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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics
    • Commercial real estate
    • 0.33 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0573479
    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

    • Commercial real estate

    Property Details

    Lot size
    0.33 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 0.33-acre commercial land parcel in Portland, Oregon, presents a unique redevelopment opportunity. Located at 3603 NE Sandy Blvd, in the desirable Laurelhurst neighborhood, the property boasts 150 feet of frontage on Sandy Boulevard, offering excellent visibility and accessibility. The site currently includes a 3,750 square foot former veterinary hospital and two 952 square foot rental houses, each with a 500 square foot basement and off-street parking. One rental house is currently occupied by a month-to-month tenant paying $1,450 per month, while the other buildings are vacant. The CM3 zoning allows for a mixed-use development up to six stories (potentially seven with bonuses), with parking requirements only applying to projects exceeding 30 residential units. This location offers unparalleled convenience, with proximity to Interstate 84, Portland Providence Hospital, and a vibrant commercial corridor featuring Target, Trader Joe's, and a 24-hour fitness center. The property's designation as a Difficult Development Area (DDA) by HUD may present additional development incentives. This is an ideal investment for owner-users seeking additional rental income or developers aiming to capitalize on the high demand for housing and commercial space in this thriving Portland neighborhood. The asking price is $1,300,000. The Multnomah County address is 3603 NE Sandy Blvd, Portland, OR 97232.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.6269742
    Latitude
    45.5334644

    Comparable in this City

    • $1,050,000
      9,000 SF

      NE Portland Development Opportunity

      9,000 SF development lot in a central location.
      233 NE Grand Ave, Portland, OR 97232
      View Details
    • Contact for pricing
      15,000 SF

      NE Portland Development Opportunity

      Rare land opportunity in urban Portland with flexible zoning.
      3075 NE Sandy Blvd, Portland, OR 97232
      View Details
    • Contact for pricing

      Laurelhurst Land for Sale

      0.33 acre lot in Laurelhurst neighborhood with redevelopment potential.
      3603 NE Sandy Blvd, Portland, OR 97232
      View Details
    • New
      $600,000
      0.14 Acres

      Developable Lot in Central Portland

      5,949 SF lot with development potential near I-84.
      240 NE M L King Blvd, Portland, OR 97232
      View Details
    • $899,000
      3,338 SF

      NE Broadway Portland Office Building

      Stabilized Multi-Tenant Office Building in Portland
      2931 Broadway, Portland, OR 97232
      View Details
    • $310,000

      Remodeled Condo with Skyline Views

      Updated 12th-floor condo in The Fontaine with city and mountain views.
      1220 NE 17Th Ave, Portland, OR 97232
      View Details

    Similar Nearby for Sale

    • $1,050,000
      9,000 SF

      NE Portland Development Opportunity

      9,000 SF development lot in a central location.
      233 NE Grand Ave, Portland, OR 97232
      View Details
    • Contact for pricing
      15,000 SF

      NE Portland Development Opportunity

      Rare land opportunity in urban Portland with flexible zoning.
      3075 NE Sandy Blvd, Portland, OR 97232
      View Details
    • Contact for pricing

      Laurelhurst Land for Sale

      0.33 acre lot in Laurelhurst neighborhood with redevelopment potential.
      3603 NE Sandy Blvd, Portland, OR 97232
      View Details
    • New
      $600,000
      0.14 Acres

      Developable Lot in Central Portland

      5,949 SF lot with development potential near I-84.
      240 NE M L King Blvd, Portland, OR 97232
      View Details
    • $899,000
      3,338 SF

      NE Broadway Portland Office Building

      Stabilized Multi-Tenant Office Building in Portland
      2931 Broadway, Portland, OR 97232
      View Details
    • $310,000

      Remodeled Condo with Skyline Views

      Updated 12th-floor condo in The Fontaine with city and mountain views.
      1220 NE 17Th Ave, Portland, OR 97232
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      300 SF

      Sandy Blvd Executive Office Suite

      Prime location, fully furnished office space.
      3151 Sandy Blvd, Portland, OR 97232
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    • Contact for pricing
      4,270 SF

      Merrick Building: Portland Retail Space

      Prime Portland retail, restaurant opportunity. Multiple suites available.
      1211-1223 Martin Luther King Jr Blvd, Portland, OR 97232
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    • $28 SF/Yr
      4,117 SF

      Hollywood Retail/Office Suite D

      Prime Portland Office Space, 1060 SF Available
      3822 Sandy Blvd, Portland, OR 97232
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    • Contact for pricing
      10,000 SF

      Versatile Flex Space in Portland

      10,000 SF flex space with parking and upgrades.
      33 NE 6Th Ave, Portland, OR 97232
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    • Contact for pricing
      490 SF

      Turn Key Hollywood Office Space

      Office space with high exposure and ample parking.
      3902 NE Sandy Blvd, Portland, OR 97232
      View Details
    • $1,250 /Mo
      640 SF

      Retail Space Near Barbur Blvd

      Retail space with high traffic and easy I-5 access.
      8700 SW 26Th Ave, Portland, OR 97232
      View Details
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    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
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