Warehouse with Office and
For Sale
$3,825,000
8900 NE Lombard St, Portland, OR 97220
CommercialSale, Portland, OR
Property Size23,777 SF
Lot Size0.95 Acres
Price / SF$160.87
Days on Market1539
Property Features for 8900 NE Lombard St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
IG2
Directions
89th & Killingsworth
Subdivision
_142
Standard status
Active
APN
R219546
Size
23,777 SF
Lot size
0.95 Acres
Taxes and HOA fees
Tax Description
MISSION GARDENS, BLOCK 2, LOT 1 EXC PT IN ST, LOT 6
Tax Annual Amount
18415
Legal Description
MISSION GARDENS, BLOCK 2, LOT 1 EXC PT IN ST, LOT 6
Utilities
Heating system
Zoned
Building Details
Year built
1958
Floors in Building
1
Building materials
WoodFrame
Roof type
Built-Up
Listing Agency:
John L. Scott /PTL Metro
(503) 665-0111
Listed By:
Kenneth Cahill · License #930400123
(503) 680-4800
Added: Jun 9, 2022
Changed: Aug 25
Last Checked: Aug 25 at 12:06PM
MLS# 22628515
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.
This warehouse property contains 23,777 square feet overall, including a 21,805-square-foot warehouse, a 1,972-square-foot office component, and 1,502 square feet of outside storage. The configuration supports separation between operational, administrative, and material-storage functions. The building was constructed in 1958 with wood-frame construction, a built-up roof, and zoned heating.
Located at the intersection of NE Lombard Street and NE 89th Avenue in Portland, the property provides access to major freeway routes and is positioned near Portland International Airport. The site encompasses 0.95 acres and is designated IG2 zoning. Exterior storage adds secured space for equipment or materials, while the dedicated office area provides room for administrative operations.
Located at the intersection of NE Lombard Street and NE 89th Avenue in Portland, the property provides access to major freeway routes and is positioned near Portland International Airport. The site encompasses 0.95 acres and is designated IG2 zoning. Exterior storage adds secured space for equipment or materials, while the dedicated office area provides room for administrative operations.
Key Highlights
- 21,805 SF warehouse with dedicated 1,972 SF office area
- 1,502 SF of outside storage for equipment or materials
- 23,777 SF total property size on 0.95 acres
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
$241,470
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
6.31%
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%
$4,829,400
$4.8M
Cap Rate 7%
$3,449,571
$3.4M
Cap Rate 9%
$2,683,000
$2.7M
Market Conditions
NOI Build-Up for 23,777 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
$399.5K $16.80/SF
− Vacancy
−$28.0K −$1.18/SF
EGI
$371.5K $15.62/SF
− OpEx
−$130.0K −$5.47/SF
NOI
$241.5K $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%
$4,829,400
Cap Rate 7%
$3,449,571
Cap Rate 9%
$2,683,000
Alternative Uses
Best Use
Flex RnD
$3.45M
$3.02M – $4.02M
NOI $241,470 @ 7.0% cap · market cap 6.31%
Second Best
Warehouse
$2.59M
$2.27M – $3.02M
NOI $181,215 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$6.68M
$5.84M – $7.79M
NOI $467,402 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
579
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97220, OR
29,357
Population
12,177
Households
2.4
Avg Household Size
39
Median Age
35%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
3,914
Density / Sq Mi
$68,976
Median Household Income
$41,696
Median Earnings
$1,412
Median Rent
$427,700
Median Home Value
Market
Vacancy Rate% for Industrial in Portland, OR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial facility combines operational space with dedicated administrative and exterior storage areas.
Where is this warehouse located?
The property is located at 8900 NE Lombard St Portland, OR.
What is the asking price?
The asking price for this property is $3,825,000.
What are key features of this property?
This property features: 21,805 SF warehouse with dedicated 1,972 SF office area; 1,502 SF of outside storage for equipment or materials; 23,777 SF total property size on 0.95 acres
