Mixed-Use Property in NW
For Sale
$899,900
821 NW 16TH, Portland, OR 97209
Mixed-use property with office space, apartment, and interior parking.
Property Size5,088 SF
Lot Size0.08 Acres
Price / SF$176.87
Days on Market530
Property Features for 821 NW 16TH
General Information
Standard status
Active
Size
5,088 SF
Lot size
0.08 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,224
Amenities
Composition Roof
Ductless Heating
Mini Split Heating
Off Street
Secured
Building Details
Year Built
1904
Listing Agency:
BISON PROPERTIES
(503) 208-2991
Listed By:
MATTHEW WILLIAMS · License #200109059
(208) 377-0422
Source:
Corcoran
Added: Mar 25, 2025
Changed: Sep 4
Last Checked: Sep 5 at 9:02AM
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 BISON PROPERTIES
Investment Insights
Based on property information with market context.
This mixed-use property is located in a niche neighborhood in Northwest Portland and is zoned CM3. The property offers potential as a live/work space or a duplex for residential or investment purposes, accommodating both residential and commercial uses. The main level is currently configured as office space, featuring an open layout with both community areas and private offices. The upstairs apartment is described as light-filled and open, containing 4 bedrooms and 2 bathrooms. A notable feature is the interior parking space, which can accommodate up to 6 cars. The property is located close to shopping, NW 23rd Avenue, restaurants, freeway access, parks, downtown, and other entertainment options. The building has a total size of 5088 square feet.
Key Highlights
- Zoned CM3, allowing for flexible mixed‑use as live/work space, residential duplex, or commercial investment.
- Interior parking for up to 6 cars, offering resident parking or rental income potential.
- Upstairs apartment features 4 bedrooms and 2 bathrooms with an open floor plan.
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
$68,688
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
7.63%
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%
$1,373,760
$1.4M
Cap Rate 7%
$981,257
$981.3K
Cap Rate 9%
$763,200
$763.2K
Market Conditions
NOI Build-Up for 5,088 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
$122.1K $24.00/SF
− Vacancy
−$12.2K −$2.40/SF
EGI
$109.9K $21.60/SF
− OpEx
−$41.2K −$8.10/SF
NOI
$68.7K $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%
$1,373,760
Cap Rate 7%
$981,257
Cap Rate 9%
$763,200
Alternative Uses
Best Use
Mixed Use
$981.3K
$858.6K – $1.14M
NOI $68,688 @ 7.0% cap · market cap 7.63%
Second Best
Office B
$940.9K
$823.3K – $1.10M
NOI $65,863 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,019 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,719
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with office space, apartment, and interior parking.
Where is this mixed-use property located?
The property is located at 821 NW 16TH Portland, OR.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Zoned CM3, allowing for flexible mixed‑use as live/work space, residential duplex, or commercial investment.; Interior parking for up to 6 cars, offering resident parking or rental income potential.; Upstairs apartment features 4 bedrooms and 2 bathrooms with an open floor plan.
