Commercial Building in Hollywood
4023-4029 NE Tillamook St Portland, OR 97212
For Sale
Contact for pricing
Freestanding commercial building with flexible zoning in the Hollywood area.
Property Size3,132 SF
Lot Size0.11 Acres
Price / SF$279.37
Days on Market656
Property Features for 4023-4029 NE Tillamook St
General Information
- Standard status
- Active
- Size
- 3,132 SF
- Lot size
- 0.11 Acres
- Property subtype
- Office, Retail
Building Details
- Year Built
- 1958
Listing Agency:
Macadam Forbes
(503) 972-7294
Listed By:
Joe Kappler · License #OR 200605069
Source:
Crexi
Added: Oct 10, 2024
Changed: Jul 10
Last Checked: Jul 26 at 2:50PM
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 Macadam Forbes
Investment Insights
Based on property information with market context.
This freestanding commercial building, located in the Hollywood area, is divided into three tenant suites on the main floor, totaling 2,449 square feet, with an additional 683 square feet in the basement. Situated on a 5,000 square foot lot at a hard corner, the property benefits from CM1 zoning in the City of Portland, which accommodates a range of uses, including office, retail, daycare, and clinic. The layout provides flexibility for a new owner to maintain the existing three-tenant configuration or combine the suites for a single owner-user. Off-street parking is available, complemented by ample on-street parking options. The property's location in the Hollywood area offers convenient access to nearby restaurants, retail shops, and I-84. The total property size is 3,132 square feet.
Key Highlights
- Prime location on a hard corner in the Hollywood area of Portland.
- Flexible CM1 zoning allows for a variety of uses (office, retail, daycare, clinic).
- Potential for owner‑user or continued rental income with a 3‑tenant demising plan.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.4k | $22.80 |
| − Vacancy | −$17.4k | −$5.54 |
| EGI | $54.1k | $17.26 |
| − OpEx | −$13.5k | −$4.31 |
| NOI | $40.5k | $12.94 |
3,132 SF · lease $22.80/SF/yr · vacancy 24.30% · expense 25.00%
Alternative Uses
Best Use
Office B
$579.2K
$506.8K – $675.7K
NOI $40,543 @ 7.0% cap · market cap 4.63%
Second Best
Retail
$521.5K
$456.3K – $608.4K
NOI $36,503 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$879.5K
$769.6K – $1.03M
NOI $61,568 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
FAQs
What type of property is this?
Retail space - Freestanding commercial building with flexible zoning in the Hollywood area.
Where is this retail space located?
The property is located at 4023-4029 NE Tillamook St Portland, OR.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Prime location on a hard corner in the Hollywood area of Portland.; Flexible CM1 zoning allows for a variety of uses (office, retail, daycare, clinic).; Potential for owner‑user or continued rental income with a 3‑tenant demising plan.
