Historic Building with Development
For Sale
$5,250,000
1819 NW Everett Street, Portland, OR 97209
Historic Northwest Portland building with adjacent lot for development.
Property Size36,691 SF
Lot Size0.69 Acres
Price / SF$143.09
Days on Market206
Property Features for 1819 NW Everett Street
General Information
Standard status
Active
Size
36,691 SF
Lot size
0.69 Acres
Property subtype
Value-Add Historic Property
Building Details
Building Size
36,691 SF
Year Built
1910
Listing Agency:
Capacity Commercial Group
(503) 222-2655
Listed By:
Nicholas Diamond · License #OR #200403266
Source:
Corfac
Added: Jan 26
Changed: Aug 20
Last Checked: Aug 20 at 5:11AM
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 Capacity Commercial Group
Investment Insights
Based on property information with market context.
This offering comprises a historic 36,691 SF building on a 20,000 SF lot, along with an adjacent 10,000 SF lot with 29 parking spaces, totaling 30,000 SF of land area. Located in the Nob Hill/Alphabet District of Northwest Downtown Portland, the property is situated near Trimet transit, shopping, restaurants, housing developments, and parks, and is blocks from NW Burnside, Alphabet District shopping, the Multnomah Athletic Club, and Providence Park. The CM2 zoning allows for a 4 to 1 max FAR with bonus and a 55' max height with bonus, presenting a value-add opportunity for various uses including office (corporate headquarters, creative multi-tenant, architect/advertising), event space, retail, restaurant, hotel, religious, and educational purposes. The building is designated as URM (Unreinforced Masonry).
Key Highlights
- Prime location in Historic Nob Hill/Alphabet District, NW Portland, near Pearl and CBD.
- Significant value‑add/development opportunity with CM2 zoning allowing for diverse uses.
- Total land area of 30,000 SF, including a 36,691 SF building on a 20,000 SF lot and an adjacent 10,000 SF lot.
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
$427,634
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
8.15%
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%
$8,552,680
$8.6M
Cap Rate 7%
$6,109,057
$6.1M
Cap Rate 9%
$4,751,489
$4.8M
Market Conditions
NOI Build-Up for 36,691 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
$660.4K $18.00/SF
− Vacancy
−$49.5K −$1.35/SF
EGI
$610.9K $16.65/SF
− OpEx
−$183.3K −$5.00/SF
NOI
$427.6K $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%
$8,552,680
Cap Rate 7%
$6,109,057
Cap Rate 9%
$4,751,489
Alternative Uses
Best Use
Mixed Use
$7.08M
$6.19M – $8.26M
NOI $495,329 @ 7.0% cap · market cap 9.43%
Second Best
Retail
$6.11M
$5.35M – $7.13M
NOI $427,634 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$10.30M
$9.02M – $12.02M
NOI $721,262 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10,250
Businesses Nearby
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
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic Northwest Portland building with adjacent lot for development.
Where is this mixed-use property located?
The property is located at 1819 NW Everett Street Portland, OR.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Prime location in Historic Nob Hill/Alphabet District, NW Portland, near Pearl and CBD.; Significant value‑add/development opportunity with CM2 zoning allowing for diverse uses.; Total land area of 30,000 SF, including a 36,691 SF building on a 20,000 SF lot and an adjacent 10,000 SF lot.
