Mixed-Use Property with Separate
For Sale
$699,000
5949 N Albina Ave, 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 Market106
Property Features for 5949 N Albina Ave
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
Building Details
Year Built
1908
Tenancy
Multi
Listing Agency:
RE/MAX Equity Group
Listed By:
Kevin Smallbeck kevin@realtorkevin.com · License #981000145
(503) 287-8989
Source:
Portlandoregonhomelistings
Added: Jun 24
Changed: Oct 1
Last Checked: Oct 5 at 7:13PM
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 / Yr
$22,032
Cap Rate
3.15%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
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
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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 Ave 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
