Prime Retail Asset on NW
1422 NW 23rd Ave, Portland, OR 97210
Fully leased retail building in Portland's coveted NW 23rd submarket.
Type:Retail
Property size:
9,962 SFPrice / SF:
$632/SF- Added:
- Jan 26, 2026
- Days on Market:
- 106
- Last Refresh:
- Mar 17 at 1:13 pm
Property Features for 1422 NW 23rd Ave
General Information
- Standard status
- Active
- Size
- 9,962 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1926
Listing agent Sean Tufts License #WA 74057
Listing office Northmarq - Seattle
Listing date Jan 26, 2026
Source Crexi
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 Northmarq - Seattle
HighLights
- Prime location on NW 23rd Avenue, West Portland's premier retail corridor, offering significant street frontage and high visibility.
- Fully leased, three‑tenant retail asset with a restaurant‑anchored lineup, including Casa Del Matador operating successfully since 2007.
- Strong, durable cash flow underpinned by a weighted average lease term of approximately six years and 3% annual rent increases across all leases.
- Located in a dense, affluent, and highly walkable/bikeable area (Walk Score 98 / Bike Score 95) with substantial multifamily development nearby.
- Benefits from proximity to the New Seasons‑anchored Slabtown Marketplace, experiencing a 30% increase in visitor counts over the past three years.
- High traffic exposure with approximately 13,000 vehicles per day and robust pedestrian activity.
Overview
The Distillery Building is a fully occupied, three-tenant streetfront retail asset located on NW 23rd Avenue, a prominent retail corridor in West Portland. This property is a fully leased retail asset situated in Portland’s highly desirable retail submarket. The tenant lineup is anchored by Casa Del Matador, which has been operating in nearly half the building since 2007. The property benefits from a weighted average lease term of approximately six years, with 3% annual rent increases across all leases. The location is surrounded by dense, affluent infill demographics in a walkable and bike-friendly environment, with a Walk Score of 98 and a Bike Score of 95. The area has seen the addition of over 2,300 multifamily units since 2023 or currently under development within one mile. Located one block from the New Seasons-anchored Slabtown Marketplace, the Distillery Building benefits from increased demand, with visitor counts climbing roughly 30% over the past three years. The property has prominent exposure to approximately 13,000 vehicles per day and pedestrian traffic along NW 23rd. The property size is 9962 square feet.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Mermosa PDX
Restaurant
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Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Washington
- State
- Oregon
- Longitude
- -122.6984216
- Latitude
- 45.5331398
Nearby Similar for Sale
FAQs
What type of property is this?
Storefront property - Fully leased retail building in Portland's coveted NW 23rd submarket.
Where is this storefront property located?
The property is located at 1422 NW 23rd Ave Portland, OR.
What is the asking price?
The asking price for this property is $6,300,000.
What are key features of this property?
This property features: Prime location on NW 23rd Avenue, West Portland's premier retail corridor, offering significant street frontage and high visibility.; Fully leased, three‑tenant retail asset with a restaurant‑anchored lineup, including Casa Del Matador operating successfully since 2007.; Strong, durable cash flow underpinned by a weighted average lease term of approximately six years and 3% annual rent increases across all leases.
