Building Details

Building Size 4,800 SF

Year Built 1910

Buildings 1

Stories 3

Listing Agency: Keller Williams Realty Portland Premiere

Listed By: Grace Kim Show Phone

Source: Eleeterealestate

Added: Jul 23 Changed: Oct 13 Last Checked: Oct 13 at 12:55AM

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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 Keller Williams Realty Portland Premiere

Investment Insights

Based on property information with market context.

Built in 1910, this live-work property at 2823 SW 1st Ave includes three functional levels on a 3,975-square-foot lot. The ground floor contains a 1,600-square-foot second-generation restaurant that is currently leased month-to-month. Upper floors provide a five-bedroom, one-bath apartment, creating a combined commercial and residential configuration.

Flexible CM1 (Commercial Mixed Use) zoning supports retail, office, and residential combinations. The property is located in Portland’s Lair Hill area and offers an established restaurant layout alongside a substantial apartment component.

Key Highlights

• Three functional levels on a 3,975‑square‑foot lot
• 1,600‑square‑foot second‑generation restaurant on the ground floor
• Five‑bedroom, one‑bath apartment on the upper levels

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$66,150

Cap Rate

5.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,323,000 $1.3M

Cap Rate 7%

$945,000 $945.0K

Cap Rate 9%

$735,000 $735.0K

Market Conditions

NOI Build-Up for 4,900 SF

Gross rent

$117.6K $24.00/SF

− Vacancy

−$11.8K −$2.40/SF

EGI

$105.8K $21.60/SF

− OpEx

−$39.7K −$8.10/SF

NOI

$66.2K $13.50/SF

Area

Portland, OR

Vacancy

10.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,323,000

Cap Rate 7%

$945,000

Cap Rate 9%

$735,000

Alternative Uses

Best Use

Mixed Use

$945.0K

$826.9K – $1.10M (±1% cap)

NOI $66,150 @ 7.0% cap · market cap 5.29%

Second Best

Specialty Retail

$942.5K

$824.7K – $1.10M (±1% cap)

NOI $65,974 @ 7.0% cap · market cap 5.28%

Theoretical Best

Office A

$1.38M

$1.20M – $1.61M (±1% cap)

NOI $96,323 @ 7.0% cap · market cap 7.71%

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

Property Analytics

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Current Use

Amora Ecuadorian Bistro Restaurant

Suggested Use

Top Pick Electrical Service Furniture & Home Goods Auto Parts Store Locksmith Grocery & Convenience Store HVAC Service

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

7,364

Businesses Nearby

Explore this area Business Placement

Demographics for 97201, OR

17,352

Population

10,748

Households

1.6

Avg Household Size

34

Median Age

67%

College-Educated

95%

High-School Grad

1.9 sq mi

ZIP Area

9,133

Density / Sq Mi

$67,074

Median Household Income

$48,101

Median Earnings

$1,565

Median Rent

$648,400

Median Home Value

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 live-work space 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?

Live-work space - CM1 zoning accommodates retail, office, and residential combinations.

Where is this live-work space located?

The property is located at 2823 SW 1ST AVE Portland, OR.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: Three functional levels on a 3,975‑square‑foot lot; 1,600‑square‑foot second‑generation restaurant on the ground floor; Five‑bedroom, one‑bath apartment on the upper levels