Freestanding Restaurant with Commercial
New
For Sale
Contact for pricing
1632 NW Thurman St, Portland, OR 97209
Restaurant-ready building with separate dining and production areas, specialized kitchen equipment, and flexible IG1 zoning.
Property Size5,000 SF
Price / SF$400
Days on Market7
Property Features for 1632 NW Thurman St
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Retail
Zoning
IG1
Site & Location
Highway Access
Yes
Road Access
Yes
Restaurant
Hood Type
Type I
Commercial Hood
Yes
Grease Trap
Yes
Additional Details
Cold Storage
Yes
Building Details
Buildings
1
Building Size
5,000 SF
Listing Agency:
Macadam Forbes
Listed By:
Cooper Collins · License #OR 201250793
(503) 729-3253
Source:
Crexi
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 13 at 5:54AM
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 Macadam Forbes
Investment Insights
Based on property information with market context.
This freestanding 5,000 SF restaurant property combines 1,650 SF of front-of-house space with 3,350 SF dedicated to kitchen and production functions. The improvements include polished concrete floors, high ceilings, a Type 1 hood system, grease trap, walk-in cooler/freezer, and three roll-up garage doors. The existing configuration is suited to restaurant operations while also supporting light industrial, production, and creative or flex uses under IG1 zoning.
The building has direct frontage on NW Thurman Street in Portland’s Pearl District, near multifamily housing, restaurants, daily retail, The Fields Park, fitness studios, and entertainment venues. Access to the Fremont Bridge and I-405 interchange is nearby, and the surrounding area offers walkability, biking, and transit connections. Nearby businesses include Lucky Labrador Beer Hall, AFURI Ramen, Besaw’s, New Seasons Market, and Trader Joe’s.
The building has direct frontage on NW Thurman Street in Portland’s Pearl District, near multifamily housing, restaurants, daily retail, The Fields Park, fitness studios, and entertainment venues. Access to the Fremont Bridge and I-405 interchange is nearby, and the surrounding area offers walkability, biking, and transit connections. Nearby businesses include Lucky Labrador Beer Hall, AFURI Ramen, Besaw’s, New Seasons Market, and Trader Joe’s.
Key Highlights
- 5,000 SF freestanding building with restaurant and commercial kitchen improvements
- 1,650 SF front‑of‑house area and 3,350 SF kitchen/production area
- Type 1 hood system, grease trap, and walk‑in cooler/freezer
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
$67,320
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
3.37%
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%
$1,346,400
$1.3M
Cap Rate 7%
$961,714
$961.7K
Cap Rate 9%
$748,000
$748.0K
Market Conditions
NOI Build-Up for 5,000 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
$96.0K $19.20/SF
− Vacancy
−$6.2K −$1.25/SF
EGI
$89.8K $17.95/SF
− OpEx
−$22.4K −$4.49/SF
NOI
$67.3K $13.46/SF
Area
Portland, OR
Vacancy
6.50%
Lease Rate
$19.20 /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%
$1,346,400
Cap Rate 7%
$961,714
Cap Rate 9%
$748,000
Alternative Uses
Best Use
Specialty Retail
$961.7K
$841.5K – $1.12M
NOI $67,320 @ 7.0% cap · market cap 3.37%
Second Best
Flex RnD
$725.4K
$634.7K – $846.3K
NOI $50,778 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,289 @ 7.0% cap · market cap 4.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Commercial hood
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
5,597
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97209, OR
22,755
Population
16,437
Households
1.4
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
1.0 sq mi
ZIP Area
22,755
Density / Sq Mi
$84,059
Median Household Income
$68,731
Median Earnings
$1,669
Median Rent
$573,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant-ready building with separate dining and production areas, specialized kitchen equipment, and flexible IG1 zoning.
Where is this conventional restaurant located?
The property is located at 1632 NW Thurman St Portland, OR.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 5,000 SF freestanding building with restaurant and commercial kitchen improvements; 1,650 SF front‑of‑house area and 3,350 SF kitchen/production area; Type 1 hood system, grease trap, and walk‑in cooler/freezer
