Flexible Property Ready For
606 SE 148TH Portland, OR 97233
606 SE 148TH, Portland, OR, 97233
$259,950
For Sale
$259,950
Vacant office space with redevelopment potential in growing area.
Property Size720 SF
Price / SF$361.04
Days on Market67
Property Features for 606 SE 148TH
General Information
- Standard status
- Active
- Size
- 720 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1967
Listing Agency
PREMIERE PROPERTY GROUP, LLC
(503) 670-9000
Listed by
GREG WHISTLER
Source
Corcoran
Added: May 12 Checked: Jul 17 at 3:09 am
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 PREMIERE PROPERTY GROUP, LLC
Investment Insights
Based on property information with market context.
This flexible property is vacant, clean, and ready for a new occupant. The area is poised for redevelopment, and its proximity to apartments makes it suitable for a small four-plex or mixed-use building. Currently configured as a small office, it includes a reception area, receptionist booth, two private offices, and a half-bath. The RM1 zoning offers various options, including redevelopment for multi-family use. A fenced storage area provides secure space, and shipping containers offer additional secure storage. A security system is in place and ready for transfer to the new owner. All owner's personal property will be removed prior to closing. The property size is 720 square feet.
Key Highlights
- RM1 zoning offers redevelopment potential, including multi‑family
- Vacant, clean, and ready for immediate occupancy
- Flexible owner willing to consider various purchase options
Local Financial Insights For Mixed Use
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 | $17.3k | $24.00 |
| − Vacancy | −$1.7k | −$2.40 |
| EGI | $15.6k | $21.60 |
| − OpEx | −$5.8k | −$8.10 |
| NOI | $9.7k | $13.50 |
720 SF · lease $24.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$138.9K
$121.5K – $162.0K
NOI $9,720 @ 7.0% cap · market cap 3.74%
Second Best
Office B
$133.1K
$116.5K – $155.3K
NOI $9,320 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$202.2K
$176.9K – $235.9K
NOI $14,154 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Top Notch Homes
Real Estate Agency
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FAQs
What type of property is this?
Mixed-use property - Vacant office space with redevelopment potential in growing area.
Where is this mixed-use property located?
The property is located at 606 SE 148TH Portland, OR.
What is the asking price?
The asking price for this property is $259,950.
What are key features of this property?
This property features: RM1 zoning offers redevelopment potential, including multi‑family; Vacant, clean, and ready for immediate occupancy; Flexible owner willing to consider various purchase options
