Mixed-Use Urban Farm
For Sale
$1,175,000
3122 N Williams Avenue, Portland, OR 97227
Two tax lots offer a leased ground-floor bar space above two duplex residential units and an undeveloped urban-farm corner lot.
Property Size3,949 SF
Price / SF$297.54
Days on Market432
Property Features for 3122 N Williams Avenue
General Information
Standard status
Active
Size
3,949 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1907
Tenancy
Multi
Listing Agency:
Alternative Realty
Listed By:
Shelley Zucker
(877) 319-7625
Source:
Century21northhomes
Added: Jul 1, 2025
Changed: Sep 4
Last Checked: Sep 4 at 10:21AM
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 Alternative Realty
Investment Insights
Based on property information with market context.
This mixed-use property includes two tax lots. Tax lot R308691 (0.09 acres) features a ground-level storefront/retail space currently leased as a bar, along with an upper residential duplex containing two spacious two-bedroom units. Unit B has a possible third bedroom, providing flexibility for renters and layouts.
Adjacent tax lot R308690 (0.07 acres) is an undeveloped corner lot. The parcel carries an agricultural tax exemption based on current use as Fargo Forest, described as an urban farm and education space. A development package and floor plans are available for review.
The combination of income-generating ground-floor retail and residential duplex space with additional adjacent land creates a practical setup for an owner-occupant or development-minded buyer. The property is being sold as part of a coordinated offering across both lots, and prospective parties are instructed not to disturb tenants or walk the property.
Adjacent tax lot R308690 (0.07 acres) is an undeveloped corner lot. The parcel carries an agricultural tax exemption based on current use as Fargo Forest, described as an urban farm and education space. A development package and floor plans are available for review.
The combination of income-generating ground-floor retail and residential duplex space with additional adjacent land creates a practical setup for an owner-occupant or development-minded buyer. The property is being sold as part of a coordinated offering across both lots, and prospective parties are instructed not to disturb tenants or walk the property.
Key Highlights
- Built in 1907 building with leased ground‑floor retail bar space and two residential duplex units above
- Two tax lots included: R308691 (.09 acres) with storefront/retail plus upper 2‑bedroom duplex units
- Possible 3rd bedroom in unit B within the duplex residential configuration
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
$55,032
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
4.68%
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%
$1,100,640
$1.1M
Cap Rate 7%
$786,171
$786.2K
Cap Rate 9%
$611,467
$611.5K
Market Conditions
NOI Build-Up for 3,949 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
$82.9K $21.00/SF
− Vacancy
−$4.3K −$1.09/SF
EGI
$78.6K $19.91/SF
− OpEx
−$23.6K −$5.97/SF
NOI
$55.0K $13.94/SF
Area
Portland, OR
Vacancy
5.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,100,640
Cap Rate 7%
$786,171
Cap Rate 9%
$611,467
Alternative Uses
Best Use
Multifamily LT 5
$786.2K
$687.9K – $917.2K
NOI $55,032 @ 7.0% cap · market cap 4.68%
Second Best
Mixed Use
$761.6K
$666.4K – $888.5K
NOI $53,312 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$1.11M
$970.4K – $1.29M
NOI $77,628 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 97227, OR
6,058
Population
3,835
Households
1.6
Avg Household Size
35
Median Age
60%
College-Educated
93%
High-School Grad
1.4 sq mi
ZIP Area
4,327
Density / Sq Mi
$79,161
Median Household Income
$56,098
Median Earnings
$1,609
Median Rent
$595,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two tax lots offer a leased ground-floor bar space above two duplex residential units and an undeveloped urban-farm corner lot.
Where is this mixed-use property located?
The property is located at 3122 N Williams Avenue Portland, OR.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Built in 1907 building with leased ground‑floor retail bar space and two residential duplex units above; Two tax lots included: R308691 (.09 acres) with storefront/retail plus upper 2‑bedroom duplex units; Possible 3rd bedroom in unit B within the duplex residential configuration
