Historic Mixed-Use
For Sale
$2,280,000
102 NW 4th Ave, Portland, OR 97209
CommercialSale, Portland, OR
Property Size14,000 SF
Lot Size0.16 Acres
Price / SF$162.86
Days on Market18
Property Features for 102 NW 4th Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CXD
View
Territorial
Directions
NW 4TH & NW COUCH STREET
Subdivision
_148
Standard status
Active
APN
R140406
Size
14,000 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
COUCHS ADD, BLOCK 28, LOT 2, S 20' OF LOT 3
Tax Annual Amount
27038
Legal Description
COUCHS ADD, BLOCK 28, LOT 2, S 20' OF LOT 3
Utilities
Heating system
Forced Air
Water front
1
Building Details
Year built
1917
Floors in Building
2
Building materials
Brick, Concrete, FullBasement
Listing Agency:
Call it Closed International, Inc
(833) 242-7007
Listed By:
Amy W.S. Shum Cheung
(971) 977-0938
Added: Aug 8
Changed: Aug 25
Last Checked: Aug 25 at 5:06AM
MLS# 471067589
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.
Built in 1917, this brick mixed-use commercial building contains 14,000 SF across a street-level retail component, an expansive upper floor, and a full basement. The upper level provides a 7,000 SF footprint formerly occupied by a Chinese restaurant, while the ground floor includes a former tavern or bar area and three distinct retail storefronts.
The basement adds another 7,000 SF and features functional sidewalk doors that provide direct street-to-basement loading access. The property is fully vacant and will be conveyed strictly AS-IS, WHERE-IS, WITH ALL FAULTS. Remaining restaurant and kitchen fixtures carry no warranty or assigned value. The building is zoned CXD, and buyer due diligence should address zoning, structural unreinforced masonry status, and utility capacities.
The basement adds another 7,000 SF and features functional sidewalk doors that provide direct street-to-basement loading access. The property is fully vacant and will be conveyed strictly AS-IS, WHERE-IS, WITH ALL FAULTS. Remaining restaurant and kitchen fixtures carry no warranty or assigned value. The building is zoned CXD, and buyer due diligence should address zoning, structural unreinforced masonry status, and utility capacities.
Key Highlights
- 14,000 SF brick mixed‑use commercial building built in 1917
- 7,000 SF upper floor formerly occupied by a Chinese restaurant
- Full 7,000 SF basement with functional sidewalk doors for street‑to‑basement loading
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
Specialty Retail
$2.69M
$2.36M – $3.14M
NOI $188,496 @ 7.0% cap · market cap 8.27%
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 - Brick commercial property with retail, bar, and restaurant configurations across multiple levels.
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 SF brick mixed‑use commercial building built in 1917; 7,000 SF upper floor formerly occupied by a Chinese restaurant; Full 7,000 SF basement with functional sidewalk doors for street‑to‑basement loading
