Building Details

Year Built 1889

Listing Agency: LUXE Forbes Global Properties

Listed By: Vince Cortese Show Phone

Source: Wyndeekono

Added: Jul 31 Changed: Oct 2 Last Checked: Oct 7 at 2:49PM

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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 LUXE Forbes Global Properties

Investment Insights

Based on property information with market context.

The Lombard Building is a historic office property originally constructed in 1889 and later renovated to support contemporary functionality. Its architectural character remains central to the asset, while existing tenant income provides an established operating component.

The property is located in Portland’s central core within the Old Town/Chinatown district, surrounded by dining, shopping, entertainment, waterfront parks, and proximity to the Pearl District. Multiple MAX stations are within a 5-minute walk, Union Station is a 15-minute walk away, and Portland International Airport can be reached by a 21-minute drive. Together, the renovation, historic construction, tenant income, and transit connections define the property’s commercial profile.

Key Highlights

• Historic office property originally built in 1889
• Renovated building combining historic character with contemporary functionality
• Existing tenant income

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$64,724

Cap Rate

3.41%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,294,480 $1.3M

Cap Rate 7%

$924,629 $924.6K

Cap Rate 9%

$719,156 $719.2K

Market Conditions

NOI Build-Up for 5,000 SF

Gross rent

$114.0K $22.80/SF

− Vacancy

−$27.7K −$5.54/SF

EGI

$86.3K $17.26/SF

− OpEx

−$21.6K −$4.31/SF

NOI

$64.7K $12.94/SF

Area

Portland, OR

Vacancy

24.30%

Lease Rate

$22.80 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,294,480

Cap Rate 7%

$924,629

Cap Rate 9%

$719,156

Alternative Uses

Best Use

Office B

$924.6K

$809.1K – $1.08M (±1% cap)

NOI $64,724 @ 7.0% cap · market cap 3.41%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.40M

$1.23M – $1.64M (±1% cap)

NOI $98,289 @ 7.0% cap · market cap 5.17%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Serra Dispensary (Bike/Boat/Book/etc) Store Groundworks Industries (Services) Corporate Office

Suggested Use

Top Pick Veterinary Clinic Tanning Salon Pet Grooming Service Adult Day Care Pet Store Buffet

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

11,585

Businesses Nearby

Explore this area Business Placement

Demographics for 97204, OR

1,001

Population

441

Households

2.3

Avg Household Size

40

Median Age

14%

College-Educated

90%

High-School Grad

0.2 sq mi

ZIP Area

5,005

Density / Sq Mi

$16,875

Median Earnings

$783

Median Rent

Market

Vacancy Rate% for Office in Portland, OR

10.1% 2019

12.3% 2020

16.1% 2021

18.5% 2022

20.8% 2023

21.7% 2024

24.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office building - Renovated historic office property with existing tenant income and convenient access to multiple MAX stations.

Where is this office building located?

The property is located at 220 SW 1st Ave Portland, 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: Historic office property originally built in 1889; Renovated building combining historic character with contemporary functionality; Existing tenant income