Broadway Retail with Commercial
For Sale
Contact for pricing
Pending
2121 NE BROADWAY ST, Portland, OR 97232
Retail storefront with a fully built-out commercial kitchen.
Property Size5,750 SF
Days on Market104
Property Features for 2121 NE BROADWAY ST
General Information
Standard status
Pending
Size
5,750 SF
Property subtype
Retail
Building Details
Year Built
1947
Stories
2
Units
2
Tenancy
Single
Listing Agency:
Colliers - Portland, Oregon
(503) 223-3123
Listed By:
Robbie MacNichol · License #20129814
Source:
Crexi
Added: May 20
Changed: Aug 22
Last Checked: Aug 21 at 5:02PM
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 Colliers - Portland, Oregon
Investment Insights
Based on property information with market context.
Located along NE Broadway in Portland, the property at 2121 NE Broadway St is a commercial space suitable for an owner-user or investment. The approximately 5,750 square foot property features a fully built-out commercial kitchen and a highly visible neighborhood retail storefront. The property is currently occupied by Twisted Croissant, whose lease expires in August 2026. The property is suited for bakery, commissary, food production, café, specialty grocery, catering, or experiential retail concepts. Situated in Portland’s Irvington neighborhood, the property benefits from pedestrian activity and proximity to restaurants, cafés, boutique retail, and neighborhood services. The location has frontage on NE Broadway and a Walk Score of 94. Approximately 11,200 vehicles pass by the location each day.
Key Highlights
- Prime location on Portland's NE Broadway corridor with high visibility and strong pedestrian traffic.
- Fully built‑out commercial kitchen, ideal for food and beverage operations.
- Flexible opportunity for owner‑user, investor, or food and beverage operator.
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
$77,418
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
5.73%
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%
$1,548,360
$1.5M
Cap Rate 7%
$1,105,971
$1.1M
Cap Rate 9%
$860,200
$860.2K
Market Conditions
NOI Build-Up for 5,750 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
$110.4K $19.20/SF
− Vacancy
−$7.2K −$1.25/SF
EGI
$103.2K $17.95/SF
− OpEx
−$25.8K −$4.49/SF
NOI
$77.4K $13.46/SF
Area
Portland, OR
Vacancy
6.50%
Lease Rate
$19.20 /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%
$1,548,360
Cap Rate 7%
$1,105,971
Cap Rate 9%
$860,200
Alternative Uses
Best Use
Specialty Retail
$1.11M
$967.7K – $1.29M
NOI $77,418 @ 7.0% cap · market cap 5.73%
Second Best
Retail
$957.4K
$837.7K – $1.12M
NOI $67,016 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $113,032 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,777
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
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?
Commercial kitchen - Retail storefront with a fully built-out commercial kitchen.
Where is this commercial kitchen located?
The property is located at 2121 NE BROADWAY ST Portland, OR.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Prime location on Portland's NE Broadway corridor with high visibility and strong pedestrian traffic.; Fully built‑out commercial kitchen, ideal for food and beverage operations.; Flexible opportunity for owner‑user, investor, or food and beverage operator.
