Add Listing
    For Sale
    • 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

    2303 NW Martin Rd Forest Grove, OR 97116

    View on Map
    For Sale
    $399,900

    LAND - ForestGrove, OR

    Type:Single Family Residence
    Lot size:
    2.00 Acres
    Added:
    Aug 14, 2025
    Days on Market:
    232
    Last Refresh:
    Apr 2 at 2:06 am

    Property Features for 2303 NW Martin Rd

    General Information

    Property type
    Land
    Property subtype
    Single Family Residence
    Zoning
    EFU
    Standard status
    Active
    APN
    R2239032
    Lot size
    2.00 Acres

    Taxes and HOA fees

    TaxDescription
    Lot 3 of Partition Plat2025-017 2 acres
    TaxAnnualAmount
    888

    We can help!

    Listing Contact
    Pat Griffith

    Listing agent Pat Griffith License #891200192

    Listing office John L. Scott 1800 NW 167th Pl Ste 100, Beaverton, OR

    Listing date Aug 14, 2025

    MLS# 407068111

    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.

    Overview

    Ready-to-Build Land Parcel

    This two-acre lot is located close to town and is building approved. A driveway is already in place, and the septic system is approved for a standard system. The property features a power vault on the development and paved access. The lot offers views. There are currently two lots available at this location. These lots are Measure 49 lots, requiring a house to be built before October 20, 2032. The lot dimensions are approximately 217.8 ft x 400 ft. Corner markers are on site with flagging at the back end of the lots. The sellers have applied with the County for Commencement of Development, which extends the building approval date. The property is located in Forest Grove, OR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Auto Parts Store Department Store Kitchen & Bath Showroom Food Market Storage Facility Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Forest Grove
    County
    Washington
    State
    Oregon
    Longitude
    -123.076171
    Latitude
    45.537815

    Nearby Similar for Sale

    • $299,900

      Forest Grove Vacant Commercial Land

      0.36 acre vacant lot in growing Forest Grove community.
      1821 HAWTHORNE St, ForestGrove, OR 97116
      View Details
    • $399,000

      Development Opportunity in Forest Grove

      Development opportunity in Forest Grove's Town Center with potential SDC credits.
      2323 19TH Ave, ForestGrove, OR 97116
      View Details
    • $849,900

      51.8 Acres Ready to Build

      Farm property near town with building and septic approval.
      2369 NW Martin Rd, ForestGrove, OR 97116
      View Details
    • $2,500,000
      10,268 SF

      Downtown Forest Grove Leased Retail

      Fully leased retail property in downtown Forest Grove near Pacific University.
      1923-2104 Main Street, Forest Grove, OR 97116
      View Details
    • $339,000

      Residential Land in Forest Grove

      Gently sloping land near schools, shopping, and Pacific University.
      DAVID HILL Rd, ForestGrove, OR 97116
      View Details
    • $859,000

      Forest Grove Land For Sale

      109 acre land parcel near Forest Grove, Oregon.
      NW Ridge Rd, ForestGrove, OR 97116
      View Details
    • $3,100,000

      7-Acre Industrial Land Parcel

      Industrial-zoned land parcel in Forest Grove's growing industrial corridor.
      Kingwood, ForestGrove, OR 97116
      View Details
    • $1,000,000
      12,000 SF

      Historic Building in Downtown

      Three-story building in downtown Forest Grove, across from Pacific University.
      2038 Pacific Ave, Forest Grove, OR 97116
      View Details
    • $70,000

      Commercial Land in Forest Grove

      Commercial land available for development in Forest Grove, Oregon.
      C St, ForestGrove, OR 97116
      View Details
    • $7,750,000
      35,774 SF

      Fitness-Anchored Retail Center for Sale

      Fully leased retail center with mark-to-market upside.
      2333 Pacific Ave, Forest Grove, OR 97116
      View Details
    • $775,000
      3,936 SF

      Retail Space Near Pacific University

      Retail property with high visibility near Pacific University.
      1904 Elm St, Forest Grove, OR
      View Details
    • $120,000

      Commercial Land in Forest Grove

      Vacant commercial land parcel available for development in Forest Grove.
      C St lot: #1, ForestGrove, OR 97116
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Two-acre lot near town, approved for building.
    Where is this residential land & home lot located?
    The property is located at 2303 NW Martin Rd Forest Grove, OR.
    What is the asking price?
    The asking price for this property is $399,900.
    What are key features of this property?
    This property features: Building approved and ready to go.; 2 level acres close to town.; Septic approved for a standard system.
    (503) 939-9090
    We can help!
    Listing Contact
    Pat Griffith
    Real Estate License ID: 891200192
    Learn More
    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.
    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!