CM2 Mixed-Use
For Sale
$259,000
7515 NE Glisan St, Portland, OR 97213
Commercial Mixed Use 2 zoning permits retail, office, and residential applications.
Property Size903 SF
Price / SF$286.82
Days on Market49
Property Features for 7515 NE Glisan St
General Information
Standard status
Active
Size
903 SF
Zoning
CM2
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Building Details
Year Built
1926
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Barry Bahmanyar
Source:
Apexgroupnw
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 29 at 11:41AM
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 MORE Realty
Investment Insights
Based on property information with market context.
This mixed-use property is offered in as-is condition and was built in 1926. Its CM2, Commercial Mixed Use 2 zoning is identified for retail, office, and residential applications, creating a flexible framework for a small commercial or mixed-use operation.
The property is located at 7515 NE Glisan St in Portland’s Montavilla neighborhood, with access to I-84, I-205, city bus service, local shops, restaurants, Montavilla Park, and the Montavilla Community Center. Fred Meyer is nearby, and the NE Glisan commercial corridor is within easy walking distance. Walk Score is 87, with nearby biking trails and parking areas at both the front and rear. Parking counts require verification with the City of Portland.
The property is located at 7515 NE Glisan St in Portland’s Montavilla neighborhood, with access to I-84, I-205, city bus service, local shops, restaurants, Montavilla Park, and the Montavilla Community Center. Fred Meyer is nearby, and the NE Glisan commercial corridor is within easy walking distance. Walk Score is 87, with nearby biking trails and parking areas at both the front and rear. Parking counts require verification with the City of Portland.
Key Highlights
- CM2, Commercial Mixed Use 2 zoning identified for retail, office, and residential applications
- Built in 1926
- 903 property size
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
$12,191
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
4.71%
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%
$243,820
$243.8K
Cap Rate 7%
$174,157
$174.2K
Cap Rate 9%
$135,456
$135.5K
Market Conditions
NOI Build-Up for 903 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
$21.7K $24.00/SF
− Vacancy
−$2.2K −$2.40/SF
EGI
$19.5K $21.60/SF
− OpEx
−$7.3K −$8.10/SF
NOI
$12.2K $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%
$243,820
Cap Rate 7%
$174,157
Cap Rate 9%
$135,456
Alternative Uses
Best Use
Mixed Use
$174.2K
$152.4K – $203.2K
NOI $12,191 @ 7.0% cap · market cap 4.71%
Second Best
Office B
$167.0K
$146.1K – $194.8K
NOI $11,689 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$253.6K
$221.9K – $295.9K
NOI $17,751 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,179
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
Median Home Value
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial Mixed Use 2 zoning permits retail, office, and residential applications.
Where is this mixed-use property located?
The property is located at 7515 NE Glisan St Portland, OR.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: CM2, Commercial Mixed Use 2 zoning identified for retail, office, and residential applications; Built in 1926; 903 property size
