Retail Condo with Multiple
For Sale
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1030 NW 12th Ave, Portland, OR 97209
Retail condo with four suites and 8,376 SF of available space in Portland’s Pearl District.
Property Size9,193 SF
Price / SF$217.56
Days on Market177
Property Features for 1030 NW 12th Ave
General Information
Standard status
Active
Size
9,193 SF
Class
A
Property subtype
Retail
Occupancy
9%
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
2001
Tenancy
Multi
Listing Agency:
Northmarq - Seattle
Listed By:
Sean Tufts · License #WA 74057
(206) 550-1557
Source:
Crexi
Added: Mar 25
Changed: Sep 15
Last Checked: Sep 16 at 3:12PM
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 Northmarq - Seattle
Investment Insights
Based on property information with market context.
This 9,193 SF retail condo offers a multi-suite layout with 8,376 SF of available space across four suites. Current occupancy is listed at 9%, with Adore Day Spa as the sole tenant in a 817 SF space. The tenant is described as a 15-year tenant with a lease through May 2030, plus a single 5-year option.
The property is part of The Blocks mixed-use portfolio, which includes 10 buildings and approximately 94,000+ SF of retail. It is also supported by nearby residential condo density, with about 1,200 nearby residential condo units noted in the surrounding area.
The available suite configuration provides flexibility for owner-occupancy or re-tenanting, including the possibility of combining spaces for a larger-format user, based on the existing four-suite arrangement.
The property is part of The Blocks mixed-use portfolio, which includes 10 buildings and approximately 94,000+ SF of retail. It is also supported by nearby residential condo density, with about 1,200 nearby residential condo units noted in the surrounding area.
The available suite configuration provides flexibility for owner-occupancy or re-tenanting, including the possibility of combining spaces for a larger-format user, based on the existing four-suite arrangement.
Key Highlights
- 9,193 SF retail condo with 9% occupancy
- 8,376 SF available across four suites
- Adore Day Spa lease through May 2030 in 817 SF
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
$107,144
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
5.36%
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%
$2,142,880
$2.1M
Cap Rate 7%
$1,530,629
$1.5M
Cap Rate 9%
$1,190,489
$1.2M
Market Conditions
NOI Build-Up for 9,193 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
$165.5K $18.00/SF
− Vacancy
−$12.4K −$1.35/SF
EGI
$153.1K $16.65/SF
− OpEx
−$45.9K −$5.00/SF
NOI
$107.1K $11.66/SF
Area
Portland, OR
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,142,880
Cap Rate 7%
$1,530,629
Cap Rate 9%
$1,190,489
Alternative Uses
Best Use
Retail
$1.53M
$1.34M – $1.79M
NOI $107,144 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,713 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,719
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Portland, OR
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Frequently Asked Questions
What type of property is this?
Retail space - Retail condo with four suites and 8,376 SF of available space in Portland’s Pearl District.
Where is this retail space located?
The property is located at 1030 NW 12th Ave Portland, OR.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 9,193 SF retail condo with 9% occupancy; 8,376 SF available across four suites; Adore Day Spa lease through May 2030 in 817 SF
