1422 NW 23Rd Ave Portland, OR 97210
Fully leased retail building in Portland's coveted NW 23rd submarket.
Property size:
9,962 SFLot size:
10,000.00 AcresProperty Features for 1422 NW 23Rd Ave
General Information
- Standard status
- Active
- Zoning
- CM2
- Size
- 9,962 SF
- Lot size
- 10,000.00 Acres
Building Details
- Year built
- 1926
Source:
Crexi
Listing Agency: Northmarq - Seattle Listing Agent: Sean Tufts
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Prime Retail Asset on NW 23rd
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.
Location Intelligence
Current Use by Public Records
Mermosa PDX
Restaurant
Similar Places Nearby
Dirt By Design, Kvetka Flower, Artisan Same Day Flower Delivery, Toyouinspire Flowers, FlowerBox
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 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.
