Fully Occupied Retail
For Sale
Contact for pricing
1111 NE Broadway, Portland, OR 97232
Multi-tenant retail condo in Portland's Irvington neighborhood.
Property Size15,755 SF
Price / SF$401.78
Days on Market193
Property Features for 1111 NE Broadway
General Information
Standard status
Active
Size
15,755 SF
Class
A
Total Parking Spaces
80
Property subtype
Retail
Zoning
Central Commercial (CX)
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1998
Tenancy
Multi
Listing Agency:
Northmarq - Seattle
Listed By:
Sean Tufts · License #WA 74057
Source:
Crexi
Added: Feb 11
Changed: Aug 15
Last Checked: Aug 20 at 5:45PM
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.
Irvington Place is a fully occupied, multi-tenant retail condo located on NE Broadway in Portland’s Irvington neighborhood. The property is leased to a mix of national and regional tenants, including Wells Fargo, Mattress Firm, Jimmy John’s, Heartfelt Veterinary, and New Identity. Each lease includes scheduled rent increases, and the weighted average remaining lease term is 5.7 years. The property benefits from frontage on Broadway, which sees over 23,000 vehicles per day. Safeway, located directly across the street, serves as a shadow anchor. The location provides immediate access to multiple MAX lines and the Portland Streetcar, which contribute to consistent customer traffic. The property includes 20 dedicated parking stalls within the larger condo’s first-floor parking lot. The surrounding area is undergoing redevelopment, with the nearby Lloyd Center being repositioned into a mixed-use district with new housing, hospitality, office, and entertainment options. Construction is underway on a new multi-level live music venue at the former Nordstrom location. The greater condo development consists of 54 total units, with the subject property being the only commercial unit. The remaining 53 residential units provide additional visitor traffic. Condo ownership centralizes major building elements at the HOA (roof/exterior/structure), reducing landlord operational burden while preserving leasing rights for the commercial unit. 59% of the gross leasable area is secured by national retailers. The surrounding demographics include approximately 29,000 residents within 1 mile and an average household income of $123,000.
Key Highlights
- Fully occupied retail condo with a durable mix of national and regional tenants including Wells Fargo and Mattress Firm.
- Leases include scheduled rent increases and a weighted average remaining term of 5.7 years.
- Located on NE Broadway with high traffic volume (23,000+ VPD) and immediate access to MAX lines and the Portland Streetcar.
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
$183,625
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
2.90%
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%
$3,672,500
$3.7M
Cap Rate 7%
$2,623,214
$2.6M
Cap Rate 9%
$2,040,278
$2.0M
Market Conditions
NOI Build-Up for 15,755 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
$283.6K $18.00/SF
− Vacancy
−$21.3K −$1.35/SF
EGI
$262.3K $16.65/SF
− OpEx
−$78.7K −$5.00/SF
NOI
$183.6K $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%
$3,672,500
Cap Rate 7%
$2,623,214
Cap Rate 9%
$2,040,278
Alternative Uses
Best Use
Retail
$2.62M
$2.30M – $3.06M
NOI $183,625 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,708 @ 7.0% cap · market cap 4.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12,942
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
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 - Multi-tenant retail condo in Portland's Irvington neighborhood.
Where is this retail space located?
The property is located at 1111 NE Broadway Portland, OR.
What is the asking price?
The asking price for this property is $6,330,000.
What are key features of this property?
This property features: Fully occupied retail condo with a durable mix of national and regional tenants including Wells Fargo and Mattress Firm.; Leases include scheduled rent increases and a weighted average remaining term of 5.7 years.; Located on NE Broadway with high traffic volume (23,000+ VPD) and immediate access to MAX lines and the Portland Streetcar.
