Freestanding Grocery Retail
For Sale
$1,200,000
1610 NE 223RD AVE, Fairview, OR 97024
Masonry neighborhood retail property with established occupancy, on-site parking, pylon signage, and a lease extending through 2028.
Property Size2,800 SF
Price / SF$428.57
Days on Market19
Property Features for 1610 NE 223RD AVE
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
10
Property subtype
Commercial
Additional Details
Pylon Signage
Yes
Taxes and HOA fees
Annual Taxes
$4,022
Building Details
Building Size
2,800 SF
Year Built
1955
Buildings
1
Construction
masonry
Tenancy
Single
Listing Agency:
Realty First
(503) 810-8949
Listed By:
Sam Kim
(503) 810-8949
Source:
Eleeterealestate
Added: Aug 2
Changed: Aug 20
Last Checked: Aug 20 at 6:16AM
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 Realty First
Investment Insights
Based on property information with market context.
The offering is a freestanding masonry grocery and convenience-store building at 1610 NE 223RD AVE in Fairview, Oregon. Constructed in 1955, the property contains approximately 2,800 square feet and includes a pylon sign, street exposure, and approximately 10 parking spaces. The sale covers the real estate only; the grocery business is excluded.
The building is occupied under a contract lease running through June 30, 2028, with one five-year renewal option at fair market value. The transaction remains subject to the current business owner’s contractual right of first refusal. An adjacent deli and video poker business and building are also identified as available for sale under a separate listing.
The building is occupied under a contract lease running through June 30, 2028, with one five-year renewal option at fair market value. The transaction remains subject to the current business owner’s contractual right of first refusal. An adjacent deli and video poker business and building are also identified as available for sale under a separate listing.
Key Highlights
- Freestanding 2,800‑square‑foot masonry grocery and convenience‑store building
- Real estate sale excludes the operating grocery business
- Lease extends through June 30, 2028, with one five‑year renewal option
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
$42,980
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
3.58%
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%
$859,600
$859.6K
Cap Rate 7%
$614,000
$614.0K
Cap Rate 9%
$477,556
$477.6K
Market Conditions
NOI Build-Up for 2,800 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
$61.5K $21.96/SF
− Vacancy
−$4.2K −$1.49/SF
EGI
$57.3K $20.47/SF
− OpEx
−$14.3K −$5.12/SF
NOI
$43.0K $15.35/SF
Area
Multnomah County, OR
Vacancy
6.80%
Lease Rate
$21.96 /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%
$859,600
Cap Rate 7%
$614,000
Cap Rate 9%
$477,556
Alternative Uses
Best Use
Specialty Retail
$614.0K
$537.3K – $716.3K
NOI $42,980 @ 7.0% cap · market cap 3.58%
Second Best
Retail
$466.2K
$407.9K – $543.9K
NOI $32,634 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$755.8K
$661.3K – $881.8K
NOI $52,905 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
584
Businesses Nearby
282k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 33%
Dining 23%
Shops & Services 21%
Apparel 17%
Target
Superstores
93,689 visits/mo
0.4 miles
Kohl's
Apparel
49,010 visits/mo
0.4 miles
Fred Meyer Gas Station
Shops & Services
39,695 visits/mo
0.5 miles
Starbucks
Dining
18,618 visits/mo
0.4 miles
Buffalo Wild Wings
Dining
15,491 visits/mo
0.5 miles
Demographics for 97024, OR
11,980
Population
5,157
Households
2.3
Avg Household Size
38
Median Age
23%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
3,524
Density / Sq Mi
$71,649
Median Household Income
$39,911
Median Earnings
$1,503
Median Rent
$404,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Target Grocery — 21500 NE Halsey St, Fairview, OR 97024
- TNT Fireworks — 1110 ne wood village blvd, wood village, or 97060
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Masonry neighborhood retail property with established occupancy, on-site parking, pylon signage, and a lease extending through 2028.
Where is this grocery and convenience store located?
The property is located at 1610 NE 223RD AVE Fairview, OR.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Freestanding 2,800‑square‑foot masonry grocery and convenience‑store building; Real estate sale excludes the operating grocery business; Lease extends through June 30, 2028, with one five‑year renewal option
