features for 5232 N WILLIAMS Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RM2
Directions
On Williams Ave north of N Alberta St
Subdivision
_141
Standard status
Active
APN
R625271
Size
1,433 SF
Taxes and HOA fees
Tax Description
WILLIAMS FIVE CONDOMINIUM, LOT 5232
Tax Annual Amount
9194
Legal Description
WILLIAMS FIVE CONDOMINIUM, LOT 5232
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air, Heat Pump
Amenities
private entrance
soaring ceilings
polished concrete floors
newly remodeled bathroom
Building Details
Year built
2009
Floors in Building
3
Roof type
Composition
Listing Agency:
Windermere Realty Trust · Windermere Real Estate
(503) 284-7755
Listed By:
Kate Alvord
(503) 708-2712
Added: May 1
Changed: Aug 25
Last Checked: Aug 26 at 4:06AM
MLS# 174036339
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,433-square-foot live-work property, built in 2009, pairs a street-level commercial suite with a residence above. The business area has a separate entrance, high ceilings, polished concrete flooring, and a recently remodeled bathroom. The upper residence offers an open layout, abundant natural light, elevated ceilings, and contemporary finishes, along with a deck oriented toward sunset views of the Tualatin Mountains.
The property is located at 5232 N WILLIAMS Ave in Portland, Oregon, within the 97217 postal area. RM2 zoning is identified for the site. Walk/Bike Score is 91/100, and the Home Energy Score is 9. Heating is provided by a heat pump, with central air and heat pump cooling. The roof is composition.
The property is located at 5232 N WILLIAMS Ave in Portland, Oregon, within the 97217 postal area. RM2 zoning is identified for the site. Walk/Bike Score is 91/100, and the Home Energy Score is 9. Heating is provided by a heat pump, with central air and heat pump cooling. The roof is composition.
Key Highlights
- 1,433‑square‑foot live‑work property built in 2009
- Street‑level commercial suite with separate private entrance
- Polished concrete floors, soaring ceilings, and newly remodeled 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
$19,346
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
3.88%
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%
$386,920
$386.9K
Cap Rate 7%
$276,371
$276.4K
Cap Rate 9%
$214,956
$215.0K
Market Conditions
NOI Build-Up for 1,433 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
$34.4K $24.00/SF
− Vacancy
−$3.4K −$2.40/SF
EGI
$31.0K $21.60/SF
− OpEx
−$11.6K −$8.10/SF
NOI
$19.3K $13.50/SF
Area
Portland, OR
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$386,920
Cap Rate 7%
$276,371
Cap Rate 9%
$214,956
Alternative Uses
Best Use
Mixed Use
$276.4K
$241.8K – $322.4K
NOI $19,346 @ 7.0% cap · market cap 3.88%
Second Best
Office B
$265.0K
$231.9K – $309.2K
NOI $18,550 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$402.4K
$352.1K – $469.5K
NOI $28,170 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,520
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
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?
Live-work space - Two-level property combines a private-entry business suite with an upstairs residence and outdoor deck.
Where is this live-work space located?
The property is located at 5232 N WILLIAMS Ave Portland, OR.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,433‑square‑foot live‑work property built in 2009; Street‑level commercial suite with separate private entrance; Polished concrete floors, soaring ceilings, and newly remodeled bathroom
