Building Details

Year built 1904

Floors in Building 1

Building materials WoodSiding

Roof type Flat, Shingle

Listing Agency: Keller Williams Realty Portland Premiere m***@mikehobson.com Show Phone

Listed By: Bradley King Show Phone

Added: Sep 1 Changed: Oct 18 Last Checked: Oct 20 at 10:06AM

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MLS# 350212150

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Investment Insights

Based on property information with market context.

This 2,856 SF office building at 5848 SE Milwaukie Avenue includes two rentable units and off-street parking on a 0.13-acre parcel. Built in 1904, the property has wood siding, baseboard heating, heat pump cooling, and a roof configuration combining shingle and flat sections.

The building is located in Portland’s Sellwood area, along SE Milwaukie Avenue between the Westmoreland and Sellwood neighborhoods. Its RM2 zoning and two-unit layout provide the primary physical and land-use characteristics for evaluating the property.

Key Highlights

• 2,856 SF office building on a 0.13‑acre parcel
• Two rentable units with off‑street parking
• RM2 zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,620

Cap Rate

6.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$792,400 $792.4K

Cap Rate 7%

$566,000 $566.0K

Cap Rate 9%

$440,222 $440.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,856 SF

Gross rent

$72.0K $25.20/SF

− Vacancy

−$19.1K −$6.70/SF

EGI

$52.8K $18.50/SF

− OpEx

−$13.2K −$4.62/SF

NOI

$39.6K $13.87/SF

Area

ZIP 97202

Vacancy

26.60%

Lease Rate

$25.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$792,400

Cap Rate 7%

$566,000

Cap Rate 9%

$440,222

Alternative Uses

Best Use

Office B

$566.0K

$495.3K – $660.3K (±1% cap)

NOI $39,620 @ 7.0% cap · market cap 6.34%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$681.4K

$596.2K – $794.9K (±1% cap)

NOI $47,695 @ 7.0% cap · market cap 7.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Oregon One, Inc. Accounting Firm Nw Rbi Inc Corporate Office

Suggested Use

Top Pick Law Firm (Bike/Boat/Book/etc) Store Locksmith Catering Service Kitchen & Bath Showroom Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Office units

Location Intelligence

Trade Area within ½ mile

855

Businesses Nearby

Explore this area Business Placement

Demographics for 97202, OR

43,193

Population

20,097

Households

2.1

Avg Household Size

38

Median Age

65%

College-Educated

96%

High-School Grad

6.3 sq mi

ZIP Area

6,856

Density / Sq Mi

$100,353

Median Household Income

$52,090

Median Earnings

$1,674

Median Rent

$684,800

Median Home Value

Market

Vacancy Rate% for Office in Portland, OR

10.1% 2019

12.3% 2020

16.1% 2021

18.5% 2022

20.8% 2023

21.7% 2024

24.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - RM2-zoned office property with separate rentable units and off-street parking along SE Milwaukie Avenue.

Where is this office building located?

The property is located at 5848 SE MILWAUKIE Ave Portland, OR.

What is the asking price?

The asking price for this property is $625,000.

What are key features of this property?

This property features: 2,856 SF office building on a 0.13‑acre parcel; Two rentable units with off‑street parking; RM2 zoning