Manufacturing Building with Flat
For Sale
$950,000
646 N THOMPSON St, Portland, OR 97227
CommercialSale, Portland, OR
Property Size5,500 SF
Lot Size0.13 Acres
Price / SF$172.73
Days on Market683
Property Features for 646 N THOMPSON St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
IG1
Directions
Interstate to Thompson
Subdivision
_141
Standard status
Active
APN
R102717
Size
5,500 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
ALBINA, BLOCK 91, LOT 9
Tax Annual Amount
6092
Legal Description
ALBINA, BLOCK 91, LOT 9
Utilities
Heating system
Forced Air
Building Details
Year built
1924
Floors in Building
1
Roof type
Flat
Listing Agency:
Where, Inc
(503) 222-4373
Listed By:
Marilyn Whitaker
(503) 799-6418
Added: Nov 25, 2024
Changed: Aug 25
Last Checked: Oct 9 at 3:06PM
MLS# 24289687
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 646 N Thompson St in Portland, this 5,500-square-foot property has historically operated as a manufacturing facility. The asset sits on 0.13 acres and includes forced-air heating beneath a flat roof. Built in 1924, the property carries IG1 zoning, providing a defined industrial land-use designation for evaluating future occupancy and operations.
Key Highlights
- 5,500‑square‑foot property on 0.13 acres
- IG1 zoning
- Historically operated as a manufacturing facility
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,521
Cap Rate
3.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$690,420
$690.4K
Cap Rate 7%
$493,157
$493.2K
Cap Rate 9%
$383,567
$383.6K
Market Conditions
NOI Build-Up for 5,500 SF
Gross rent
$52.8K $9.60/SF
− Vacancy
−$3.5K −$0.63/SF
EGI
$49.3K $8.97/SF
− OpEx
−$14.8K −$2.69/SF
NOI
$34.5K $6.28/SF
Area
Portland, OR
Vacancy
6.60%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$690,420
Cap Rate 7%
$493,157
Cap Rate 9%
$383,567
Alternative Uses
Best Use
Industrial
$493.2K
$431.5K – $575.4K
NOI $34,521 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $108,118 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,764
Businesses Nearby
Explore this area
Business Placement
Demographics for 97227, OR
6,058
Population
3,835
Households
1.6
Avg Household Size
35
Median Age
60%
College-Educated
93%
High-School Grad
1.4 sq mi
ZIP Area
4,327
Density / Sq Mi
$79,161
Median Household Income
$56,098
Median Earnings
$1,609
Median Rent
$595,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Portland, OR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Manufacturing property - The property has IG1 zoning, forced-air heating, and a commercial manufacturing history.
Where is this manufacturing property located?
The property is located at 646 N THOMPSON St Portland, OR.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 5,500‑square‑foot property on 0.13 acres; IG1 zoning; Historically operated as a manufacturing facility
