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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7155 Varns St Portland, OR 97223-8174

    • Office Properties & Spaces
    • 5,696 SF
    • 0.91 lot acres
    OFF-MARKET
    Value Estimations
    $2,325,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0060208
    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

    • Time Out Bodywork and Training / Alternative Medicine Practice / Spa & Massage Center
    • Newton Law Firm / Law Firm
    • Lloyd N Campbell Counseling / Family Counselor
    • Robyn Baehler, LMT, CAMT / Alternative Medicine Practice / Spa & Massage Center
    • Performance Massage Oregon / Alternative Medicine Practice / Spa & Massage Center

    Property Details for 7155 Varns St

    Year built
    1980
    Lot size
    0.91 lot acres
    Property size
    5,696 SF
    Zone code
    C-P
    Property type
    Office Properties & Spaces
    APN
    2S101DB-00901
    APU
    2S101DB00901

    Description

    This exceptional investment opportunity presents a two-building executive office complex in Tigard, Oregon, situated on a 0.91-acre lot. The property features a total of 13,221 square feet of space, with one building encompassing 5,938 square feet across two stories. Currently operating as a multi-tenant property with a 50% occupancy rate and short-term leases, this presents a unique opportunity for an owner-user to consolidate operations or for an investor to acquire a property with significant upside potential. The buildings are wood-framed and boast Class C construction. The property is zoned C-P, allowing for flexibility in future use. Ample parking is available, providing 3 spaces per 1,000 square feet, with additional on-street parking along Varns Street. The complex benefits from excellent visibility due to signage facing SW 72nd Avenue and enjoys convenient access to Interstate 5 and Highway 217. The seller is open to converting the property into a condo plat with shared parking. Recent improvements include new exterior paint completed in the summer of 2024. The asking price is $1,650,000, and the lease type is gross. This property offers a compelling combination of location, size, and potential for immediate return on investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,324,000
      Market price range: $1.00M - $2.32M
      AI Estimate
      $2,324,000
      Market price range: $1.00M - $2.32M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,655,000
      Current use
      RESTAURANT
      $1,950,000
      Change: +18% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,740,000
      Change: +5% Conversion: Difficult
      MEDICAL BUILDING
      $1,720,000
      Change: +4% Conversion: Easy
      RETAIL STORES
      $1,710,000
      Change: +3% Conversion: Easy
      OFFICE BUILDING
      $1,645,000
      Change: -0% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,515,000
      Change: -8% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.751
    Latitude
    45.4245
    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
    $22,036
    $0.00
    $0.00
    $1,276,280
    -
    $1,176,490
    $334,110
    $1,510,600

    Comparable in this City

    • Value Estimation
      $1,580,000
      9,000 SF

      7102 Varns St

      OFFICE (GENERAL) • 9,000 SF
      7102 Varns St, Portland, OR 97223-8007
      View Details
    • Value Estimation
      $3,805,000
      11,443 SF

      7175 Beveland Rd

      OFFICE (GENERAL) • 11,443 SF
      7175 Beveland Rd, Portland, OR 97223-8665
      View Details
    • Value Estimation
      $4,790,000
      17,954 SF

      9430 Coral St

      OFFICE (GENERAL) • 17,954 SF
      9430 Coral St, Portland, OR 97223-6691
      View Details
    • Value Estimation
      $3,080,000
      10,270 SF

      6969 Hampton St

      OFFICE (GENERAL) • 10,270 SF
      6969 Hampton St, Portland, OR 97223-8560
      View Details
    • Value Estimation
      $2,800,000
      11,376 SF

      7080 Fir Loop

      OFFICE (GENERAL) • 11,376 SF
      7080 Fir Loop, Portland, OR 97223-8149
      View Details
    • Value Estimation
      $8,180,000
      46,550 SF

      11958 Gdn Pl

      OFFICE (GENERAL) • 46,550 SF
      11958 Gdn Pl, Portland, OR 97223-8248
      View Details

    Similar Nearby for Sale

    • $2,600,000
      12,246 SF

      Downtown Tigard Executive Office Space

      Prime Tigard location, 12,246 sq ft office building.
      8950 Burnham St, Tigard, OR 97223
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    • $6,300,000
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      Triangle Professional Center: Tigard, OR

      Executive Office Building, Tigard, OR
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      Downtown Tigard Office Building

      Two-story office building in downtown Tigard, Oregon.
      Tigard, OR 97223
      View Details
    • $1,075,000
      2,630 SF

      Renovated Office Building For Sale

      Fully renovated office building with ample parking and excellent visibility.
      12555 SW Hall Blvd, Tigard, OR 97223
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    • Contact for pricing

      Corporate Plaza Ground Floor Office

      Ground floor office space with abundant parking and natural light.
      11501 SW Pacific Hwy, Tigard, OR 97223
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    • Contact for pricing

      Tigard Triangle Class A Office

      Class A office building in desirable Tigard Triangle location.
      7357 SW Beveland St, Tigard, OR 97223
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    Similar Nearby for Lease

    • $22 SF/Yr
      2,001 SF

      Tigard Executive Office Suite For Lease

      Prime Tigard Office, 2001 sq ft, Available Now
      8060 Pfaffle St, Tigard, OR 97223
      View Details
    • $17 SF/Yr
      13,000 SF

      Landmark Tigard Executive Office Space

      Prime Tigard location, 13,000 sq ft office building.
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    • $33 SF/Yr
      29,351 SF

      Triangle Professional Center: Tigard Office Space

      Class A Tigard office suites, flexible sizes.
      12725 66 Ave, Tigard, OR 97223
      View Details
    • $24 SF/Yr
      3,067 SF

      Executive Suites, SW Beveland St

      Prime Office Space, Multiple Suites Available
      7060 Beveland St, Tigard, OR 97223
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    • $19 SF/Yr
      5,769 SF

      Tigard Office Space For Rent

      Office space with excellent road exposure and ample parking.
      12995 SW Pacific Hwy, Tigard, OR 97223
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    • Contact for pricing

      Professional Office Space Available

      Single office space with excellent access to major highways.
      13500 SW 72Nd Ave, Portland, OR 97223
      View Details
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    7155 Varns St
    Portland, OR 97223-8174
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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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