Renovated Creative Space with
For Sale
Contact for pricing
840 SE Washington St, Portland, OR 97214
Renovated creative space with warehouse in vibrant Central Eastside.
Property Size4,000 SF
Price / SF$323.75
Days on Market152
Property Features for 840 SE Washington St
General Information
Standard status
Active
Size
4,000 SF
Class
B
Total Parking Spaces
2
Property subtype
Office, Industrial, Special Purpose
Zoning
1G1
Occupancy
100%
Building Details
Year Built
1947
Year Renovated
2025
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Ethos Commercial Advisors
Listed By:
Dana Solof · License #OR 201212599
Source:
Crexi
Added: Mar 13
Changed: Aug 8
Last Checked: Aug 10 at 3:16PM
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 Ethos Commercial Advisors
Investment Insights
Based on property information with market context.
This renovated, approximately 4,000 square foot single-story building is located in Portland's Central Eastside Industrial District. Originally renovated in 2018 with seismic upgrades, a new roof, insulated ceiling, new windows, and new HVAC. The property also features updated office finishes, new flooring and paint, and demising for open and private office and conference or meeting rooms. Further improvements completed in 2025 include upgraded interior finishes, roller blinds, a security system, a sound system, a washer and dryer, a new sink, and privacy and anti-break film on all windows. The property combines refined office space with a functional warehouse and interior dock loading. The Central Eastside district is characterized by its distinctive blend of historic industrial architecture, creative industries, acclaimed dining, and proximity to downtown Portland and the waterfront.
Key Highlights
- Fully renovated +/-4,000 SF building in Portland's Central Eastside Industrial District.
- Combines refined office space with functional warehouse and interior dock loading.
- Prime location blocks from downtown Portland, near dining and the waterfront.
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
$54,000
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
4.17%
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%
$1,080,000
$1.1M
Cap Rate 7%
$771,429
$771.4K
Cap Rate 9%
$600,000
$600.0K
Market Conditions
NOI Build-Up for 4,000 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
$96.0K $24.00/SF
− Vacancy
−$9.6K −$2.40/SF
EGI
$86.4K $21.60/SF
− OpEx
−$32.4K −$8.10/SF
NOI
$54.0K $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 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%
$1,080,000
Cap Rate 7%
$771,429
Cap Rate 9%
$600,000
Alternative Uses
Best Use
Mixed Use
$771.4K
$675.0K – $900.0K
NOI $54,000 @ 7.0% cap · market cap 4.17%
Second Best
Office B
$739.7K
$647.2K – $863.0K
NOI $51,779 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$1.12M
$982.9K – $1.31M
NOI $78,631 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,422
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
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 - Renovated creative space with warehouse in vibrant Central Eastside.
Where is this mixed-use property located?
The property is located at 840 SE Washington St Portland, OR.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Fully renovated +/-4,000 SF building in Portland's Central Eastside Industrial District.; Combines refined office space with functional warehouse and interior dock loading.; Prime location blocks from downtown Portland, near dining and the waterfront.
