Downtown Restaurant
For Sale
$1,900,000
1925 21st Ave, Forest Grove, OR 97116
Fully leased property includes an established restaurant and nightclub operation with associated business assets.
Property Size9,881 SF
Price / SF$192.29
Days on Market235
Property Features for 1925 21st Ave
General Information
Standard status
Active
Size
9,881 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Building Details
Year Built
1980
Buildings
1
Tenancy
Multi
Listing Agency:
Premiere Property Group, LLC
Listed By:
Amber Morgan · License #201001153
(503) 481-1615
Source:
Portlandpropertylistings
Added: Jan 31
Changed: Sep 21
Last Checked: Sep 22 at 5:08PM
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 Premiere Property Group, LLC
Investment Insights
Based on property information with market context.
Built in 1980, this 9,881-square-foot commercial building is fully occupied by four established tenants. The property includes the Bullets, Burgers & Brews restaurant and nightclub, along with associated operating business assets, combining real estate with an active hospitality business.
Located in downtown Forest Grove at 1925 21st Ave, the property benefits from placement along the annual Christmas parade route and increased seasonal activity tied to the Wednesday Farmers Market. On-site parking provides approximately 15 private spaces, with additional street parking available nearby.
Located in downtown Forest Grove at 1925 21st Ave, the property benefits from placement along the annual Christmas parade route and increased seasonal activity tied to the Wednesday Farmers Market. On-site parking provides approximately 15 private spaces, with additional street parking available nearby.
Key Highlights
- 9,881‑square‑foot commercial building constructed in 1980
- 100% occupancy with four established tenants
- Includes Bullets, Burgers & Brews restaurant and nightclub
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
$152,869
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
8.05%
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%
$3,057,380
$3.1M
Cap Rate 7%
$2,183,843
$2.2M
Cap Rate 9%
$1,698,544
$1.7M
Market Conditions
NOI Build-Up for 9,881 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
$213.4K $21.60/SF
− Vacancy
−$9.6K −$0.97/SF
EGI
$203.8K $20.63/SF
− OpEx
−$51.0K −$5.16/SF
NOI
$152.9K $15.47/SF
Area
Washington County, OR
Vacancy
4.50%
Lease Rate
$21.60 /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%
$3,057,380
Cap Rate 7%
$2,183,843
Cap Rate 9%
$1,698,544
Alternative Uses
Best Use
Specialty Retail
$2.18M
$1.91M – $2.55M
NOI $152,869 @ 7.0% cap · market cap 8.05%
Second Best
Retail
$1.60M
$1.40M – $1.87M
NOI $112,051 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$2.67M
$2.33M – $3.11M
NOI $186,699 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
736
Businesses Nearby
27k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 40%
Dutch Bros. Coffee
Dining
14,309 visits/mo
0.4 miles
Chevron
Shops & Services
6,307 visits/mo
0.4 miles
Wells Fargo
Shops & Services
2,477 visits/mo
0.0 miles
Pizza Hut
Dining
1,343 visits/mo
0.4 miles
H&R Block
Shops & Services
1,253 visits/mo
0.4 miles
Demographics for 97116, OR
29,351
Population
10,229
Households
2.9
Avg Household Size
36
Median Age
33%
College-Educated
90%
High-School Grad
82.1 sq mi
ZIP Area
358
Density / Sq Mi
$87,308
Median Household Income
$42,330
Median Earnings
$1,397
Median Rent
$479,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully leased property includes an established restaurant and nightclub operation with associated business assets.
Where is this conventional restaurant located?
The property is located at 1925 21st Ave Forest Grove, OR.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 9,881‑square‑foot commercial building constructed in 1980; 100% occupancy with four established tenants; Includes Bullets, Burgers & Brews restaurant and nightclub
