Retail Condo with Existing
For Sale
Contact for pricing
1035 NW Northrup St, Portland, OR 97209
Retail condominium with established occupants and a mixed-use setting in Portland’s Pearl District.
Property Size7,876 SF
Price / SF$361.86
Days on Market160
Property Features for 1035 NW Northrup St
General Information
Standard status
Active
Size
7,876 SF
Class
A
Property subtype
Retail
Occupancy
45%
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
2016
Units
4
Tenancy
Multi
Listing Agency:
Northmarq - Seattle
Listed By:
Sean Tufts · License #WA 74057
Source:
Crexi
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 30 at 4:06AM
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 7,876 SF retail condominium is located in Portland’s Pearl District and currently operates at 45% occupancy. Tea Bar and Pizzicato are in place, with both occupying the property since 2016. The asset forms part of The Blocks, a mixed-use portfolio comprising 10 buildings and approximately 94,000+ SF of retail space.
The surrounding area includes approximately 1,200 nearby residential condominium units, providing a substantial residential presence within the district. The property combines an existing retail tenancy profile with participation in a larger mixed-use portfolio setting.
The surrounding area includes approximately 1,200 nearby residential condominium units, providing a substantial residential presence within the district. The property combines an existing retail tenancy profile with participation in a larger mixed-use portfolio setting.
Key Highlights
- 7,876 SF retail condominium in Portland’s Pearl District
- 45% occupancy with Tea Bar and Pizzicato in place
- Tea Bar and Pizzicato have occupied the property since 2016
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
$91,795
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
3.22%
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%
$1,835,900
$1.8M
Cap Rate 7%
$1,311,357
$1.3M
Cap Rate 9%
$1,019,944
$1.0M
Market Conditions
NOI Build-Up for 7,876 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
$141.8K $18.00/SF
− Vacancy
−$10.6K −$1.35/SF
EGI
$131.1K $16.65/SF
− OpEx
−$39.3K −$5.00/SF
NOI
$91.8K $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%
$1,835,900
Cap Rate 7%
$1,311,357
Cap Rate 9%
$1,019,944
Alternative Uses
Best Use
Retail
$1.31M
$1.15M – $1.53M
NOI $91,795 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $154,824 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,666
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?
Retail space - Retail condominium with established occupants and a mixed-use setting in Portland’s Pearl District.
Where is this retail space located?
The property is located at 1035 NW Northrup St Portland, OR.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 7,876 SF retail condominium in Portland’s Pearl District; 45% occupancy with Tea Bar and Pizzicato in place; Tea Bar and Pizzicato have occupied the property since 2016
