Prime Retail Asset on NW
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1422 NW 23rd Ave, Portland, OR 97210
Fully leased retail building in Portland's coveted NW 23rd submarket.
Property Size9,962 SF
Price / SF$614.33
Days on Market209
Property Features for 1422 NW 23rd Ave
General Information
Standard status
Active
Size
9,962 SF
Class
B
Property subtype
Retail
Zoning
CM2
Occupancy
100%
Investment Type
Net Lease
Building Details
Year Built
1926
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Northmarq - Seattle
Listed By:
Sean Tufts · License #WA 74057
Source:
Crexi
Added: Jan 26
Changed: Aug 14
Last Checked: Aug 22 at 2:08PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,460
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97210, OR
13,016
Population
7,910
Households
1.6
Avg Household Size
38
Median Age
76%
College-Educated
97%
High-School Grad
8.9 sq mi
ZIP Area
1,462
Density / Sq Mi
$87,942
Median Household Income
$66,429
Median Earnings
$1,577
Median Rent
$991,500
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
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Frequently Asked Questions
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 $6,120,000.
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.
