Single-Tenant Home Depot Net
For Sale
Contact for pricing
1728 North Tomahawk Island Drive, Portland, OR 97217
Home Depot net lease on Hayden Island with remaining primary term and defined scheduled rent increases.
Property Size106,500 SF
Lot Size9.28 Acres
Price / SF$385.40
Days on Market101
Property Features for 1728 North Tomahawk Island Drive
General Information
Standard status
Active
Size
106,500 SF
Lot size
9.28 Acres
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$2,195,897
Site & Location
Traffic Count
115,100 vehicles/day
Highway Access
Yes
Building Details
Year Built
1995
Tenancy
Single
Listing Agency:
CBRE - Atlanta
Listed By:
Brian Pfohl · License #GA 349355
(404) 504-7893
Source:
Crexi
Added: May 28
Changed: Sep 4
Last Checked: Sep 1 at 10:56PM
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 CBRE - Atlanta
Investment Insights
Based on property information with market context.
The offering is a 106,500-square-foot Home Depot situated on 9.28 acres on Hayden Island in the Columbia River area of Portland, Oregon. The asset is presented as a net lease, with approximately 10.7 years remaining on the primary term. The lease includes a 9.90% rent increase in 2032, along with three, five-year renewal options that provide for a 9% rent increase in the first option and 10% increases in the second and third options.
Home Depot is located within the larger 743,227-square-foot Jantzen Beach Center, which is described as one of the only major shopping centers in the region. The center is positioned on the border of Oregon and Washington and is accessed off Interstate 5. Reported traffic count is 115,100 VPD, and the remarks state the site provides direct north-south access for both residential consumers and professional contractors via the Interstate Bridge and I-5 Exit 308.
For tenants, owners, or investors considering single-tenant retail exposure, this property offers a large-format, operationally specific footprint tied to a long-running retail lease structure. Its placement inside an established big-box environment, with retailers including Target, Dick’s Sporting Goods, Best Buy, Ross, Burlington, and others, supports continued compatibility with a broad regional shopping mix.
Home Depot is located within the larger 743,227-square-foot Jantzen Beach Center, which is described as one of the only major shopping centers in the region. The center is positioned on the border of Oregon and Washington and is accessed off Interstate 5. Reported traffic count is 115,100 VPD, and the remarks state the site provides direct north-south access for both residential consumers and professional contractors via the Interstate Bridge and I-5 Exit 308.
For tenants, owners, or investors considering single-tenant retail exposure, this property offers a large-format, operationally specific footprint tied to a long-running retail lease structure. Its placement inside an established big-box environment, with retailers including Target, Dick’s Sporting Goods, Best Buy, Ross, Burlington, and others, supports continued compatibility with a broad regional shopping mix.
Key Highlights
- 106,500 SF Home Depot on 9.28 acres on Hayden Island in Portland, Oregon (1995 build).
- Net lease with approximately 10.7 years of primary term remaining.
- Scheduled rent increases: 9.90% in 2032 during the primary term.
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
$1,241,258
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
3.02%
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%
$24,825,160
$24.8M
Cap Rate 7%
$17,732,257
$17.7M
Cap Rate 9%
$13,791,756
$13.8M
Market Conditions
NOI Build-Up for 106,500 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
$1.92M $18.00/SF
− Vacancy
−$143.8K −$1.35/SF
EGI
$1.77M $16.65/SF
− OpEx
−$532.0K −$5.00/SF
NOI
$1.24M $11.66/SF
Area
Portland, OR
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$24,825,160
Cap Rate 7%
$17,732,257
Cap Rate 9%
$13,791,756
Alternative Uses
Best Use
Retail
$17.73M
$15.52M – $20.69M
NOI $1,241,258 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$29.91M
$26.17M – $34.89M
NOI $2,093,548 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
115,100 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Home Depot net lease on Hayden Island with remaining primary term and defined scheduled rent increases.
Where is this retail space located?
The property is located at 1728 North Tomahawk Island Drive Portland, OR.
What is the asking price?
The asking price for this property is $41,045,000.
What are key features of this property?
This property features: 106,500 SF Home Depot on 9.28 acres on Hayden Island in Portland, Oregon (1995 build).; Net lease with approximately 10.7 years of primary term remaining.; Scheduled rent increases: 9.90% in 2032 during the primary term.
