Restaurant Building with Commercial
For Sale
Contact for pricing
5003 N Lombard St, Portland, OR 97203
Restored 1950 building offers a second-generation restaurant plus a commercial kitchen suite with shared grease trap and restrooms.
Property Size3,440 SF
Price / SF$319.77
Days on Market840
Property Features for 5003 N Lombard St
General Information
Standard status
Active
Size
3,440 SF
Property subtype
RETAIL
Additional Details
Traffic Count
16,000 vehicles/day
Grease Trap
Yes
Office Units
2
Amenities
outdoor seating
expansive windows
common-area restrooms
Building Details
Year Built
1950
Year Renovated
2015
Tenancy
Multi
Listing Agency:
Commercial Real Estate NW
(503) 309-5106
Listed By:
Denise Brohoski · License #200508190
Source:
Moodyscre
Added: May 6, 2024
Changed: Aug 21
Last Checked: Aug 23 at 12:51PM
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 Commercial Real Estate NW
Investment Insights
Based on property information with market context.
Originally built in 1950 and comprehensively restored in 2015, this 3,440 SF restaurant building provides a two-suite configuration with shared back-of-house infrastructure. Suite A is a 1,740 SF, second-generation restaurant available now. Suite B is a commercial kitchen available May 2026. The shared setup includes a 270-gallon grease trap and common-area restrooms. The building features a roll-up glass door, outdoor seating, and expansive windows designed to bring natural light throughout.
Located in the University Park neighborhood of North Portland near University of Portland, the property is surrounded by approximately 20,000 residences within a 1-mile radius. The highly visible corner of North Lombard and North Haven sees over 16,000 cars travel by daily. The area is also described as having an excellent walking and biking score, and the property includes off-street parking.
Located in the University Park neighborhood of North Portland near University of Portland, the property is surrounded by approximately 20,000 residences within a 1-mile radius. The highly visible corner of North Lombard and North Haven sees over 16,000 cars travel by daily. The area is also described as having an excellent walking and biking score, and the property includes off-street parking.
Key Highlights
- 2‑suite commercial building with 3,440 SF originally built in 1950 and comprehensively restored in 2015
- Suite A: 1,740 SF second‑generation restaurant available now
- Suite B: commercial kitchen available May 2026
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
$46,316
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
4.21%
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%
$926,320
$926.3K
Cap Rate 7%
$661,657
$661.7K
Cap Rate 9%
$514,622
$514.6K
Market Conditions
NOI Build-Up for 3,440 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
$66.0K $19.20/SF
− Vacancy
−$4.3K −$1.25/SF
EGI
$61.8K $17.95/SF
− OpEx
−$15.4K −$4.49/SF
NOI
$46.3K $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%
$926,320
Cap Rate 7%
$661,657
Cap Rate 9%
$514,622
Alternative Uses
Best Use
Specialty Retail
$661.7K
$579.0K – $771.9K
NOI $46,316 @ 7.0% cap · market cap 4.21%
Second Best
Industrial
$308.4K
$269.9K – $359.9K
NOI $21,591 @ 7.0% cap · market cap 1.96%
Theoretical Best
Office A
$966.0K
$845.3K – $1.13M
NOI $67,623 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
16,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restored 1950 building offers a second-generation restaurant plus a commercial kitchen suite with shared grease trap and restrooms.
Where is this conventional restaurant located?
The property is located at 5003 N Lombard St Portland, OR.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 2‑suite commercial building with 3,440 SF originally built in 1950 and comprehensively restored in 2015; Suite A: 1,740 SF second‑generation restaurant available now; Suite B: commercial kitchen available May 2026
