NNN Restaurant
For Sale
$950,000
2824 N LOMBARD St, Portland, OR 97217
CommercialSale, Portland, OR
Property Size3,458 SF
Lot Size0.12 Acres
Price / SF$274.73
Days on Market345
Property Features for 2824 N LOMBARD St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CR
Directions
ATLANTIC AVE.
Subdivision
_141
Standard status
Active
APN
R124793
Size
3,458 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
BURRAGE TR, BLOCK 16, LOT 25&26
Tax Annual Amount
5709
Legal Description
BURRAGE TR, BLOCK 16, LOT 25&26
Amenities
apartment in back
Building Details
Year built
1954
Listing Agency:
Oregon First
(503) 667-5686
Listed By:
Soo Paik
(503) 559-3327
Added: Sep 16, 2025
Changed: Aug 25
Last Checked: Aug 26 at 6:06AM
MLS# 403719197
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.
This 3,458-square-foot commercial property occupies a 0.12-acre lot and was built in 1954. The building includes a full kitchen and space configured for restaurant and bar operations, along with video poker use. An apartment at the rear is occupied by the manager.
The property is located at 2824 N Lombard St in Portland’s 97217 postal area. The tenancy is structured around NNN responsibilities, with the tenant covering other fees and utilities. A new roof and exterior paint work were completed in 4-25. CR zoning and the existing restaurant-oriented improvements support the property’s current commercial configuration.
The property is located at 2824 N Lombard St in Portland’s 97217 postal area. The tenancy is structured around NNN responsibilities, with the tenant covering other fees and utilities. A new roof and exterior paint work were completed in 4-25. CR zoning and the existing restaurant-oriented improvements support the property’s current commercial configuration.
Key Highlights
- 3,458 square feet on a 0.12‑acre lot
- NNN structure with tenant‑paid fees and utilities
- Current tenant operates a bar, video poker, and restaurant
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - CR-zoned commercial property with a full kitchen, bar operation, and rear apartment.
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 feet on a 0.12‑acre lot; NNN structure with tenant‑paid fees and utilities; Current tenant operates a bar, video poker, and restaurant
