Retail/Office Space with
For Sale
$3,200,000
636 NW 21st Ave, Portland, OR 97209
2nd-generation retail/office space in desirable NW Portland location.
Property Size19,740 SF
Price / SF$162.11
Days on Market203
Property Features for 636 NW 21st Ave
General Information
Standard status
Active
Size
19,740 SF
Class
B
Property subtype
Office
Building Details
Building Size
19,740 SF
Listing Agency:
Capacity Commercial Group
(503) 222-1195
Listed By:
Michelle D. Rozakis · License #OR #200512190
Source:
Corfac
Added: Jan 26
Changed: Aug 8
Last Checked: Apr 5 at 8:39PM
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 Capacity Commercial Group
Investment Insights
Based on property information with market context.
This 2nd-generation retail and office space offers a total of 20,000 square feet, with 10,839 square feet being rentable. The property is suitable for retail, office, or service-oriented businesses. The building features an open floor plan, private offices, and a kitchenette upstairs. It also includes an interior parking garage with 15 rentable parking spaces. The property is located on a desirable corner location at NW 21st and Irving, in Northwest Portland. The location provides walking distance access to local retailers and restaurants. Nearby highlights include Cinema 21, Sterling Coffee Roasters, Ken’s Artisan Bakery, Trader Joe’s, Papa Haydn, and Salt & Straw. The property presents an owner-user opportunity for over 50% of the building, including the parking garage. The property is currently occupied by long-term leases with Cinema21 and NW Nails + Spa.
Key Highlights
- Owner‑user opportunity for over 50% of the building, including parking garage.
- Leased CAP Rate of 7.01%.
- Desirable corner location at NW 21st and Irving in NW Portland.
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
$255,528
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
7.99%
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%
$5,110,560
$5.1M
Cap Rate 7%
$3,650,400
$3.7M
Cap Rate 9%
$2,839,200
$2.8M
Market Conditions
NOI Build-Up for 19,740 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
$450.1K $22.80/SF
− Vacancy
−$109.4K −$5.54/SF
EGI
$340.7K $17.26/SF
− OpEx
−$85.2K −$4.31/SF
NOI
$255.5K $12.94/SF
Area
Portland, OR
Vacancy
24.30%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$5,110,560
Cap Rate 7%
$3,650,400
Cap Rate 9%
$2,839,200
Alternative Uses
Best Use
Office B
$3.65M
$3.19M – $4.26M
NOI $255,528 @ 7.0% cap · market cap 7.99%
Second Best
Retail
$3.29M
$2.88M – $3.83M
NOI $230,070 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$5.54M
$4.85M – $6.47M
NOI $388,044 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,833
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 Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 2nd-generation retail/office space in desirable NW Portland location.
Where is this office units located?
The property is located at 636 NW 21st Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Owner‑user opportunity for over 50% of the building, including parking garage.; Leased CAP Rate of 7.01%.; Desirable corner location at NW 21st and Irving in NW Portland.
