Multi-Tenant Retail & Office
12255-12297 SW MAIN ST, Portland, OR 97223
For Sale
Contact for pricing
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$195.98
Days on Market150
Property Features for 12255-12297 SW MAIN ST
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Net Operating Income
Financials
Cap Rate
Business Included
Opportunity Zone
Building Details
Year Built
Stories
Tenancy
Listing Agency:
SVN Imbrie Realty
Listed By:
Ryan Imbrie, CCIM · License OR #200402198
(503) 705-7352
Source:
Crexi
Added: Jun 17
Changed: Oct 31
Last Checked: Nov 12 at 5:36AM
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
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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 / Yr
$128,800
Cap Rate
6.61%
Suggested Prices Based on Cap Rates
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
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 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 6.61%
Second Best
Retail
$1.66M
$1.45M – $1.93M
NOI $115,967 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,594 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
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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
$577,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Retail space in Portland, OR
Properties on Market for Retail space in Portland
Vacancy Rate% for Office in Portland, OR
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 $1,950,000.
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
