Listing Agency: CBRE | Portland Show Phone

Listed By: Megan Wallachy · License #LIC.#200603442 Show Phone

Source: Moodyscre

Added: Aug 7, 2025 Changed: Oct 25 Last Checked: Nov 1 at 6:53AM

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Investment Insights

Based on property information with market context.

This mixed-use building includes retail and residential spaces and is positioned to support ongoing rental income. Triple-net leases are in place with Portland Art Museum and Canoe, with reimbursement of building expenses such as taxes, insurance, and maintenance.

The property is located at 1221 SW 10th Ave in Portland, OR, and is situated adjacent to Safeway, with additional retail activity nearby.

As a for-sale asset, it combines the day-to-day stability of the existing NNN tenants with an on-site mix of retail and residential uses.

Key Highlights

• Mixed‑use building with retail and residential spaces
• Triple‑net leases with Portland Art Museum and Canoe, with tenants reimbursing building expenses such as taxes, insurance, and maintenance
• Anchored by Portland Art Museum for reliable, stable income

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$64,652

Cap Rate

5.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,293,040 $1.3M

Cap Rate 7%

$923,600 $923.6K

Cap Rate 9%

$718,356 $718.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,789 SF

Gross rent

$114.9K $24.00/SF

− Vacancy

−$11.5K −$2.40/SF

EGI

$103.4K $21.60/SF

− OpEx

−$38.8K −$8.10/SF

NOI

$64.7K $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 Rate 5%

$1,293,040

Cap Rate 7%

$923,600

Cap Rate 9%

$718,356

Alternative Uses

Best Use

Mixed Use

$923.6K

$808.2K – $1.08M (±1% cap)

NOI $64,652 @ 7.0% cap · market cap 5.88%

Second Best

Retail

$797.4K

$697.7K – $930.3K (±1% cap)

NOI $55,816 @ 7.0% cap · market cap 5.08%

Theoretical Best

Office A

$1.34M

$1.18M – $1.57M (±1% cap)

NOI $94,141 @ 7.0% cap · market cap 8.57%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Eliot Tower Condominium Complex Powered by Tea ... Industrial Manufacturer Howell Health Law ... Law Firm Weekday Emblem Furniture & Home Goods Elliot Tower Condominium Complex

Suggested Use

Top Pick Butcher Buffet (Bike/Boat/Book/etc) Store Veterinary Clinic Tanning Salon Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

12,785

Businesses Nearby

Explore this area Business Placement

Demographics for 97205, OR

8,593

Population

6,727

Households

1.3

Avg Household Size

39

Median Age

61%

College-Educated

97%

High-School Grad

0.9 sq mi

ZIP Area

9,548

Density / Sq Mi

$58,943

Median Household Income

$51,002

Median Earnings

$1,381

Median Rent

$693,600

Median Home Value

Market

Vacancy Rate% for Retail in Portland, OR

4.6% 2019

5.6% 2020

5.2% 2021

4.2% 2022

4.4% 2023

4.7% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Mixed-use building with retail and residential spaces anchored by triple-net leases to Portland Art Museum and Canoe.

Where is this mixed-use property located?

The property is located at 1221 SW 10th Ave Portland, OR.

What is the asking price?

The asking price for this property is $1,099,000.

What are key features of this property?

This property features: Mixed‑use building with retail and residential spaces; Triple‑net leases with Portland Art Museum and Canoe, with tenants reimbursing building expenses such as taxes, insurance, and maintenance; Anchored by Portland Art Museum for reliable, stable income