Eliot Tower Retail Condominium
1237 Southwest 10th Avenue Portland, OR 97205
For Sale
$1,099,000
Prime retail space with long-term tenant in downtown Portland.
Property Size4,789 SF
Price / SF$229.48
Days on Market125
Property Features for 1237 Southwest 10th Avenue
General Information
- Standard status
- Active
- Size
- 4,789 SF
- Property subtype
- Retail
Listing Agency:
CBRE | Portland
(503) 221-4850
Listed By:
Megan Wallachy · License #OR Lic. #200603442
(503) 221-4850
Source:
Cbre
Added: Mar 25
Changed: Jul 6
Last Checked: Jul 26 at 4:16AM
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
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 For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.9k | $24.00 |
| − Vacancy | −$11.5k | −$2.40 |
| EGI | $103.4k | $21.60 |
| − OpEx | −$38.8k | −$8.10 |
| NOI | $64.7k | $13.50 |
4,789 SF · lease $24.00/SF/yr · vacancy 10.00% · expense 37.50%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Rental Sales Gallery, ...
Art Gallery
Marcy Baker
Art Gallery
Patricia Schmidt
Artist
FAQs
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.
