Fitness-Anchored Retail Center for
For Sale
Contact for pricing
2333 Pacific Ave, Forest Grove, OR 97116
Fully leased retail center with mark-to-market upside.
Property Size35,774 SF
Price / SF$216.64
Days on Market153
Property Features for 2333 Pacific Ave
General Information
Standard status
Active
Size
35,774 SF
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$523,085
Building Details
Year Built
1962
Year Renovated
2017
Stories
1
Listing Agency:
Northmarq - Seattle
Listed By:
Sean Tufts · License #WA 74057
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 10 at 8:31AM
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 Northmarq - Seattle
Investment Insights
Based on property information with market context.
Forest Grove Center is a 35,774-square-foot, fully leased neighborhood retail center located in Forest Grove, Oregon. The property is anchored by Fitness 1440, occupying 35% of the gross leasable area, with a lease extending through May 2029 and featuring 3% annual increases. The tenant mix includes national and regional credit tenants such as H&R Block, Pizza Hut, and Tuality Healthcare, alongside service-oriented businesses. The property is adjacent to Pacific University, which also leases space at the property through 2028. The surrounding trade area features average household incomes of $113,747 within five miles. In-place rents average $15.61 per square foot. The offering is priced at approximately $217 per square foot.
Key Highlights
- Fully leased neighborhood retail center with mark‑to‑market upside.
- Anchored by Fitness 1440 (35% of GLA) through May 2029 with 3% annual increases.
- Below market in‑place rents ($15.61/SF) compared to current market rent ($18-$22/SF) with several leases expiring in 2026.
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
$405,677
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
5.23%
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%
$8,113,540
$8.1M
Cap Rate 7%
$5,795,386
$5.8M
Cap Rate 9%
$4,507,522
$4.5M
Market Conditions
NOI Build-Up for 35,774 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
$643.9K $18.00/SF
− Vacancy
−$64.4K −$1.80/SF
EGI
$579.5K $16.20/SF
− OpEx
−$173.9K −$4.86/SF
NOI
$405.7K $11.34/SF
Area
Washington County, OR
Vacancy
10.00%
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%
$8,113,540
Cap Rate 7%
$5,795,386
Cap Rate 9%
$4,507,522
Alternative Uses
Best Use
Retail
$5.80M
$5.07M – $6.76M
NOI $405,677 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.66M
$8.45M – $11.27M
NOI $675,940 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
880
Businesses Nearby
123k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 38%
Groceries 33%
Dining 18%
Apparel 11%
Safeway
Groceries
40,996 visits/mo
0.4 miles
Dollar Tree
Shops & Services
18,834 visits/mo
0.4 miles
Dutch Bros. Coffee
Dining
14,309 visits/mo
0.1 miles
Goodwill
Apparel
13,561 visits/mo
0.4 miles
AMPM
Shops & Services
7,111 visits/mo
0.3 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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased retail center with mark-to-market upside.
Where is this shopping center located?
The property is located at 2333 Pacific Ave Forest Grove, OR.
What is the asking price?
The asking price for this property is $7,750,000.
What are key features of this property?
This property features: Fully leased neighborhood retail center with mark‑to‑market upside.; Anchored by Fitness 1440 (35% of GLA) through May 2029 with 3% annual increases.; Below market in‑place rents ($15.61/SF) compared to current market rent ($18-$22/SF) with several leases expiring in 2026.
