Downtown Forest Grove Leased
For Sale
$2,500,000
1923-2104 Main Street, Forest Grove, OR 97116
Fully leased retail property in downtown Forest Grove near Pacific University.
Property Size10,268 SF
Price / SF$243.47
Days on Market205
Property Features for 1923-2104 Main Street
General Information
Standard status
Active
Size
10,268 SF
Property subtype
Retail
Building Details
Building Size
10,268 SF
Listing Agency:
Norris & Stevens, Inc. - Corporate
(503) 225-8472
Listed By:
Tim Budelman
Source:
Tcnworldwide
Added: Jan 27
Changed: Aug 16
Last Checked: Aug 19 at 6:32AM
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 Norris & Stevens, Inc. - Corporate
Investment Insights
Based on property information with market context.
The property, totaling approximately 10,268 square feet, is located in downtown Forest Grove, one of Oregon’s fastest-growing cities, and is situated two blocks from Pacific University. The building is currently 100% leased. It includes Diversity Cafe, which features a restaurant, bar, stage, dance floor, and arcade (approximately 8,469 square feet); B’Lynn’s Candy (approximately 1,451 square feet); and a meeting space (approximately 348 square feet). There are 16 parking spaces available, along with ample street parking.
Key Highlights
- 100% leased building providing immediate income.
- Prime location in downtown Forest Grove, a rapidly growing city in Oregon.
- Includes Diversity Cafe, featuring a restaurant, bar, stage, dance floor, and arcade.
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
$158,856
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
6.35%
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%
$3,177,120
$3.2M
Cap Rate 7%
$2,269,371
$2.3M
Cap Rate 9%
$1,765,067
$1.8M
Market Conditions
NOI Build-Up for 10,268 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
$221.8K $21.60/SF
− Vacancy
−$10.0K −$0.97/SF
EGI
$211.8K $20.63/SF
− OpEx
−$53.0K −$5.16/SF
NOI
$158.9K $15.47/SF
Area
Washington County, OR
Vacancy
4.50%
Lease Rate
$21.60 /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%
$3,177,120
Cap Rate 7%
$2,269,371
Cap Rate 9%
$1,765,067
Alternative Uses
Best Use
Specialty Retail
$2.27M
$1.99M – $2.65M
NOI $158,856 @ 7.0% cap · market cap 6.35%
Second Best
Retail
$1.66M
$1.46M – $1.94M
NOI $116,439 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$2.77M
$2.43M – $3.23M
NOI $194,011 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
736
Businesses Nearby
27k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 40%
Dutch Bros. Coffee
Dining
14,309 visits/mo
0.4 miles
Chevron
Shops & Services
6,307 visits/mo
0.4 miles
Wells Fargo
Shops & Services
2,477 visits/mo
0.0 miles
Pizza Hut
Dining
1,343 visits/mo
0.4 miles
H&R Block
Shops & Services
1,253 visits/mo
0.4 miles
Demographics for 97116, OR
29,351
Population
10,229
Households
2.9
Avg Household Size
36
Median Age
33%
College-Educated
90%
High-School Grad
82.1 sq mi
ZIP Area
358
Density / Sq Mi
$87,308
Median Household Income
$42,330
Median Earnings
$1,397
Median Rent
$479,800
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased retail property in downtown Forest Grove near Pacific University.
Where is this shopping center located?
The property is located at 1923-2104 Main Street Forest Grove, OR.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 100% leased building providing immediate income.; Prime location in downtown Forest Grove, a rapidly growing city in Oregon.; Includes Diversity Cafe, featuring a restaurant, bar, stage, dance floor, and arcade.
