Three-Level Mixed-Use
For Sale
$1,250,000
2823 SW 1ST Ave, Portland, OR 97201
CommercialSale, Portland, OR
Property Size4,800 SF
Lot Size0.09 Acres
Price / SF$260.42
Days on Market79
Property Features for 2823 SW 1ST Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commner
Directions
2823-2825 SW 1st Ave
Subdivision
_148
Standard status
Active
APN
R128879
Size
4,800 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
CARUTHERS ADD, BLOCK 58, N 37.5' OF LOT 3
Tax Annual Amount
5178
Legal Description
CARUTHERS ADD, BLOCK 58, N 37.5' OF LOT 3
Building Details
Year built
1910
Floors in Building
3
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Grace Kim
(503) 799-1835
Added: Jul 23
Changed: Sep 30
Last Checked: Oct 9 at 5:06PM
MLS# 733440364
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.
Located at 2823 SW 1st Ave in Portland’s historic Lair Hill area, this 4,800-square-foot mixed-use building was constructed in 1910 and occupies a 0.09-acre lot. The three-level layout combines commercial and residential components within one property.
The ground floor contains a 1,600-square-foot second-generation restaurant that is currently leased on a month-to-month basis. Above it, a five-bedroom, one-bath apartment provides residential space that can support an owner-occupied live-work arrangement or separate rental use. The property is suited to combinations of restaurant, office, retail, and residential activity, subject to applicable requirements.
The ground floor contains a 1,600-square-foot second-generation restaurant that is currently leased on a month-to-month basis. Above it, a five-bedroom, one-bath apartment provides residential space that can support an owner-occupied live-work arrangement or separate rental use. The property is suited to combinations of restaurant, office, retail, and residential activity, subject to applicable requirements.
Key Highlights
- 4,800‑square‑foot mixed‑use building on a 0.09‑acre lot
- Three‑level configuration with commercial and residential space
- 1,600‑square‑foot second‑generation restaurant on the ground floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,800
Cap Rate
5.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,296,000
$1.3M
Cap Rate 7%
$925,714
$925.7K
Cap Rate 9%
$720,000
$720.0K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$115.2K $24.00/SF
− Vacancy
−$11.5K −$2.40/SF
EGI
$103.7K $21.60/SF
− OpEx
−$38.9K −$8.10/SF
NOI
$64.8K $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%
$1,296,000
Cap Rate 7%
$925,714
Cap Rate 9%
$720,000
Alternative Uses
Best Use
Mixed Use
$925.7K
$810.0K – $1.08M
NOI $64,800 @ 7.0% cap · market cap 5.18%
Second Best
Specialty Retail
$923.2K
$807.8K – $1.08M
NOI $64,627 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,357 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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Market
Vacancy Rate% for Office in Portland, OR
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial property combines a restaurant, apartment, and flexible live-work configuration in Portland’s Lair Hill area.
Where is this mixed-use property 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: 4,800‑square‑foot mixed‑use building on a 0.09‑acre lot; Three‑level configuration with commercial and residential space; 1,600‑square‑foot second‑generation restaurant on the ground floor
