Retail Condo with Wellness
For Sale
Contact for pricing
1125 NW 9th Ave, Portland, OR 97209
Health, beauty, and wellness uses occupy the retail condominium in Portland’s Pearl District.
Property Size7,195 SF
Price / SF$309.94
Days on Market160
Property Features for 1125 NW 9th Ave
General Information
Standard status
Active
Size
7,195 SF
Class
A
Property subtype
Retail
Occupancy
76%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$133,696
Building Details
Year Built
2005
Units
3
Tenancy
Multi
Listing Agency:
Northmarq - Seattle
Listed By:
Sean Tufts · License #WA 74057
Source:
Crexi
Added: Mar 25
Changed: Aug 29
Last Checked: Aug 29 at 2:40PM
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 7,195-square-foot retail condominium at 1125 NW 9th Ave was built in 2005 and is currently 76% leased. The property includes one available 1,720-square-foot suite, while the occupied space is dedicated to health, beauty, and wellness uses.
Style Aesthetics recently commenced a new 10-year NNN lease with 3% annual increases and occupies 46% of the building. Ensō Float has operated at the property since 2016, with an extension under negotiation by the seller. The asset is part of The Blocks mixed-use portfolio, which includes 10 buildings and approximately 94,000+ square feet of retail. The surrounding Pearl District includes approximately 1,200 nearby residential condominium units and walkable density.
Style Aesthetics recently commenced a new 10-year NNN lease with 3% annual increases and occupies 46% of the building. Ensō Float has operated at the property since 2016, with an extension under negotiation by the seller. The asset is part of The Blocks mixed-use portfolio, which includes 10 buildings and approximately 94,000+ square feet of retail. The surrounding Pearl District includes approximately 1,200 nearby residential condominium units and walkable density.
Key Highlights
- 7,195 SF retail condominium at 1125 NW 9th Ave in Portland’s Pearl District
- 76% leased with one 1,720 SF suite available
- Style Aesthetics signed a new 10‑year NNN lease with 3% annual increases
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
$83,858
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
3.76%
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%
$1,677,160
$1.7M
Cap Rate 7%
$1,197,971
$1.2M
Cap Rate 9%
$931,756
$931.8K
Market Conditions
NOI Build-Up for 7,195 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
$129.5K $18.00/SF
− Vacancy
−$9.7K −$1.35/SF
EGI
$119.8K $16.65/SF
− OpEx
−$35.9K −$5.00/SF
NOI
$83.9K $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%
$1,677,160
Cap Rate 7%
$1,197,971
Cap Rate 9%
$931,756
Alternative Uses
Best Use
Retail
$1.20M
$1.05M – $1.40M
NOI $83,858 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,437 @ 7.0% cap · market cap 6.34%
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 - Health, beauty, and wellness uses occupy the retail condominium in Portland’s Pearl District.
Where is this retail space located?
The property is located at 1125 NW 9th Ave Portland, OR.
What is the asking price?
The asking price for this property is $2,230,000.
What are key features of this property?
This property features: 7,195 SF retail condominium at 1125 NW 9th Ave in Portland’s Pearl District; 76% leased with one 1,720 SF suite available; Style Aesthetics signed a new 10‑year NNN lease with 3% annual increases
