Building Details

Year built 1955

Floors in Building 1

Building materials Brick

Roof type Flat

Listing Agency: Realty First d***@realtyfirstnw.com Show Phone

Listed By: Sam Kim Show Phone

Added: Aug 2 Changed: Sep 30 Last Checked: Oct 4 at 11:06PM

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MLS# 663676717

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 freestanding neighborhood retail property contains an approximately 2,800-square-foot masonry building on 0.13 acres. Built in 1955, the structure features brick construction, a flat roof, forced-air heat, and central air conditioning. The site includes approximately 10 parking spaces and a freestanding pylon sign, with exposure along NE 223RD Ave. The property is zoned comm.

The current lease extends through June 30, 2028, followed by one five-year renewal option at fair market value. The sale does not include the grocery business, and the transaction remains subject to the current business owner's contractual right of first refusal.

Key Highlights

• Approximately 2,800 square feet on 0.13 acres
• Lease term runs through June 30, 2028, with one five‑year renewal option
• Approximately 10 parking spaces and a freestanding pylon sign

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

$42,980

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

4.09%

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%

$859,600 $859.6K

Cap Rate 7%

$614,000 $614.0K

Cap Rate 9%

$477,556 $477.6K

Market Conditions

NOI Build-Up for 2,800 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

$61.5K $21.96/SF

− Vacancy

−$4.2K −$1.49/SF

EGI

$57.3K $20.47/SF

− OpEx

−$14.3K −$5.12/SF

NOI

$43.0K $15.35/SF

Area

Multnomah County, OR

Vacancy

6.80%

Lease Rate

$21.96 /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%

$859,600

Cap Rate 7%

$614,000

Cap Rate 9%

$477,556

Alternative Uses

Best Use

Specialty Retail

$614.0K

$537.3K – $716.3K (±1% cap)

NOI $42,980 @ 7.0% cap · market cap 4.09%

Second Best

Retail

$466.2K

$407.9K – $543.9K (±1% cap)

NOI $32,634 @ 7.0% cap · market cap 3.11%

Theoretical Best

Office A

$755.8K

$661.3K – $881.8K (±1% cap)

NOI $52,905 @ 7.0% cap · market cap 5.04%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Grocery and convenience stores

Suggested Use

Top Pick Real Estate Agency Law Firm Accounting Firm (Bike/Boat/Book/etc) Store Dental Office Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

584

Businesses Nearby

282k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Superstores 33% Dining 23% Shops & Services 21% Apparel 17%

Target Superstores

93,689 visits/mo 0.4 miles

Kohl's Apparel

49,010 visits/mo 0.4 miles

Fred Meyer Gas Station Shops & Services

39,695 visits/mo 0.5 miles

Starbucks Dining

18,618 visits/mo 0.4 miles

Buffalo Wild Wings Dining

15,491 visits/mo 0.5 miles

Demographics for 97024, OR

11,980

Population

5,157

Households

2.3

Avg Household Size

38

Median Age

23%

College-Educated

84%

High-School Grad

3.4 sq mi

ZIP Area

3,524

Density / Sq Mi

$71,649

Median Household Income

$39,911

Median Earnings

$1,503

Median Rent

$404,000

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this grocery and convenience stores located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Grocery and convenience store - Occupied commercial property with street exposure, dedicated signage, and an existing lease structure.

Where is this grocery and convenience store located?

The property is located at 1610 NE 223RD Ave Fairview, OR.

What is the asking price?

The asking price for this property is $1,050,000.

What are key features of this property?

This property features: Approximately 2,800 square feet on 0.13 acres; Lease term runs through June 30, 2028, with one five‑year renewal option; Approximately 10 parking spaces and a freestanding pylon sign