Grandfathered Drive-Through
For Sale
Contact for pricing
3103 82nd Ave NE, Portland, OR 97220
NNN-leased drive-through restaurant with landlord expense reimbursement and 3% annual rent increases.
Property Size1,849 SF
Price / SF$418.23
Days on Market379
Property Features for 3103 82nd Ave NE
General Information
Standard status
Active
Size
1,849 SF
Property subtype
RETAIL
Additional Details
Opportunity Zone
Yes
Amenities
drive-through
Building Details
Tenancy
Single
Listing Agency:
CBRE | Portland
(503) 221-4850
Listed By:
Megan Wallachy · License #LIC.#980500024
(503) 221-4850
Source:
Moodyscre
Added: Aug 7, 2025
Changed: Aug 11
Last Checked: Aug 11 at 3:32PM
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 CBRE | Portland
Investment Insights
Based on property information with market context.
This property is a drive-through restaurant operating under an NNN lease structure, with landlord expenses reimbursed and 3% annual increases. The tenancy is described as a name brand, grandfathered drive-through.
The asset is positioned within an Opportunity Zone. The surrounding area is described as a very dense residential neighborhood with more than 150,000 residents within a 3-mile radius, and it is located a half-mile north of McDaniel High School, which has an annual enrollment of 1,650 students.
The asset is positioned within an Opportunity Zone. The surrounding area is described as a very dense residential neighborhood with more than 150,000 residents within a 3-mile radius, and it is located a half-mile north of McDaniel High School, which has an annual enrollment of 1,650 students.
Key Highlights
- NNN‑leased drive‑through restaurant with landlord expenses reimbursed
- 3% annual rent increases
- Lease includes below‑market rents for STNL NNN with name brand grandfathered drive‑through
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
$24,895
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
3.22%
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%
$497,900
$497.9K
Cap Rate 7%
$355,643
$355.6K
Cap Rate 9%
$276,611
$276.6K
Market Conditions
NOI Build-Up for 1,849 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
$35.5K $19.20/SF
− Vacancy
−$2.3K −$1.25/SF
EGI
$33.2K $17.95/SF
− OpEx
−$8.3K −$4.49/SF
NOI
$24.9K $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%
$497,900
Cap Rate 7%
$355,643
Cap Rate 9%
$276,611
Alternative Uses
Best Use
Specialty Retail
$355.6K
$311.2K – $414.9K
NOI $24,895 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$519.2K
$454.3K – $605.8K
NOI $36,347 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
Explore this area
Business Placement
Demographics for 97220, OR
29,357
Population
12,177
Households
2.4
Avg Household Size
39
Median Age
35%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
3,914
Density / Sq Mi
$68,976
Median Household Income
$41,696
Median Earnings
$1,412
Median Rent
$427,700
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?
Drive through restaurant - NNN-leased drive-through restaurant with landlord expense reimbursement and 3% annual rent increases.
Where is this drive through restaurant located?
The property is located at 3103 82nd Ave NE Portland, OR.
What is the asking price?
The asking price for this property is $773,300.
What are key features of this property?
This property features: NNN‑leased drive‑through restaurant with landlord expenses reimbursed; 3% annual rent increases; Lease includes below‑market rents for STNL NNN with name brand grandfathered drive‑through
