Six-Suite Flex
New
For Sale
$4,350,000
8411 N DENVER Ave, Portland, OR 97217
CommercialSale, Portland, OR
Property Size19,100 SF
Lot Size1.22 Acres
Price / SF$227.75
Days on Market3
Property Features for 8411 N DENVER Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CM2
Directions
Innerstate and Denver
Subdivision
_141
Standard status
Active
APN
R196219
Size
19,100 SF
Lot size
1.22 Acres
Taxes and HOA fees
Tax Description
KENTON, BLOCK 6, LOT 7-15, LOT 16 EXC PT IN STS, LOT 17 EXC PT IN
Tax Annual Amount
20563
Legal Description
KENTON, BLOCK 6, LOT 7-15, LOT 16 EXC PT IN STS, LOT 17 EXC PT IN
Utilities
Heating system
Forced Air
Building Details
Year built
1958
Roof type
Flat
Listing Agency:
Keller Williams PDX Central · Keller Williams Realty
(503) 548-4848
Listed By:
Kaya Liden
(503) 847-5903
Added: Oct 2
Last Checked: Oct 4 at 4:06PM
MLS# 768728146
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.
The 19,100-square-foot flex property contains six suites, each with its own bay door. Built in 1958, the building has forced-air heating and a flat roof. CM2 zoning applies to the property; any specific use remains subject to applicable approvals.
The 1.22-acre parcel includes a dedicated parking lot with approximately 15+ spaces and a separate lot behind the building. The parking area was previously used for food carts, though any future use would require applicable approvals.
The 1.22-acre parcel includes a dedicated parking lot with approximately 15+ spaces and a separate lot behind the building. The parking area was previously used for food carts, though any future use would require applicable approvals.
Key Highlights
- Six divisible suites, each with its own bay door
- 19,100 square feet of building area
- 1.22‑acre parcel with a separate lot behind the building
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
$193,972
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
4.46%
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%
$3,879,440
$3.9M
Cap Rate 7%
$2,771,029
$2.8M
Cap Rate 9%
$2,155,244
$2.2M
Market Conditions
NOI Build-Up for 19,100 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
$320.9K $16.80/SF
− Vacancy
−$22.5K −$1.18/SF
EGI
$298.4K $15.62/SF
− OpEx
−$104.4K −$5.47/SF
NOI
$194.0K $10.16/SF
Area
Portland, OR
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$3,879,440
Cap Rate 7%
$2,771,029
Cap Rate 9%
$2,155,244
Alternative Uses
Best Use
Flex RnD
$2.77M
$2.42M – $3.23M
NOI $193,972 @ 7.0% cap · market cap 4.46%
Second Best
Warehouse
$2.08M
$1.82M – $2.43M
NOI $145,570 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$5.36M
$4.69M – $6.26M
NOI $375,463 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
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
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Frequently Asked Questions
What type of property is this?
Flex space - CM2-zoned commercial space offers separate bay-door access for each suite and a dedicated parking area.
Where is this flex space located?
The property is located at 8411 N DENVER Ave Portland, OR.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: Six divisible suites, each with its own bay door; 19,100 square feet of building area; 1.22‑acre parcel with a separate lot behind the building
