Historic Nob Hill Commercial
For Sale
Contact for pricing
1133 NW 21st Ave, Portland, OR 97210
Classic 1892 building in desirable Northwest District location.
Property Size6,750 SF
Lot Size0.11 Acres
Price / SF$162.96
Days on Market171
Property Features for 1133 NW 21st Ave
General Information
Standard status
Active
Size
6,750 SF
Class
C
Lot size
0.11 Acres
Property subtype
Mixed Use, Office, Retail
Zoning
CS
Building Details
Year Built
1892
Buildings
1
Stories
3
Listing Agency:
Fuller Group
(503) 367-0516
Listed By:
Steven Hunker, CCIM · License #OR #201207305
Source:
Crexi
Added: Feb 24
Changed: Aug 8
Last Checked: Aug 13 at 3:34AM
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 Fuller Group
Investment Insights
Based on property information with market context.
Located along one of Portland’s most iconic urban corridors, the property at 1133 NW 21st Avenue presents an opportunity to acquire a historic commercial asset in the Nob Hill / Northwest District. Constructed in the late 19th century, this multi-level structure (3 levels plus basement) offers architectural character combined with flexible interior space. The building contains approximately 6,750 square feet and is situated on a lot of approximately 5,000 square feet. The property includes off-street surface parking. It is located in the heart of the NW 21st Avenue retail corridor and is suited for an owner-user, boutique office, or creative firm. Although historic, this property is not on the National Historic Registry. The building was built in 1892.
Key Highlights
- Prime location in the heart of NW 21st Avenue retail corridor in the desirable Nob Hill / Northwest District.
- Rare off‑street surface parking in a high‑density area.
- Historic late‑19th‑century building with architectural character.
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
$91,125
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
8.28%
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%
$1,822,500
$1.8M
Cap Rate 7%
$1,301,786
$1.3M
Cap Rate 9%
$1,012,500
$1.0M
Market Conditions
NOI Build-Up for 6,750 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
$162.0K $24.00/SF
− Vacancy
−$16.2K −$2.40/SF
EGI
$145.8K $21.60/SF
− OpEx
−$54.7K −$8.10/SF
NOI
$91.1K $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%
$1,822,500
Cap Rate 7%
$1,301,786
Cap Rate 9%
$1,012,500
Alternative Uses
Best Use
Mixed Use
$1.30M
$1.14M – $1.52M
NOI $91,125 @ 7.0% cap · market cap 8.28%
Second Best
Office B
$1.25M
$1.09M – $1.46M
NOI $87,377 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,690 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,639
Businesses Nearby
Explore this area
Business Placement
Demographics for 97210, OR
13,016
Population
7,910
Households
1.6
Avg Household Size
38
Median Age
76%
College-Educated
97%
High-School Grad
8.9 sq mi
ZIP Area
1,462
Density / Sq Mi
$87,942
Median Household Income
$66,429
Median Earnings
$1,577
Median Rent
$991,500
Median Home Value
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Classic 1892 building in desirable Northwest District location.
Where is this mixed-use property located?
The property is located at 1133 NW 21st Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Prime location in the heart of NW 21st Avenue retail corridor in the desirable Nob Hill / Northwest District.; Rare off‑street surface parking in a high‑density area.; Historic late‑19th‑century building with architectural character.
