Renovated Historic Storefront
For Sale
$1,900,000
220 SW 1ST Ave, Portland, OR 97204
CommercialSale, Portland, OR
Property Size5,000 SF
Lot Size0.06 Acres
Price / SF$380
Days on Market280
Property Features for 220 SW 1ST Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CXD
Directions
SW 1st Ave between SW Oak St and SW Pine St
Subdivision
_141
Standard status
Active
APN
R246008
Size
5,000 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
PORTLAND, BLOCK 26, W 50' OF LOT 6, S 0.5' OF W 1/2 OF LOT 7
Tax Annual Amount
19080
Legal Description
PORTLAND, BLOCK 26, W 50' OF LOT 6, S 0.5' OF W 1/2 OF LOT 7
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1889
Floors in Building
2
Listing Agency:
LUXE Forbes Global Properties
(503) 389-2112
Listed By:
Vince Cortese
(503) 380-8570
Added: Nov 19, 2025
Changed: Aug 25
Last Checked: Aug 26 at 4:06AM
MLS# 691061809
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The Lombard Building is a renovated storefront property dating to 1889, with approximately 5,000 square feet of building area on a 0.06-acre parcel. Modern building systems include central air conditioning and forced-air heating. The property is identified with CXD zoning and includes tenant income as part of its current operation.
Situated in Portland’s Old Town/Chinatown district, the building is within a 5-minute walk of multiple MAX stations and a 15-minute walk of Union Station. PDX airport is approximately a 21-minute drive. The surrounding area includes dining, shopping, entertainment, waterfront parks, and proximity to the Pearl District.
Situated in Portland’s Old Town/Chinatown district, the building is within a 5-minute walk of multiple MAX stations and a 15-minute walk of Union Station. PDX airport is approximately a 21-minute drive. The surrounding area includes dining, shopping, entertainment, waterfront parks, and proximity to the Pearl District.
Key Highlights
- 5,000 square feet on a 0.06‑acre parcel
- Renovated building originally constructed in 1889
- CXD zoning designation
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
$58,275
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
3.07%
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%
$1,165,500
$1.2M
Cap Rate 7%
$832,500
$832.5K
Cap Rate 9%
$647,500
$647.5K
Market Conditions
NOI Build-Up for 5,000 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
$90.0K $18.00/SF
− Vacancy
−$6.8K −$1.35/SF
EGI
$83.3K $16.65/SF
− OpEx
−$25.0K −$5.00/SF
NOI
$58.3K $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%
$1,165,500
Cap Rate 7%
$832,500
Cap Rate 9%
$647,500
Alternative Uses
Best Use
Retail
$832.5K
$728.4K – $971.3K
NOI $58,275 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,289 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11,585
Businesses Nearby
Well-served
Demand for This Use
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 Retail in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Built in 1889 with central air, forced-air heating, and updated interior functionality.
Where is this storefront property 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: 5,000 square feet on a 0.06‑acre parcel; Renovated building originally constructed in 1889; CXD zoning designation
