Flex Space with Fenced
For Sale
$1,675,000
5833 NE LOMBARD ST, Portland, OR 97218
Versatile commercial building with warehouse clearance, cargo access, updated finishes, and a level secured yard.
Property Size8,000 SF
Days on Market706
Property Features for 5833 NE LOMBARD ST
General Information
Standard status
Active
Size
8,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,104
Building Details
Building Size
8,000 SF
Year Built
1983
Listing Agency:
Russell Realty & Associates LLC
(503) 422-5970
Listed By:
Ruslan Petrusha · License #201011043
(503) 422-5970
Source:
Eleeterealestate
Added: Sep 16, 2024
Changed: Aug 21
Last Checked: Aug 22 at 11:57AM
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 Russell Realty & Associates LLC
Investment Insights
Based on property information with market context.
Built in 1983, this flex property combines warehouse and office-oriented features within a functional commercial building. The warehouse offers 28-foot height and double cargo doors, while the property also includes three private bathrooms, a kitchen, large picture windows, and elevated ceilings at the entry. An attic provides additional storage beyond the reported square footage. Three-phase power supports a range of commercial operations, and the building received a TPO roof, gutters, asphalt, carpet, and interior and exterior paint upgrades in 2024.
The site includes a level, fenced yard and is located minutes from I-205 and PDX airport. Per the city, up to four retail uses are allowed at the location, adding flexibility for an owner-user or commercial occupant.
The site includes a level, fenced yard and is located minutes from I-205 and PDX airport. Per the city, up to four retail uses are allowed at the location, adding flexibility for an owner-user or commercial occupant.
Key Highlights
- 28‑foot warehouse height with double cargo doors
- Three‑phase power and level, fenced yard
- New TPO roof, gutters, asphalt, carpet, and interior and exterior paint in 2024
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
$81,245
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
4.85%
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%
$1,624,900
$1.6M
Cap Rate 7%
$1,160,643
$1.2M
Cap Rate 9%
$902,722
$902.7K
Market Conditions
NOI Build-Up for 8,000 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
$134.4K $16.80/SF
− Vacancy
−$9.4K −$1.18/SF
EGI
$125.0K $15.62/SF
− OpEx
−$43.7K −$5.47/SF
NOI
$81.2K $10.16/SF
Area
Portland, OR
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$1,624,900
Cap Rate 7%
$1,160,643
Cap Rate 9%
$902,722
Alternative Uses
Best Use
Flex RnD
$1.16M
$1.02M – $1.35M
NOI $81,245 @ 7.0% cap · market cap 4.85%
Second Best
Warehouse
$871.0K
$762.2K – $1.02M
NOI $60,972 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$2.25M
$1.97M – $2.62M
NOI $157,262 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97218, OR
14,748
Population
6,440
Households
2.3
Avg Household Size
38
Median Age
51%
College-Educated
91%
High-School Grad
6.7 sq mi
ZIP Area
2,201
Density / Sq Mi
$81,367
Median Household Income
$45,830
Median Earnings
$1,440
Median Rent
$493,300
Median Home Value
Market
Vacancy Rate% for Industrial in Portland, OR
Questions? Ask Rey
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Similar Off Market Nearby
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- Exuberance Catering — 8906 N Exeter Ave, Portland, OR 97203
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial building with warehouse clearance, cargo access, updated finishes, and a level secured yard.
Where is this flex space located?
The property is located at 5833 NE LOMBARD ST Portland, OR.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: 28‑foot warehouse height with double cargo doors; Three‑phase power and level, fenced yard; New TPO roof, gutters, asphalt, carpet, and interior and exterior paint in 2024
