Historic Mixed-Use Building with
New
For Sale
$2,280,000
102 NW 4th Ave, Portland, OR 97209
Vacant commercial building with multiple street-level retail spaces, an expansive upper floor, and direct basement loading access.
Property Size14,000 SF
Price / SF$162.86
Days on Market5
Property Features for 102 NW 4th Ave
General Information
Standard status
Active
Size
14,000 SF
Zoning
CXD
Amenities
street sidewalk doors for direct street-to-basement loading access
Building Details
Year Built
1917
Buildings
1
Construction
unreinforced masonry
Tenancy
Multi
Listing Agency:
Call it Closed International, Inc
(833) 242-7007
Listed By:
Amy W.S. Shum Cheung
Source:
Evokepropertypartners
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 28 at 12:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Call it Closed International, Inc
Investment Insights
Based on property information with market context.
Built in 1917, this 14,000-square-foot mixed-use commercial building includes varied spaces across three levels. The upper floor provides a 7,000-square-foot open footprint formerly used as a Chinese restaurant. At street level, the property includes a former tavern and bar area along with three individual retail storefronts. A full 7,000-square-foot basement is equipped with sidewalk-level doors that allow loading directly from the street.
The property is located in Portland’s Old Town Chinatown and carries CXD zoning. It is fully vacant and offered in as-is, where-is, with all faults condition. Existing restaurant and kitchen fixtures are included without warranty or assigned value. Buyers should independently evaluate zoning, unreinforced masonry status, structural conditions, and utility capacity.
The property is located in Portland’s Old Town Chinatown and carries CXD zoning. It is fully vacant and offered in as-is, where-is, with all faults condition. Existing restaurant and kitchen fixtures are included without warranty or assigned value. Buyers should independently evaluate zoning, unreinforced masonry status, structural conditions, and utility capacity.
Key Highlights
- 14,000‑square‑foot commercial building constructed in 1917
- 7,000‑square‑foot upper‑floor footprint formerly used as a Chinese restaurant
- Three separate retail storefronts plus a former tavern/bar area at street level
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
$189,000
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
8.29%
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%
$3,780,000
$3.8M
Cap Rate 7%
$2,700,000
$2.7M
Cap Rate 9%
$2,100,000
$2.1M
Market Conditions
NOI Build-Up for 14,000 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
$336.0K $24.00/SF
− Vacancy
−$33.6K −$2.40/SF
EGI
$302.4K $21.60/SF
− OpEx
−$113.4K −$8.10/SF
NOI
$189.0K $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%
$3,780,000
Cap Rate 7%
$2,700,000
Cap Rate 9%
$2,100,000
Alternative Uses
Best Use
Mixed Use
$2.70M
$2.36M – $3.15M
NOI $189,000 @ 7.0% cap · market cap 8.29%
Second Best
Retail
$2.33M
$2.04M – $2.72M
NOI $163,170 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$3.93M
$3.44M – $4.59M
NOI $275,208 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
11,626
Businesses Nearby
Explore this area
Business Placement
Demographics for 97209, OR
22,755
Population
16,437
Households
1.4
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
1.0 sq mi
ZIP Area
22,755
Density / Sq Mi
$84,059
Median Household Income
$68,731
Median Earnings
$1,669
Median Rent
$573,700
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?
Mixed-use property - Vacant commercial building with multiple street-level retail spaces, an expansive upper floor, and direct basement loading access.
Where is this mixed-use property located?
The property is located at 102 NW 4th Ave Portland, OR.
What is the asking price?
The asking price for this property is $2,280,000.
What are key features of this property?
This property features: 14,000‑square‑foot commercial building constructed in 1917; 7,000‑square‑foot upper‑floor footprint formerly used as a Chinese restaurant; Three separate retail storefronts plus a former tavern/bar area at street level
