Repositioned Hospitality Asset For
For Sale
$6,990,000
4200 Northeast 82nd Avenue, Portland, OR 97220
Hospitality asset with rebranding or residential conversion potential in Portland.
Property Size91,040 SF
Lot Size2.00 Acres
Price / SF$76.78
Days on Market195
Property Features for 4200 Northeast 82nd Avenue
General Information
Standard status
Active
Size
91,040 SF
Lot size
2.00 Acres
Property subtype
Hospitality
Listing Agency:
CBRE - Portland
Listed By:
Graham Taylor · License #01429996
(503) 200-9216
Source:
Cbre
Added: Mar 25
Changed: Sep 20
Last Checked: Oct 4 at 6:50AM
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.
The property, located at 4200 NE 82nd Ave in Portland’s evolving Eastside corridor near Portland International Airport, presents an opportunity to acquire a repositioned hospitality asset. The property offers scale, flexibility, and recent capital investment, making it suitable for rebranding or residential conversion. The property has undergone a comprehensive restoration, including major structural upgrades, interior and exterior enhancements, and numerous operational improvements. The garden-style layout and expansive footprint on a large 2+ acre site provide a canvas for adaptive reuse, including a potential multifamily conversion or redevelopment. Currently closed until renovations are finalized, the asset offers full access for tours, allowing investors to evaluate the site. The property has a clean operational slate. With Portland’s hospitality market showing signs of recovery and the property’s proximity to Portland International Airport and major transit routes, this offering represents a value-add opportunity. The property size is 91040 square feet.
Key Highlights
- Turnkey Restoration Completed: Substantial capital investment and comprehensive restoration, including structural upgrades and interior/exterior enhancements, are already completed.
- Residential Conversion Potential: Ideal candidate for residential conversion or redevelopment due to its scale, flexibility, and garden‑style layout.
- Large 2+ Acre Site: Expansive footprint provides a unique canvas for adaptive reuse.
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
$547,988
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
7.84%
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%
$10,959,760
$11.0M
Cap Rate 7%
$7,828,400
$7.8M
Cap Rate 9%
$6,088,756
$6.1M
Market Conditions
NOI Build-Up for 91,040 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
$1.31M $14.40/SF
− Vacancy
−$157.3K −$1.73/SF
EGI
$1.15M $12.67/SF
− OpEx
−$605.7K −$6.65/SF
NOI
$548.0K $6.02/SF
Area
Portland, OR
Vacancy
12.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
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%
$10,959,760
Cap Rate 7%
$7,828,400
Cap Rate 9%
$6,088,756
Alternative Uses
Best Use
Hotel Hospitality
$7.83M
$6.85M – $9.13M
NOI $547,988 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$25.57M
$22.37M – $29.83M
NOI $1,789,640 @ 7.0% cap · market cap 25.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
902
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
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Frequently Asked Questions
What type of property is this?
Hospitality property - Hospitality asset with rebranding or residential conversion potential in Portland.
Where is this hospitality property located?
The property is located at 4200 Northeast 82nd Avenue Portland, OR.
What is the asking price?
The asking price for this property is $6,990,000.
What are key features of this property?
This property features: Turnkey Restoration Completed: Substantial capital investment and comprehensive restoration, including structural upgrades and interior/exterior enhancements, are already completed.; Residential Conversion Potential: Ideal candidate for residential conversion or redevelopment due to its scale, flexibility, and garden‑style layout.; Large 2+ Acre Site: Expansive footprint provides a unique canvas for adaptive reuse.
