Conventional Restaurant with Equipped
For Sale
$280,000
18365 NW WEST UNION RD 3-E, Portland, OR 97229
Established food-and-beverage operation includes seating, takeout service, and specialized commercial kitchen equipment.
Property Size1,152 SF
Price / SF$243.06
Days on Market237
Property Features for 18365 NW WEST UNION RD 3-E
General Information
Standard status
Active
Size
1,152 SF
Property subtype
BusinessOpportunity
Restaurant
Seating Capacity
15
Hood Type
Type I
Commercial Hood
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$42,850
Building Details
Building Size
1,152 SF
Year Built
2001
Listing Agency:
Oregon First
(503) 317-3522
Listed By:
Amy Liu · License #201239122
(503) 317-3522
Source:
Eleeterealestate
Added: Jan 6
Changed: Aug 30
Last Checked: Aug 30 at 11:22PM
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 Oregon First
Investment Insights
Based on property information with market context.
This conventional restaurant occupies 1,152 square feet within the West Union Village Shopping Center in Portland. The operation provides 15 dine-in seats and supports takeout service, with a menu centered on boba tea drinks and prepared food. The sale includes the business and equipment, offering an existing food-service setup rather than vacant restaurant space.
Kitchen improvements include an 8-foot Type 1 hood, walk-in cooler, freezer, and commercial dishwasher. Many parking spaces are available within the shopping center. Seller training is available after closing, and showings are arranged by appointment. The building was constructed in 2001.
Kitchen improvements include an 8-foot Type 1 hood, walk-in cooler, freezer, and commercial dishwasher. Many parking spaces are available within the shopping center. Seller training is available after closing, and showings are arranged by appointment. The building was constructed in 2001.
Key Highlights
- 1,152 SF restaurant in West Union Village Shopping Center
- 15 dine‑in seats with established takeout service
- Sale includes the business and equipment
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
$18,517
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
6.61%
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%
$370,340
$370.3K
Cap Rate 7%
$264,529
$264.5K
Cap Rate 9%
$205,744
$205.7K
Market Conditions
NOI Build-Up for 1,152 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
$26.3K $22.80/SF
− Vacancy
−$1.6K −$1.37/SF
EGI
$24.7K $21.43/SF
− OpEx
−$6.2K −$5.36/SF
NOI
$18.5K $16.07/SF
Area
ZIP 97229
Vacancy
6.00%
Lease Rate
$22.80 /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%
$370,340
Cap Rate 7%
$264,529
Cap Rate 9%
$205,744
Alternative Uses
Best Use
Specialty Retail
$264.5K
$231.5K – $308.6K
NOI $18,517 @ 7.0% cap · market cap 6.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$311.0K
$272.1K – $362.8K
NOI $21,767 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97229, OR
73,602
Population
28,312
Households
2.6
Avg Household Size
38
Median Age
69%
College-Educated
98%
High-School Grad
19.7 sq mi
ZIP Area
3,736
Density / Sq Mi
$159,863
Median Household Income
$83,904
Median Earnings
$1,948
Median Rent
$728,800
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?
Conventional restaurant - Established food-and-beverage operation includes seating, takeout service, and specialized commercial kitchen equipment.
Where is this conventional restaurant located?
The property is located at 18365 NW WEST UNION RD 3-E Portland, OR.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: 1,152 SF restaurant in West Union Village Shopping Center; 15 dine‑in seats with established takeout service; Sale includes the business and equipment
