Mixed-Use Retail and Residential
For Sale
Contact for pricing
1221 SW 10th Ave, Portland, OR 97205
Mixed-use building with retail and residential spaces anchored by triple-net leases to Portland Art Museum and Canoe.
Property Size4,789 SF
Price / SF$229.48
Days on Market407
Property Features for 1221 SW 10th Ave
General Information
Standard status
Active
Size
4,789 SF
Property subtype
RETAIL
Listing Agency:
CBRE | Portland
(503) 221-1900
Listed By:
Megan Wallachy · License #LIC.#200603442
(503) 221-4850
Source:
Moodyscre
Added: Aug 7, 2025
Changed: Sep 3
Last Checked: Sep 16 at 2:07PM
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 CBRE | Portland
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.
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 = 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
$64,652
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
5.88%
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%
$1,293,040
$1.3M
Cap Rate 7%
$923,600
$923.6K
Cap Rate 9%
$718,356
$718.4K
Market Conditions
NOI Build-Up for 4,789 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
$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 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%
$1,293,040
Cap Rate 7%
$923,600
Cap Rate 9%
$718,356
Alternative Uses
Best Use
Mixed Use
$923.6K
$808.2K – $1.08M
NOI $64,652 @ 7.0% cap · market cap 5.88%
Second Best
Retail
$797.4K
$697.7K – $930.3K
NOI $55,816 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,141 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Portland, OR
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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
