NNN Property with Three Leased
For Sale
$2,990,000
1909 SW 6th Avenue, Portland, OR 97201
Commercial Sale, Portland, OR
Property Size10,000 SF
Lot Size0.23 Acres
Price / SF$299
Days on Market711
Property Features for 1909 SW 6th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CX
Parking features
Assigned
Standard status
Active
APN
R246361
Size
10,000 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
32286
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1953
Floors in Building
2
Number of units
2
Building materials
Block, Concrete, Frame
Roof type
Asphalt
Listing Agency:
Coldwell Banker Bain · Coldwell Banker Real Estate
(541) 382-4123
Listed By:
Brent Theodore Barker · License #201232075
(602) 697-7769
Added: Sep 20, 2024
Changed: Aug 27
Last Checked: Aug 31 at 4:06AM
MLS# 220193913
Copyright © 2026 Oregon Data Share. 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 NNN property contains a 6,500-square-foot commercial building completed in 1953, with three leased units currently occupied by a restaurant, boutique coffee shop, and print shop. The improvements use block, concrete, and frame construction and include central air, forced-air heating, an asphalt roof, assigned parking, and on-site management parking. Public water and sewer serve the property.
The property occupies approximately 0.23 acres at the northeast corner of SW Hall Street and SW 6th Avenue in Portland. It has over 200 feet of frontage and sits near Portland State University, whose campus includes more than 28,000 students and 6,000 professors, managers, and administrative staff. A multi-level student parking garage is located across the street, and the surrounding university setting supports pedestrian movement to colleges and the University Center.
The site is designated CX - Central Commercial and is located within an Opportunity Zone. Existing leases are structured as NNN arrangements.
The property occupies approximately 0.23 acres at the northeast corner of SW Hall Street and SW 6th Avenue in Portland. It has over 200 feet of frontage and sits near Portland State University, whose campus includes more than 28,000 students and 6,000 professors, managers, and administrative staff. A multi-level student parking garage is located across the street, and the surrounding university setting supports pedestrian movement to colleges and the University Center.
The site is designated CX - Central Commercial and is located within an Opportunity Zone. Existing leases are structured as NNN arrangements.
Key Highlights
- Three NNN leased units occupied by a restaurant, boutique coffee shop, and print shop
- Over 200 feet of frontage at the northeast corner of SW Hall St and SW 6th Ave
- 6,500‑square‑foot commercial building completed in 1953
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
$134,640
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
4.50%
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%
$2,692,800
$2.7M
Cap Rate 7%
$1,923,429
$1.9M
Cap Rate 9%
$1,496,000
$1.5M
Market Conditions
NOI Build-Up for 10,000 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
$192.0K $19.20/SF
− Vacancy
−$12.5K −$1.25/SF
EGI
$179.5K $17.95/SF
− OpEx
−$44.9K −$4.49/SF
NOI
$134.6K $13.46/SF
Area
Portland, OR
Vacancy
6.50%
Lease Rate
$19.20 /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%
$2,692,800
Cap Rate 7%
$1,923,429
Cap Rate 9%
$1,496,000
Alternative Uses
Best Use
Specialty Retail
$1.92M
$1.68M – $2.24M
NOI $134,640 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.81M
$2.46M – $3.28M
NOI $196,577 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,758
Businesses Nearby
Explore this area
Business Placement
Demographics for 97201, OR
17,352
Population
10,748
Households
1.6
Avg Household Size
34
Median Age
67%
College-Educated
95%
High-School Grad
1.9 sq mi
ZIP Area
9,133
Density / Sq Mi
$67,074
Median Household Income
$48,101
Median Earnings
$1,565
Median Rent
$648,400
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Three leased suites support restaurant, coffee shop, and print shop uses near Portland State University.
Where is this nnn property located?
The property is located at 1909 SW 6th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: Three NNN leased units occupied by a restaurant, boutique coffee shop, and print shop; Over 200 feet of frontage at the northeast corner of SW Hall St and SW 6th Ave; 6,500‑square‑foot commercial building completed in 1953
