2333 Pacific Ave, Forest Grove, OR 97116
Fully leased retail center with mark-to-market upside.
- Added:
- Mar 12, 2026
- Days on Market:
- 108
- Last Refresh:
- Mar 19 at 11:07 pm
Property Features for 2333 Pacific Ave
General Information
- Standard status
- Active
- Size
- 35,774 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1962
Listing office Northmarq - Seattle
Listing date Mar 12, 2026
Source Crexi
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
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.
- Located directly adjacent to Pacific University (~3,500 students).
- Significant discount to replacement costs, priced at ~$217/SF compared to $550/SF+ for comparable retail centers.
- Located in a trade area with high average household incomes ($113,747 within five miles) and continued population growth.
Overview
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $643.9k | $18.00 |
| − Vacancy | −$64.4k | −$1.80 |
| EGI | $579.5k | $16.20 |
| − OpEx | −$173.9k | −$4.86 |
| NOI | $405.7k | $11.34 |
Alternative Uses
Current Use by Public Records
Similar Places Nearby
- Coinstar Kiosk - Bitcoin ATM — 2836 Pacific Avenue Safeway, Forest Grove, OR 97116
Location Insight
- Map
- Local Demand
- City
- Forest Grove
- County
- Washington
- State
- Oregon
- Longitude
- -123.1056087
- Latitude
- 45.520324
