Renovated Multi-Tenant Office
New
For Sale
$1,950,000
555 SE 99th Ave, Portland, OR 97216
Flexible office property with updated building systems, secure grounds, and a mix of available and leased suites.
Property Size7,100 SF
Price / SF$274.65
Days on Market2
Property Features for 555 SE 99th Ave
General Information
Standard status
Active
Size
7,100 SF
Class
C
Total Parking Spaces
20
Property subtype
Office
Additional Details
Office Units
4
Amenities
fully fenced
secure
three automatic security gates
highly visible corner location
Building Details
Building Size
7,100 SF
Year Built
1982
Buildings
1
Tenancy
Multi
Listing Agency:
(503) 575-8065
Listed By:
Rae Nomura, MAI, CCIM · License #OR #201246079
(503) 575-8065
Source:
Svn
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 9:37AM
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 Rae Nomura, MAI, CCIM
Investment Insights
Based on property information with market context.
This 7,100-square-foot office building contains four suites and was built in 1982. Recent renovations include new HVAC systems throughout, along with electrical and plumbing upgrades. Three suites are available for immediate occupancy, while one suite is leased, creating a combination of owner-user and income-producing space.
The property provides 20 on-site parking spaces and is fully fenced with three automatic security gates. Its corner position in Portland’s Gateway District adds a clear physical presence within the surrounding commercial area. The multi-tenant configuration supports flexible occupancy across the building, with the updated systems and recent capital improvements addressing key operational components.
The property provides 20 on-site parking spaces and is fully fenced with three automatic security gates. Its corner position in Portland’s Gateway District adds a clear physical presence within the surrounding commercial area. The multi-tenant configuration supports flexible occupancy across the building, with the updated systems and recent capital improvements addressing key operational components.
Key Highlights
- 7,100 SF multi‑tenant office building with four suites
- Three suites available for immediate occupancy; one suite leased
- New HVAC systems throughout, plus updated electrical and plumbing
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
$91,907
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
4.71%
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%
$1,838,140
$1.8M
Cap Rate 7%
$1,312,957
$1.3M
Cap Rate 9%
$1,021,189
$1.0M
Market Conditions
NOI Build-Up for 7,100 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
$161.9K $22.80/SF
− Vacancy
−$39.3K −$5.54/SF
EGI
$122.5K $17.26/SF
− OpEx
−$30.6K −$4.31/SF
NOI
$91.9K $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%
$1,838,140
Cap Rate 7%
$1,312,957
Cap Rate 9%
$1,021,189
Alternative Uses
Best Use
Office B
$1.31M
$1.15M – $1.53M
NOI $91,907 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.33M
NOI $139,570 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,591
Businesses Nearby
Explore this area
Business Placement
Demographics for 97216, OR
17,488
Population
7,235
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
6,995
Density / Sq Mi
$71,951
Median Household Income
$42,537
Median Earnings
$1,390
Median Rent
$439,000
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?
Office building - Flexible office property with updated building systems, secure grounds, and a mix of available and leased suites.
Where is this office building located?
The property is located at 555 SE 99th Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 7,100 SF multi‑tenant office building with four suites; Three suites available for immediate occupancy; one suite leased; New HVAC systems throughout, plus updated electrical and plumbing
