Class A Office
For Sale
Contact for pricing
9500 NE Cascades Pkwy, Portland, OR 97220
Vacant Class A office building within a mixed-use development near PDX and I-205.
Property Size35,000 SF
Price / SF$187.50
Days on Market195
Property Features for 9500 NE Cascades Pkwy
General Information
Standard status
Active
Size
35,000 SF
Class
A
Property subtype
OFFICE
Additional Details
Business Included
No
Listing Agency:
Capacity Commercial Group
(503) 326-9000
Listed By:
Jeff Falconer
(503) 307-3075
Source:
Moodyscre
Added: Mar 3
Changed: Sep 13
Last Checked: Sep 13 at 11:22AM
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 Capacity Commercial Group
Investment Insights
Based on property information with market context.
Cascade Station II is a Class A office building within a larger centrally located development that includes office and flex space, hotels, destination retail, and dining. The property is less than 15 years old and described as very lightly used, with mechanical systems in good working order and expected to have long useful lives.
The development is positioned at Airport Way, just minutes to the newly remodeled PDX International Airport and I-205.
This is being offered as a vacant owner/user purchase opportunity, allowing an incoming business to occupy the building directly.
The development is positioned at Airport Way, just minutes to the newly remodeled PDX International Airport and I-205.
This is being offered as a vacant owner/user purchase opportunity, allowing an incoming business to occupy the building directly.
Key Highlights
- Vacant Class A office building in a mixed‑use development with office and flex space
- Building is less than 15 years old and very lightly used
- All mechanical systems are reported in good working order with long useful lives ahead
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
$453,065
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
6.90%
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%
$9,061,300
$9.1M
Cap Rate 7%
$6,472,357
$6.5M
Cap Rate 9%
$5,034,056
$5.0M
Market Conditions
NOI Build-Up for 35,000 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
$798.0K $22.80/SF
− Vacancy
−$193.9K −$5.54/SF
EGI
$604.1K $17.26/SF
− OpEx
−$151.0K −$4.31/SF
NOI
$453.1K $12.94/SF
Area
Portland, OR
Vacancy
24.30%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$9,061,300
Cap Rate 7%
$6,472,357
Cap Rate 9%
$5,034,056
Alternative Uses
Best Use
Office B
$6.47M
$5.66M – $7.55M
NOI $453,065 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.83M
$8.60M – $11.47M
NOI $688,020 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
396
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Vacant Class A office building within a mixed-use development near PDX and I-205.
Where is this office building located?
The property is located at 9500 NE Cascades Pkwy Portland, OR.
What is the asking price?
The asking price for this property is $6,562,500.
What are key features of this property?
This property features: Vacant Class A office building in a mixed‑use development with office and flex space; Building is less than 15 years old and very lightly used; All mechanical systems are reported in good working order with long useful lives ahead
