Open-Layout Retail
For Sale
Contact for pricing
118-128 NW 23rd Ave, Portland, OR 97210
Second-story commercial space with a built-in bar, kitchen, and A3 occupancy rating for service-oriented retail uses.
Property Size4,750 SF
Price / SF$394.74
Days on Market390
Property Features for 118-128 NW 23rd Ave
General Information
Standard status
Active
Size
4,750 SF
Property subtype
RETAIL
Additional Details
Floor
2
Amenities
built-in bar
kitchen
Listing Agency:
Debbie Thomas Real Estate
(503) 226-2141
Listed By:
Debbie Thomas
Source:
Moodyscre
Added: Aug 8, 2025
Changed: Aug 30
Last Checked: Aug 31 at 5:02PM
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 Debbie Thomas Real Estate
Investment Insights
Based on property information with market context.
The second floor at 118-128 NW 23rd Ave provides 4,750 square feet of retail space with an open configuration, built-in bar, and kitchen. Its A3 occupancy rating supports a range of service-related retail uses.
The property is positioned on NW 23rd Avenue in Portland’s Northwest area, near shops, restaurants, bars, and other local establishments. Bus and streetcar service provide access, while the corridor draws local and tourist traffic.
The property is positioned on NW 23rd Avenue in Portland’s Northwest area, near shops, restaurants, bars, and other local establishments. Bus and streetcar service provide access, while the corridor draws local and tourist traffic.
Key Highlights
- 4,750‑square‑foot second‑story retail space
- Open layout with built‑in bar and kitchen
- A3 occupancy rating for service‑related retail uses
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
$55,361
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
2.95%
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%
$1,107,220
$1.1M
Cap Rate 7%
$790,871
$790.9K
Cap Rate 9%
$615,122
$615.1K
Market Conditions
NOI Build-Up for 4,750 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
$85.5K $18.00/SF
− Vacancy
−$6.4K −$1.35/SF
EGI
$79.1K $16.65/SF
− OpEx
−$23.7K −$5.00/SF
NOI
$55.4K $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%
$1,107,220
Cap Rate 7%
$790,871
Cap Rate 9%
$615,122
Alternative Uses
Best Use
Retail
$790.9K
$692.0K – $922.7K
NOI $55,361 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.33M
$1.17M – $1.56M
NOI $93,374 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,209
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 Retail in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Second-story commercial space with a built-in bar, kitchen, and A3 occupancy rating for service-oriented retail uses.
Where is this retail space located?
The property is located at 118-128 NW 23rd Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: 4,750‑square‑foot second‑story retail space; Open layout with built‑in bar and kitchen; A3 occupancy rating for service‑related retail uses
