Mixed-Use Property with Separate
For Sale
$699,000
5949 N ALBINA, Portland, OR 97217
Commercial and residential spaces share a divided basement while maintaining separate utilities and flexible occupancy arrangements.
Property Size1,632 SF
Price / SF$428.31
Days on Market8
Property Features for 5949 N ALBINA
General Information
Standard status
Active
Size
1,632 SF
Property subtype
Commercial
Zoning
RM2
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,504
Amenities
Composition Roof
Flat Roof
Mini Split Heating
On street
Building Details
Year Built
1908
Tenancy
Multi
Listing Agency:
RE/MAX EQUITY GROUP
(503) 287-8989
Listed By:
KEVIN SMALLBECK · License #981000145
Source:
Corcoran
Added: Aug 13
Changed: Aug 19
Last Checked: Aug 20 at 6:15AM
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 RE/MAX EQUITY GROUP
Investment Insights
Based on property information with market context.
Built in 1908, this mixed-use property combines a commercial building with an attached single-family residence. The two components connect through a shared, divided basement but operate with separate utilities, providing functional separation between the spaces. Both current tenants occupy their spaces on a month-to-month basis, supporting ongoing rental income while preserving flexibility for a future ownership strategy.
The property is located directly across from Peninsula Park, with nearby transit access and a position a few blocks from I-5. RM2 zoning applies to the lot, and additional open area may support consideration of an ADU, tiny house, or other development, subject to City of Portland requirements, approvals, and applicable dimensional standards. The existing configuration can accommodate continued rental use, partial owner occupancy, or evaluation of future redevelopment options.
The property is located directly across from Peninsula Park, with nearby transit access and a position a few blocks from I-5. RM2 zoning applies to the lot, and additional open area may support consideration of an ADU, tiny house, or other development, subject to City of Portland requirements, approvals, and applicable dimensional standards. The existing configuration can accommodate continued rental use, partial owner occupancy, or evaluation of future redevelopment options.
Key Highlights
- Commercial building attached to a single‑family residence
- Separate utilities serve the commercial and residential components
- Shared but divided basement provides functional separation
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
$22,032
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
3.15%
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%
$440,640
$440.6K
Cap Rate 7%
$314,743
$314.7K
Cap Rate 9%
$244,800
$244.8K
Market Conditions
NOI Build-Up for 1,632 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
$39.2K $24.00/SF
− Vacancy
−$3.9K −$2.40/SF
EGI
$35.3K $21.60/SF
− OpEx
−$13.2K −$8.10/SF
NOI
$22.0K $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%
$440,640
Cap Rate 7%
$314,743
Cap Rate 9%
$244,800
Alternative Uses
Best Use
Mixed Use
$314.7K
$275.4K – $367.2K
NOI $22,032 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$299.4K
$261.9K – $349.3K
NOI $20,955 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$458.3K
$401.0K – $534.7K
NOI $32,081 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
960
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial and residential spaces share a divided basement while maintaining separate utilities and flexible occupancy arrangements.
Where is this mixed-use property located?
The property is located at 5949 N ALBINA Portland, OR.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Commercial building attached to a single‑family residence; Separate utilities serve the commercial and residential components; Shared but divided basement provides functional separation
