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Classic Portland Mixed-Use Building

2342 SE ANKENY, Portland, OR 97214

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For Sale

$1,495,000

1908 mixed-use building with restaurant, lounge, and remodeled duplex.

Type:Commercial

Property size:

8,640 SF

Lot size:

0.09 Acres

Price / SF:

$173/SF

HighLights

Mixed‑use building in a prime location (SE 23rd and Ankeny) zoned CM1, offering diverse income potential.
Two remodeled, income‑generating 3‑bedroom/1‑bathroom apartments upstairs, each renting for $2,800/month, featuring updated kitchens, wood flooring, and balconies.
Main level currently operating as a restaurant and lounge, presenting a turnkey opportunity or space for a new business venture (restaurant, bakery, coffee shop, art studio, retail).
Large basement spanning the building's footprint provides ample storage or expansion possibilities.
Classic 1908 vintage building with original character, charm, trim work, and molding.
Includes a one‑car garage for storage and a small office space upstairs.

We can help!

Listing Contact

KELLY FITZMAURICE

For Sale

$1,495,000

1908 mixed-use building with restaurant, lounge, and remodeled duplex.

Type:Commercial

Property size:

8,640 SF

Lot size:

0.09 Acres

Price / SF:

$173/SF

Added:: Jul 30, 2025
Days on Market:: 314
Last Refresh:: May 10 at 11:04 pm

Property Features for 2342 SE ANKENY

General Information

Standard status: Active
Size: 8,640 SF
Lot size: 0.09 Acres
Property subtype: Commercial

Building Details

Year Built: 1908

We can help!

Listing Contact

KELLY FITZMAURICE

Listing agent KELLY FITZMAURICE

Listing office HARNISH COMPANY REALTORS

Listing date Jul 30, 2025

Source Corcoran

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 HARNISH COMPANY REALTORS

HighLights

Mixed‑use building in a prime location (SE 23rd and Ankeny) zoned CM1, offering diverse income potential.
Two remodeled, income‑generating 3‑bedroom/1‑bathroom apartments upstairs, each renting for $2,800/month, featuring updated kitchens, wood flooring, and balconies.
Main level currently operating as a restaurant and lounge, presenting a turnkey opportunity or space for a new business venture (restaurant, bakery, coffee shop, art studio, retail).
Large basement spanning the building's footprint provides ample storage or expansion possibilities.
Classic 1908 vintage building with original character, charm, trim work, and molding.
Includes a one‑car garage for storage and a small office space upstairs.

Overview

This classic 1908 vintage building is located on the corner of SE 23rd and Ankeny. The mixed-use building currently operates as 'The Slide Inn' and 'Jade Lounge' on the main level. The property includes a remodeled duplex upstairs, featuring two three-bedroom, one-bathroom units. Each unit includes stackable washer/dryers, dishwashers, updated kitchens, wood flooring, trim work, molding, character, charm, and balconies. Each apartment rents for $2,800 per month. In addition to the restaurant, lounge, and duplex, there is a one-car garage for storage and a large basement spanning the footprint of the building, as well as a small office space upstairs. The property is zoned CM1 - mixed use. The space is suitable for a restaurant, bakery, coffee shop, art studio, or retail occupant, while also providing residual income from the two units above. The property size is 8640 square feet.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$181.4k	$21.00
− Vacancy	−$9.4k	−$1.09
EGI	$172.0k	$19.91
− OpEx	−$51.6k	−$5.97
NOI	$120.4k	$13.94

8,640 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%

Alternative Uses

Best Use

Multifamily LT 5

$1.72M

$1.51M – $2.01M (±1% cap)

NOI $120,404 @ 7.0% cap · market cap 8.05%

Second Best

Mixed Use

$1.67M

$1.46M – $1.94M (±1% cap)

NOI $116,640 @ 7.0% cap · market cap 7.80%

Theoretical Best

Office A

$2.43M

$2.12M – $2.83M (±1% cap)

NOI $169,843 @ 7.0% cap · market cap 11.36%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

The Jade Lounge Bar & Pub

Suggested Use

Location Insight

Map
Local Demand

City: Portland
County: Washington
State: Oregon
Longitude: -122.642
Latitude: 45.522

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For sale
Mixed-use properties
OR
Portland
97214
2342 SE ANKENY

What type of property is this?

Mixed-use property - 1908 mixed-use building with restaurant, lounge, and remodeled duplex.

Where is this mixed-use property located?

The property is located at 2342 SE ANKENY Portland, OR.

What is the asking price?

The asking price for this property is $1,495,000.

What are key features of this property?

This property features: Mixed‑use building in a prime location (SE 23rd and Ankeny) zoned CM1, offering diverse income potential.; Two remodeled, income‑generating 3‑bedroom/1‑bathroom apartments upstairs, each renting for $2,800/month, featuring updated kitchens, wood flooring, and balconies.; Main level currently operating as a restaurant and lounge, presenting a turnkey opportunity or space for a new business venture (restaurant, bakery, coffee shop, art studio, retail).