NNN Property With
For Sale
$950,000
2824 N Lombard St, Portland, OR 97217
The building includes a full kitchen, rear apartment, and roof and exterior paint improvements completed in 4-25.
Property Size3,458 SF
Price / SF$274.73
Days on Market24
Property Features for 2824 N Lombard St
General Information
Standard status
Active
Size
3,458 SF
Net Operating Income
$60,000
Building Details
Year Built
1954
Year Renovated
2025
Listing Agency:
Oregon First
(503) 667-5686
Listed By:
Soo Paik
Source:
Kingdomreal
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 30 at 7:27PM
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 Oregon First
Investment Insights
Based on property information with market context.
Built in 1954, this 3,458-square-foot commercial property is occupied by a tenant operating a bar, video poker venue, and restaurant. The premises include a full commercial kitchen, while an apartment at the rear is occupied by the manager. A new roof and exterior paint work were completed in 4-25.
The property is located at 2824 N Lombard St in Portland, Oregon. The tenant is responsible for NNN fees and all utilities, providing a defined expense structure for the building. The existing restaurant and bar configuration, kitchen infrastructure, and rear apartment are part of the current property setup.
The property is located at 2824 N Lombard St in Portland, Oregon. The tenant is responsible for NNN fees and all utilities, providing a defined expense structure for the building. The existing restaurant and bar configuration, kitchen infrastructure, and rear apartment are part of the current property setup.
Key Highlights
- 3,458‑square‑foot commercial property at 2824 N Lombard St, Portland, OR 97217
- Tenant operates a bar, video poker venue, and restaurant
- Full commercial kitchen included
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
$46,559
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
4.90%
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%
$931,180
$931.2K
Cap Rate 7%
$665,129
$665.1K
Cap Rate 9%
$517,322
$517.3K
Market Conditions
NOI Build-Up for 3,458 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
$66.4K $19.20/SF
− Vacancy
−$4.3K −$1.25/SF
EGI
$62.1K $17.95/SF
− OpEx
−$15.5K −$4.49/SF
NOI
$46.6K $13.46/SF
Area
Portland, OR
Vacancy
6.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$931,180
Cap Rate 7%
$665,129
Cap Rate 9%
$517,322
Alternative Uses
Best Use
Specialty Retail
$665.1K
$582.0K – $776.0K
NOI $46,559 @ 7.0% cap · market cap 4.90%
Second Best
Industrial
$310.1K
$271.3K – $361.7K
NOI $21,704 @ 7.0% cap · market cap 2.28%
Theoretical Best
Office A
$971.1K
$849.7K – $1.13M
NOI $67,976 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
744
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - The building includes a full kitchen, rear apartment, and roof and exterior paint improvements completed in 4-25.
Where is this nnn property located?
The property is located at 2824 N Lombard St Portland, OR.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 3,458‑square‑foot commercial property at 2824 N Lombard St, Portland, OR 97217; Tenant operates a bar, video poker venue, and restaurant; Full commercial kitchen included
