Mixed-Use Building with
For Sale
$3,500,000
8212 N DENVER Ave, Portland, OR 97217
MultiFamily, Portland, OR
Property Size14,100 SF
Lot Size0.12 Acres
Price / SF$248.23
Days on Market187
Property Features for 8212 N DENVER Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CM2
Subdivision
Kenton
Elementary school
Peninsula
Middle school
Ockley Green
High school
Jefferson
Directions
N Denver & N Kilpatrick
Standard status
Active
APN
R196181
Size
14,100 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
KENTON, BLOCK 3, LOT 35&36
Tax Annual Amount
16972
Legal Description
KENTON, BLOCK 3, LOT 35&36
Amenities
common kitchen and dining space
enclosed grilling area with built-in BBQ
gas fire pit
rear deck
washer/dryer closet
powder rooms
shower rooms
secured storage units
Building Details
Year built
1911
Floors in Building
3
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Evan Nelson · License #201206804
(310) 422-6044
Added: Feb 18
Changed: Aug 19
Last Checked: Aug 24 at 7:06PM
MLS# 678823640
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 14,100-square-foot mixed-use property, built in 1911 and extensively remodeled after 2018, combines ground-floor commercial space with an upper-level residential component. The main level contains three separately metered storefronts, all currently leased to a restaurant, salon, and record shop. The second floor provides 11 residential units, including two one-bedroom apartments and nine micro units. Residential improvements include a shared kitchen and dining area, enclosed grilling space with built-in BBQ and gas fire pit, rear deck, laundry closet, two powder rooms, and two dedicated shower rooms.
The mostly open basement contains three secured storage units and additional space suitable for future build-out or other supported uses. The property is located on N Denver Ave in Portland’s Kenton neighborhood, near transit, parks, local businesses, and bike-friendly routes. The site measures 0.12 acres and is zoned CM2.
The mostly open basement contains three secured storage units and additional space suitable for future build-out or other supported uses. The property is located on N Denver Ave in Portland’s Kenton neighborhood, near transit, parks, local businesses, and bike-friendly routes. The site measures 0.12 acres and is zoned CM2.
Key Highlights
- 14,100‑square‑foot mixed‑use property on a 0.12‑acre site
- Three fully leased, separately metered commercial storefronts
- Second floor includes 11 residential units: 2 one‑bedroom apartments and 9 micro units
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
$190,350
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
5.44%
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%
$3,807,000
$3.8M
Cap Rate 7%
$2,719,286
$2.7M
Cap Rate 9%
$2,115,000
$2.1M
Market Conditions
NOI Build-Up for 14,100 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
$338.4K $24.00/SF
− Vacancy
−$33.8K −$2.40/SF
EGI
$304.6K $21.60/SF
− OpEx
−$114.2K −$8.10/SF
NOI
$190.4K $13.50/SF
Area
Portland, OR
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,807,000
Cap Rate 7%
$2,719,286
Cap Rate 9%
$2,115,000
Alternative Uses
Best Use
Mixed Use
$2.72M
$2.38M – $3.17M
NOI $190,350 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$2.59M
$2.26M – $3.02M
NOI $181,044 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $277,174 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Leased commercial suites occupy the main level, with residential units and shared amenities above.
Where is this mixed-use property located?
The property is located at 8212 N DENVER Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 14,100‑square‑foot mixed‑use property on a 0.12‑acre site; Three fully leased, separately metered commercial storefronts; Second floor includes 11 residential units: 2 one‑bedroom apartments and 9 micro units
