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    Historic Nob Hill Commercial Asset Title is generated by Realmo AI

    1133 NW 21st Ave, Portland, OR 97210

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    Classic 1892 building in desirable Northwest District location.

    Type:Mixed Use, Office, Retail
    Property size:
    6,750 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $162/SF
    Added:
    Feb 24, 2026
    Days on Market:
    77
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 1133 NW 21st Ave

    General Information

    Standard status
    Active
    Size
    6,750 SF
    Lot size
    0.11 Acres
    Property subtype
    Mixed Use, Office, Retail

    Building Details

    Year Built
    1892

    We can help!

    Listing Contact
    Steven Hunker, CCIM
    Steven Hunker, CCIM

    Listing agent Steven Hunker, CCIM License #WA #114314

    Listing office Fuller Group

    Listing date Feb 24, 2026

    Source Crexi

    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

    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.
    • Flexible interior space suitable for owner‑user, boutique office, or creative firm.
    • Multi‑level structure (3 levels + basement) with ±6,750 SF building size.
    • Not on the National Historic Registry, offering freedom from associated restrictions.

    Overview

    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.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Luahna Ude, PhD Physician Nichols Mary Lee ... Physician Marney Hoffman, PhD Counselor Dr. Robert Poe Physician Strybig House Physician

    Suggested Use

    Law Firm Restaurant Real Estate Agency Dental Office Hair Salon Spa & Massage Center Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.6949115
    Latitude
    45.531133

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    FAQs

    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.
    (503) 367-0516 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Steven Hunker, CCIM
    Steven Hunker, CCIM
    Real Estate License ID: WA #114314
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    1133 NW 21st Ave, Portland, OR 97210
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