Flexible Property Ready For
For Sale
$259,950
Pending
606 SE 148TH, Portland, OR 97233
Vacant office space with redevelopment potential in growing area.
Property Size720 SF
Days on Market120
Property Features for 606 SE 148TH
General Information
Standard status
Pending
Size
720 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,215
Amenities
Baseboard Heating
Composition Roof
Paved
Building Details
Year Built
1967
Listing Agency:
PREMIERE PROPERTY GROUP, LLC
(503) 670-9000
Listed By:
GREG WHISTLER · License #940700095
(503) 907-2280
Source:
Corcoran
Added: May 12
Changed: Sep 4
Last Checked: Sep 1 at 9:37PM
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
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
$9,720
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
3.74%
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%
$194,400
$194.4K
Cap Rate 7%
$138,857
$138.9K
Cap Rate 9%
$108,000
$108.0K
Market Conditions
NOI Build-Up for 720 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
$17.3K $24.00/SF
− Vacancy
−$1.7K −$2.40/SF
EGI
$15.6K $21.60/SF
− OpEx
−$5.8K −$8.10/SF
NOI
$9.7K $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%
$194,400
Cap Rate 7%
$138,857
Cap Rate 9%
$108,000
Alternative Uses
Best Use
Mixed Use
$138.9K
$121.5K – $162.0K
NOI $9,720 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
433
Businesses Nearby
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
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
