Portland Investment Property Near
For Sale
$2,990,000
1909 SW 6th Avenue, Portland, OR 97201
Income property with high visibility near Portland State University.
Property Size6,500 SF
Price / SF$460
Days on Market981
Property Features for 1909 SW 6th Avenue
General Information
Standard status
Active
Size
6,500 SF
Property subtype
Commercial
Building Details
Year Built
1953
Listing Agency:
Coldwell Banker Bain
Listed By:
Brent Theodore Barker · License #201232075
(541) 382-4123
Source:
Century21northhomes
Added: Dec 30, 2023
Changed: Sep 5
Last Checked: Sep 5 at 8:30AM
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 Coldwell Banker Bain
Investment Insights
Based on property information with market context.
This investment property, suitable for income generation or redevelopment, features over 200 feet of frontage and high visibility in the heart of Portland State University area, surrounded by national brands. The property is located on the NE corner of SW Hall St and SW 6th Ave. Portland State University has over 28,000 students, 6,000 professors, managers, and administrative staff. The 6,498 square foot building includes valuable on-site management parking. The property is zoned CX - Central Commercial in an Opportunity Zone. Currently, the property houses three NNN leased units: a restaurant, a boutique coffee shop, and a print shop, all catering to the university population. Potential lease space may become available in one of the highest walking traffic pedestrian zones in the state. This family-owned commercial investment property has been under the same ownership since 1953. It benefits from pedestrian traffic to and from the various colleges, University Center, and a multi-level student parking garage across the street. It is an excellent opportunity for a 1031 Exchange for income.
Key Highlights
- Prime location in the heart of PSU with high visibility and traffic
- Three NNN leased units providing immediate income
- Over 200 feet of frontage
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
$87,516
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
2.93%
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%
$1,750,320
$1.8M
Cap Rate 7%
$1,250,229
$1.3M
Cap Rate 9%
$972,400
$972.4K
Market Conditions
NOI Build-Up for 6,500 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
$124.8K $19.20/SF
− Vacancy
−$8.1K −$1.25/SF
EGI
$116.7K $17.95/SF
− OpEx
−$29.2K −$4.49/SF
NOI
$87.5K $13.46/SF
Area
Portland, OR
Vacancy
6.50%
Lease Rate
$19.20 /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%
$1,750,320
Cap Rate 7%
$1,250,229
Cap Rate 9%
$972,400
Alternative Uses
Best Use
Specialty Retail
$1.25M
$1.09M – $1.46M
NOI $87,516 @ 7.0% cap · market cap 2.93%
Second Best
Retail
$1.08M
$947.0K – $1.26M
NOI $75,758 @ 7.0% cap · market cap 2.53%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $127,775 @ 7.0% cap · market cap 4.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,758
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97201, OR
17,352
Population
10,748
Households
1.6
Avg Household Size
34
Median Age
67%
College-Educated
95%
High-School Grad
1.9 sq mi
ZIP Area
9,133
Density / Sq Mi
$67,074
Median Household Income
$48,101
Median Earnings
$1,565
Median Rent
$648,400
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Income property with high visibility near Portland State University.
Where is this storefront property located?
The property is located at 1909 SW 6th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: Prime location in the heart of PSU with high visibility and traffic; Three NNN leased units providing immediate income; Over 200 feet of frontage
