Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    215 Morrison St Portland, OR 97214-2154

    • Warehouses
    • 160,000 SF
    • 0.69 lot acres
    OFF-MARKET
    Value Estimations
    $30,865,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0931806
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Caleb Gaskins - Wedding and Elopement Photographer Portland Oregon / Wedding Service / Photography Service
    • Warehouse#2 / Hotel & Motel / Bed & Breakfast
    • JD White Photo / Marketing & Advertising / Advertising Agency
    • Wipster / Corporate Office
    • KILO Social / Corporate Office

    Property Details for 215 Morrison St

    Year built
    1911
    Lot size
    0.69 lot acres
    Property size
    160,000 SF
    Zone code
    IG1
    Property type
    Warehouses
    APN
    1S1E03AA 02900
    APU
    1S1E03AA02900

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $30,864,000
      Market price range: $30.9M - $49.5M
      AI Estimate
      $30,864,000
      Market price range: $30.9M - $49.5M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $36,565,000
      Current use
      AUTO REPAIR, GARAGE
      $48,855,000
      Change: +34% Conversion: Easy
      MEDICAL BUILDING
      $48,330,000
      Change: +32% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $47,350,000
      Change: +29% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $46,395,000
      Change: +27% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.663
    Latitude
    45.5175
    CBSA code
    38900
    CBSA name
    PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $186,282
    $0.00
    $0.00
    $7,029,840
    -
    $1,814,810
    $15,207,750
    $17,022,560

    Comparable in this City

    • Value Estimation by Request
      0.22 Acres

      226 Wi Se Madison St

      WAREHOUSE, STORAGE • 0.22 Acres
      226 Wi Se Madison St, Portland, OR 97214
      View Details
    • Value Estimation by Request
      0.06 Acres

      1525 Wi Se 10th Ave

      WAREHOUSE, STORAGE • 0.06 Acres
      1525 Wi Se 10th Ave, Portland, OR 97214
      View Details
    • Value Estimation by Request
      0.23 Acres

      939 Wi Se Alder St

      WAREHOUSE, STORAGE • 0.23 Acres
      939 Wi Se Alder St, Portland, OR 97214
      View Details
    • Value Estimation
      $2,475,000
      8,000 SF

      151 Alder St

      WAREHOUSE, STORAGE • 8,000 SF
      151 Alder St, Portland, OR 97214-2104
      View Details
    • Value Estimation
      $3,860,000
      20,000 SF

      203 Alder St

      WAREHOUSE, STORAGE • 20,000 SF
      203 Alder St, Portland, OR 97214-2156
      View Details
    • Value Estimation
      $1,230,000
      3,982 SF

      700 Clay St

      WAREHOUSE, STORAGE • 3,982 SF
      700 Clay St, Portland, OR 97214-3511
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Central Eastside Mixed-Use Property

      Portland's Central Eastside location with showroom, office, and warehouse space.
      1035 SE 9Th Ave, Portland, OR 97214
      View Details
    • $1,150,000
      4,000 SF

      Warehouse/Office Building with Rooftop Garden

      4,000 SF warehouse/office building with a rooftop garden.
      1020 Southeast Harrison St, Portland, OR 97214
      View Details
    • Contact for pricing
      10,000 SF

      Production and Storage Facility

      10,000 SF parcel with tasting room, bar, and parking.
      61 SE Yamhill St, Portland, OR 97214
      View Details
    • Contact for pricing
      4,108 SF

      Industrial Shell Space For Sale

      4,108 SF industrial shell space with convenient access.
      738 SE Washington St, Portland, OR 97214
      View Details
    • $1,200,000
      13,552 SF

      Prime Portland Warehouse with Storefront

      13,500+ sqft warehouse with retail/wholesale storefront and speakeasy potential.
      234 SE 12Th Ave, Portland, OR 97214
      View Details
    • Contact for pricing
      4,000 SF

      Renovated Creative Space with Warehouse

      Renovated creative space with warehouse in vibrant Central Eastside.
      840 SE Washington St, Portland, OR 97214
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Equipped Commercial Kitchen and Flex Space

      Fully equipped commercial kitchen and mezzanine flex space for rent.
      940 SE Madison St, Portland, OR 97214
      View Details
    • Contact for pricing
      10,000 SF

      Warehouse Space with Private Offices

      2,800 SF warehouse with offices, amenities, and secure access.
      721-731 SE Yamhill St, Portland, OR 97214
      View Details
    • Contact for pricing

      Central Eastside Mixed-Use Building

      Corner location with retail, warehouse, offices, and parking.
      55 SE Main St, Portland, OR 97214
      View Details
    • Contact for pricing
      20,000 SF

      Former Headquarters Flex/Warehouse/Office Space

      Former headquarters with flex, warehouse, and office space available for rent.
      239 SE Salmon St, Portland, OR 97214
      View Details
    • $1.10 SF/Yr
      3,436 SF

      Industrial Space with Office

      Industrial space with office in premier SE Portland location.
      620 SE Water Ave, Portland, OR 97214
      View Details
    • Contact for pricing

      Industrial Building with Office Space

      Industrial building with office space for lease in Portland.
      10 SE 10Th Ave, Portland, OR 97214
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    215 Morrison St
    Portland, OR 97214-2154
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!