Multi-Tenant Retail & Office
For Sale
Contact for pricing
12255-12297 SW MAIN ST, Portland, OR 97223
Fully leased single-story building with retail and office tenants, positioned in an Opportunity Zone and MU-CBD zoning.
Property Size9,950 SF
Price / SF$236.18
Days on Market56
Property Features for 12255-12297 SW MAIN ST
General Information
Standard status
Active
Size
9,950 SF
Property subtype
Retail
Zoning
MC-CBD
Occupancy
100%
Net Operating Income
$158,031
Financials
Cap Rate
6.72%
Business Included
Yes
Opportunity Zone
Yes
Building Details
Year Built
1935
Stories
1
Tenancy
Multi
Listing Agency:
SVN Imbrie Realty
(971) 533-3000
Listed By:
Ryan Imbrie, CCIM · License #OR 200402198
Source:
Crexi
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 11 at 12:09PM
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 SVN Imbrie Realty
Investment Insights
Based on property information with market context.
The Johnson Building is a fully leased, income-producing multi-tenant retail and office property housed in a single-story structure totaling approximately 9,950 SF. The offering is supported by six diverse tenants, creating immediate occupancy and in-place rental income. The property is positioned for an investor looking to acquire ongoing cash flow, with underwriting referenced in the remarks including an in-place cap rate and stated Year 1 NOI.
The building is located in downtown Tigard, Oregon. It is within a federally designated Opportunity Zone and Tigard’s Urban Renewal/TIF District. The remarks also note a City public investment program of $42.8M active through FY 2035-36, which is intended to support surrounding streetscape and infrastructure improvements.
Zoned MU-CBD, the property is described as one of Tigard’s most flexible commercial designations. For buyers evaluating a retail and office mix in a downtown revitalization context, this combination of existing tenant occupancy, MU-CBD zoning flexibility, and Opportunity Zone status is presented as a practical fit for income-focused ownership. Underwriting figures cited in the remarks include a 1.50x debt service coverage ratio and financing assumptions tied to the proposed acquisition terms.
The building is located in downtown Tigard, Oregon. It is within a federally designated Opportunity Zone and Tigard’s Urban Renewal/TIF District. The remarks also note a City public investment program of $42.8M active through FY 2035-36, which is intended to support surrounding streetscape and infrastructure improvements.
Zoned MU-CBD, the property is described as one of Tigard’s most flexible commercial designations. For buyers evaluating a retail and office mix in a downtown revitalization context, this combination of existing tenant occupancy, MU-CBD zoning flexibility, and Opportunity Zone status is presented as a practical fit for income-focused ownership. Underwriting figures cited in the remarks include a 1.50x debt service coverage ratio and financing assumptions tied to the proposed acquisition terms.
Key Highlights
- Approximately 9,950 SF single‑story, multi‑tenant retail and office building built in 1935
- Fully leased with six diverse tenants and Year 1 NOI of $158,031
- Offered at $2,350,000 ($236/SF) with a 6.72% in‑place cap rate
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
$128,800
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
5.48%
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%
$2,576,000
$2.6M
Cap Rate 7%
$1,840,000
$1.8M
Cap Rate 9%
$1,431,111
$1.4M
Market Conditions
NOI Build-Up for 9,950 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
$226.9K $22.80/SF
− Vacancy
−$55.1K −$5.54/SF
EGI
$171.7K $17.26/SF
− OpEx
−$42.9K −$4.31/SF
NOI
$128.8K $12.94/SF
Area
ZIP 97223
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%
$2,576,000
Cap Rate 7%
$1,840,000
Cap Rate 9%
$1,431,111
Alternative Uses
Best Use
Office B
$1.84M
$1.61M – $2.15M
NOI $128,800 @ 7.0% cap · market cap 5.48%
Second Best
Retail
$1.66M
$1.45M – $1.93M
NOI $115,967 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,594 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,511
Businesses Nearby
Explore this area
Business Placement
Demographics for 97223, OR
49,967
Population
21,428
Households
2.3
Avg Household Size
39
Median Age
50%
College-Educated
95%
High-School Grad
11.1 sq mi
ZIP Area
4,502
Density / Sq Mi
$108,040
Median Household Income
$57,411
Median Earnings
$1,726
Median Rent
$577,600
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?
Retail space - Fully leased single-story building with retail and office tenants, positioned in an Opportunity Zone and MU-CBD zoning.
Where is this retail space located?
The property is located at 12255-12297 SW MAIN ST Portland, OR.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Approximately 9,950 SF single‑story, multi‑tenant retail and office building built in 1935; Fully leased with six diverse tenants and Year 1 NOI of $158,031; Offered at $2,350,000 ($236/SF) with a 6.72% in‑place cap rate
