Freestanding Grocery
For Sale
$1,200,000
1610 NE 223RD Ave, Fairview, OR 97024
CommercialSale, Fairview, OR
Property Size2,800 SF
Lot Size0.13 Acres
Price / SF$428.57
Days on Market24
Property Features for 1610 NE 223RD Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
comm
Directions
At the corner of NE 223rd ave & NE Halsey St
Subdivision
_144
Standard status
Active
APN
R320954
Size
2,800 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
SECTION 27 1N 3E, TL 4800 0.13 ACRES
Tax Annual Amount
4022
Legal Description
SECTION 27 1N 3E, TL 4800 0.13 ACRES
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1955
Floors in Building
1
Building materials
Brick
Roof type
Flat
Listing Agency:
Realty First
(503) 343-5825
Listed By:
Sam Kim
(503) 810-8949
Added: Aug 2
Changed: Aug 25
Last Checked: Aug 25 at 1:06PM
MLS# 663676717
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding grocery and convenience retail property at 1610 NE 223RD Ave in Fairview includes an approximately 2,800-square-foot brick building on 0.13 acres. Constructed in 1955, the asset features a flat roof, forced-air heat, central air conditioning, a freestanding pylon sign, and approximately 10 parking spaces. The offering is for the real estate only and does not include the grocery operation.
An existing lease remains in place through June 30, 2028, with one five-year renewal option at fair market value. The property is zoned comm and is subject to the current business owner's contractual right of first refusal.
An existing lease remains in place through June 30, 2028, with one five-year renewal option at fair market value. The property is zoned comm and is subject to the current business owner's contractual right of first refusal.
Key Highlights
- Approximately 2,800 square feet on 0.13 acres
- Lease runs through June 30, 2028, with one five‑year renewal option
- Approximately 10 parking spaces and a freestanding pylon sign
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
- TNT Fireworks — 1110 ne wood village blvd, wood village, or 97060
- Target Grocery — 21500 NE Halsey St, Fairview, OR 97024
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - The real estate is leased to an operating grocery tenant; the business itself is excluded from the sale.
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: Approximately 2,800 square feet on 0.13 acres; Lease runs through June 30, 2028, with one five‑year renewal option; Approximately 10 parking spaces and a freestanding pylon sign
