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    Church Building with Commercial Potential Title is generated by Realmo AI

    5740 NE LOMBARD, Portland, OR 97218

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    For Sale
    $999,000

    Church building with food pantry and development potential for sale.

    Property size:
    6,035 SF
    Price / SF:
    $165/SF
    Added:
    Jun 5, 2025
    Days on Market:
    366
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 5740 NE LOMBARD

    General Information

    Standard status
    Active
    Size
    6,035 SF

    Building Details

    Year Built
    1996

    We can help!

    Listing Contact
    ADAM HARVEY

    Listing agent ADAM HARVEY

    Listing office VANDERMEER REAL ESTATE

    Listing date Jun 5, 2025

    Source Corcoran

    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 VANDERMEER REAL ESTATE

    HighLights

    • Includes two buildings: a 6,035 SF church and a 2,400 SF commercial building.
    • The church sanctuary seats 240 people.
    • CM1 zoning offers diverse usage possibilities.
    • Church building includes a nursery, 3 offices/classrooms, and 3 restrooms.
    • Ample parking: 30 spaces for the church and 12 for the commercial building.
    • Commercial building is equipped with a kitchen and restroom, currently used as a food pantry.

    Overview

    This property features a 6,035 square foot church building situated on 0.59 acres of land. The sanctuary provides seating for 240 individuals and includes a nursery, three smaller offices or classrooms, and three restrooms. On-site parking is available with 30 spaces. The CM1 zoning designation allows for a variety of use options. The listing also includes a neighboring 2,400 square foot commercial building on 0.15 acres, currently used as a food pantry. This second building is equipped with a kitchen space, one restroom, and 12 on-site parking spaces. Both buildings can be purchased separately.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $115.9k $19.20
    − Vacancy −$7.5k −$1.25
    EGI $108.3k $17.95
    − OpEx −$27.1k −$4.49
    NOI $81.3k $13.46
    6,035 SF · lease $19.20/SF/yr · vacancy 6.50% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $1.16M
    $1.02M – $1.35M (±1% cap)
    NOI $81,255 @ 7.0% cap · market cap 8.13%
    Second Best
    Retail
    $1.00M
    $879.2K – $1.17M (±1% cap)
    NOI $70,338 @ 7.0% cap · market cap 7.04%
    Theoretical Best
    Office A
    $1.69M
    $1.48M – $1.98M (±1% cap)
    NOI $118,634 @ 7.0% cap · market cap 11.88%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.728
    Latitude
    45.5835

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    FAQs

    What type of property is this?
    Church & religious facility - Church building with food pantry and development potential for sale.
    Where is this church & religious facility located?
    The property is located at 5740 NE LOMBARD Portland, OR.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: Includes two buildings: a 6,035 SF church and a 2,400 SF commercial building.; The church sanctuary seats 240 people.; CM1 zoning offers diverse usage possibilities.
    (503) 489-8381
    We can help!
    Listing Contact
    ADAM HARVEY
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    5740 NE LOMBARD, Portland, OR 97218
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