Eliot Tower Retail Condominium
For Sale
$1,099,000
1237 Southwest 10th Avenue, Portland, OR 97205
Prime retail space with long-term tenant in downtown Portland.
Property Size4,789 SF
Price / SF$229.48
Days on Market216
Property Features for 1237 Southwest 10th Avenue
General Information
Standard status
Active
Size
4,789 SF
Property subtype
Retail
Site & Location
Neighborhood
Southwest
Listing Agency:
CBRE | Portland
Listed By:
Megan Wallachy · License #OR Lic. #200603442
(503) 221-4850
Source:
Cbre
Added: Mar 25
Changed: Oct 26
Last Checked: Oct 26 at 12:57PM
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 CBRE | Portland
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Investment Insights
Based on property information with market context.
Located in the heart of Portland’s Central Business District, the Eliot Tower condominium unit R2 offers approximately 4,789 square feet of prime retail space. The Eliot Tower is an 18-story modern condominium high-rise constructed in 2006 that integrates retail and residential uses, featuring street-level retail complemented by 223 condominium homes above. The property is LEED certified. The property is well situated in the middle of the CBD next door to Safeway and less than half a mile from the 44 acre Portland State University Campus teaching more than 21,000 students. The property is located just west of the city park blocks on Jefferson Street and sandwiched between SW 10th and SW 11th Avenue with close proximity to Interstate 405 and Highway 26 Interchange. The property houses the Portland Art Museum’s rental sales gallery, with a remaining vacancy of 1,601 square feet. Portland Art Museum and Canoe operate under NNN leases, while Harris & Tailor operates under a gross lease on a month to month term. The Portland Art Museum benefits from tax-exempt status for its leased space. The Eliot Tower enjoys exceptional walkability with a score of 99/100, a transit score of 95/100, and a bike score of 93/100. Portland Art Museum is currently undergoing an $11M Campus Transformation that will include an entrance on 10th street from their original building located directly across the street from the subject property. This entrance will provide seamless connection between the two buildings, encourage increased foot traffic to The Eliot, and secure the need to renew the Lease for Portland Art Museum in this location.
Key Highlights
- Prime Retail Space with Income: Approximately 4,789 sq ft leased to Portland Art Museum providing stable income, plus 1,601 sq ft of vacancy for owner‑user.
- Strategic Downtown Location: Exceptional walkability, transit, and bike scores, near Safeway and Portland State University.
- NNN Leases: Existing NNN leases with Portland Art Museum and Canoe ensure reimbursement of building expenses.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,652
Cap Rate
5.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,293,040
$1.3M
Cap Rate 7%
$923,600
$923.6K
Cap Rate 9%
$718,356
$718.4K
Market Conditions
NOI Build-Up for 4,789 SF
Gross rent
$114.9K $24.00/SF
− Vacancy
−$11.5K −$2.40/SF
EGI
$103.4K $21.60/SF
− OpEx
−$38.8K −$8.10/SF
NOI
$64.7K $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 Rate 5%
$1,293,040
Cap Rate 7%
$923,600
Cap Rate 9%
$718,356
Alternative Uses
Best Use
Mixed Use
$923.6K
$808.2K – $1.08M
NOI $64,652 @ 7.0% cap · market cap 5.88%
Second Best
Retail
$797.4K
$697.7K – $930.3K
NOI $55,816 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,141 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
12,785
Businesses Nearby
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Business Placement
Demographics for 97205, OR
8,593
Population
6,727
Households
1.3
Avg Household Size
39
Median Age
61%
College-Educated
97%
High-School Grad
0.9 sq mi
ZIP Area
9,548
Density / Sq Mi
$58,943
Median Household Income
$51,002
Median Earnings
$1,381
Median Rent
$693,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Portland, OR
Frequently Asked Questions
What type of property is this?
Retail space - Prime retail space with long-term tenant in downtown Portland.
Where is this retail space located?
The property is located at 1237 Southwest 10th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Prime Retail Space with Income: Approximately 4,789 sq ft leased to Portland Art Museum providing stable income, plus 1,601 sq ft of vacancy for owner‑user.; Strategic Downtown Location: Exceptional walkability, transit, and bike scores, near Safeway and Portland State University.; NNN Leases: Existing NNN leases with Portland Art Museum and Canoe ensure reimbursement of building expenses.
