Two-Building Auto Shop
For Sale
Contact for pricing
211 & 233 NE Columbia Blvd, Portland, OR 97211
Equipped automotive service building paired with a leased secondary building.
Property Size9,581 SF
Price / SF$250.50
Days on Market175
Property Features for 211 & 233 NE Columbia Blvd
General Information
Standard status
Active
Size
9,581 SF
Property subtype
Retail, Industrial
Zoning
EG2
Lease Type
NNN
Additional Details
Road Access
Yes
Building Details
Year Built
1973
Buildings
2
Listing Agency:
Macadam Forbes
(503) 227-2500
Listed By:
Rhys Konrad · License #OR 201205396
Source:
Crexi
Added: Mar 10
Changed: Aug 30
Last Checked: Aug 30 at 4:53PM
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.
The property includes a 6,160 SF automotive service building at 233 NE Columbia, configured for immediate occupancy by a similar use. Existing equipment includes air lines, compressors, oil guns, vehicle lifts, and alignment equipment. A second building at 211 N Columbia measures approximately 3,421 SF and is leased to Wessco Waste & Recycling through 11/1/2028.
Built in 1973, the 9,581-SF property is zoned EG2. Its location near the intersection of MLK JR Blvd and Columbia Blvd provides access to North Portland neighborhoods and the surrounding customer base.
Built in 1973, the 9,581-SF property is zoned EG2. Its location near the intersection of MLK JR Blvd and Columbia Blvd provides access to North Portland neighborhoods and the surrounding customer base.
Key Highlights
- 6,160 SF automotive service building with air lines, compressors, oil guns, vehicle lifts, and alignment equipment
- Approximately 3,421 SF secondary building leased to Wessco Waste & Recycling through 11/1/2028
- Total property size of 9,581 SF across two buildings
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
$111,667
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
4.65%
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%
$2,233,340
$2.2M
Cap Rate 7%
$1,595,243
$1.6M
Cap Rate 9%
$1,240,744
$1.2M
Market Conditions
NOI Build-Up for 9,581 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
$172.5K $18.00/SF
− Vacancy
−$12.9K −$1.35/SF
EGI
$159.5K $16.65/SF
− OpEx
−$47.9K −$5.00/SF
NOI
$111.7K $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%
$2,233,340
Cap Rate 7%
$1,595,243
Cap Rate 9%
$1,240,744
Alternative Uses
Best Use
Retail
$1.60M
$1.40M – $1.86M
NOI $111,667 @ 7.0% cap · market cap 4.65%
Second Best
Industrial
$859.1K
$751.7K – $1.00M
NOI $60,135 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$2.69M
$2.35M – $3.14M
NOI $188,341 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
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Similar Off Market Nearby
- Double J Tire Center — 6841 NE Martin Luther King Jr Blvd, Portland, OR 97211
- WestSide Auto Body & Paint — 6842 NE Martin Luther King Jr Blvd, Portland, OR 97211
- Northwest Truck Trailer Repair — 1650 NE Lombard St, Portland, OR 97211
- Tire Trend LLC — 842 N Lombard St, Portland, OR 97217
- Express Auto Body — 801 N Lombard St, Portland, OR 97217
Frequently Asked Questions
What type of property is this?
Auto shop - Equipped automotive service building paired with a leased secondary building.
Where is this auto shop located?
The property is located at 211 & 233 NE Columbia Blvd Portland, OR.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 6,160 SF automotive service building with air lines, compressors, oil guns, vehicle lifts, and alignment equipment; Approximately 3,421 SF secondary building leased to Wessco Waste & Recycling through 11/1/2028; Total property size of 9,581 SF across two buildings
