Listing Agency: NAI Elliott Show Phone

Listed By: Joe Sandahl, CPM Show Phone

Source: Moodyscre

Added: Nov 22, 2024 Changed: Oct 25 Last Checked: Nov 1 at 5:59AM

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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 NAI Elliott

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Investment Insights

Based on property information with market context.

Located in the Kerns neighborhood of Portland, this retail property offers 3,860 square feet of space. The property is a standalone building situated on a corner location with heavy foot traffic. The surrounding area is densely populated with restaurants, entertainment venues, and retail businesses.

Key Highlights

• Premium corner location
• Heavy foot traffic
• Located in the popular Kerns neighborhood

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,988

Cap Rate

5.66%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$899,760 $899.8K

Cap Rate 7%

$642,686 $642.7K

Cap Rate 9%

$499,867 $499.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,860 SF

Gross rent

$69.5K $18.00/SF

− Vacancy

−$5.2K −$1.35/SF

EGI

$64.3K $16.65/SF

− OpEx

−$19.3K −$5.00/SF

NOI

$45.0K $11.66/SF

Area

Portland, OR

Vacancy

7.50%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$899,760

Cap Rate 7%

$642,686

Cap Rate 9%

$499,867

Alternative Uses

Best Use

Retail

$642.7K

$562.4K – $749.8K (±1% cap)

NOI $44,988 @ 7.0% cap · market cap 5.66%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.08M

$948.5K – $1.26M (±1% cap)

NOI $75,879 @ 7.0% cap · market cap 9.54%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Mudra Massage Alternative Medicine Practice

Suggested Use

Top Pick Electrical Service (Bike/Boat/Book/etc) Store HVAC Service Pet Grooming Service Tanning Salon Locksmith

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

2,926

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Retail in Portland, OR

4.6% 2019

5.6% 2020

5.2% 2021

4.2% 2022

4.4% 2023

4.7% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - Prime retail space in Portland's vibrant Kerns neighborhood.

Where is this retail space located?

The property is located at 2906 NE Glisan St Portland, OR.

What is the asking price?

The asking price for this property is $795,000.

What are key features of this property?

This property features: Premium corner location; Heavy foot traffic; Located in the popular Kerns neighborhood