Floating Restaurant on
For Sale
Contact for pricing
425 SW Montgomery St, Portland, OR 97201
Waterfront setting with adjacent boat docking and a downtown Portland location.
Property Size4,542 SF
Price / SF$176.13
Days on Market1806
Property Features for 425 SW Montgomery St
General Information
Standard status
Active
Size
4,542 SF
Property subtype
RETAIL
Amenities
boat docking
Listing Agency:
Commercial Realty Advisors Northwest LLC
(503) 880-3033
Listed By:
Kathleen Healy · License #200509097
(503) 880-3033
Source:
Moodyscre
Added: Sep 22, 2021
Changed: Aug 30
Last Checked: Aug 31 at 7:22PM
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 Realty Advisors Northwest LLC
Investment Insights
Based on property information with market context.
This 4,542-square-foot conventional restaurant occupies a floating setting on the Willamette River in downtown Portland. The property is positioned for access by river traffic, with boat docking available next to the restaurant. Its waterfront placement creates a distinctive operating environment for restaurant use.
The site is near McCormick & Schmick’s Harborside at the Marina, The Pilsner Room, Kimpton’s Riverplace Hotel, King Tide Fish & Shell, Yomi Sushi, Upstream Coffee, and Little River Café. The property is also visible from the Marquam and Hawthorne bridges and sits within an area described as having dense residential and daytime populations.
The site is near McCormick & Schmick’s Harborside at the Marina, The Pilsner Room, Kimpton’s Riverplace Hotel, King Tide Fish & Shell, Yomi Sushi, Upstream Coffee, and Little River Café. The property is also visible from the Marquam and Hawthorne bridges and sits within an area described as having dense residential and daytime populations.
Key Highlights
- 4,542‑square‑foot floating restaurant on the Willamette River
- Adjacent boat docking available for river traffic
- Located in downtown Portland at 425 SW Montgomery St
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
$61,153
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
7.64%
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%
$1,223,060
$1.2M
Cap Rate 7%
$873,614
$873.6K
Cap Rate 9%
$679,478
$679.5K
Market Conditions
NOI Build-Up for 4,542 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
$87.2K $19.20/SF
− Vacancy
−$5.7K −$1.25/SF
EGI
$81.5K $17.95/SF
− OpEx
−$20.4K −$4.49/SF
NOI
$61.2K $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%
$1,223,060
Cap Rate 7%
$873,614
Cap Rate 9%
$679,478
Alternative Uses
Best Use
Specialty Retail
$873.6K
$764.4K – $1.02M
NOI $61,153 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,285 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,617
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Keller Café — 222 SW Clay St, Portland, OR 97201
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Waterfront setting with adjacent boat docking and a downtown Portland location.
Where is this conventional restaurant located?
The property is located at 425 SW Montgomery St Portland, OR.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 4,542‑square‑foot floating restaurant on the Willamette River; Adjacent boat docking available for river traffic; Located in downtown Portland at 425 SW Montgomery St
