Freestanding NNN Retail
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470 NW Eastman Pkwy, Gresham, OR 97030
Freestanding retail building within an anchored community shopping center under an NNN lease.
Property Size8,999 SF
Price / SF$163.35
Days on Market7
Property Features for 470 NW Eastman Pkwy
General Information
Standard status
Active
Size
8,999 SF
Property subtype
RETAIL
Listing Agency:
Northmarq | Lake Oswego
(503) 887-1233
Listed By:
Mickey Salzman · License #960500191
(212) 603-9549
Source:
Moodyscre
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 10 at 8:59AM
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 Northmarq | Lake Oswego
Investment Insights
Based on property information with market context.
This freestanding retail property at 470 NW Eastman Pkwy comprises an 8,999-square-foot building leased on an NNN basis. A new 5-year extension carries the lease term through 2031, and the associated credit profile is rated S&P BBB. The property is part of Gresham Town Fair, a 264,000-square-foot community shopping center anchored by Ross, Dick’s Sporting Goods, and PetSmart. The center records more than 2.6 million annual visits and serves a residential trade area of over 235,000 people within a 5-mile radius. The site combines a standalone retail format with placement inside an established, high-volume shopping center environment.
Key Highlights
- 8,999‑square‑foot freestanding retail building
- NNN lease extended for 5 years through 2031
- Located within 264,000‑square‑foot Gresham Town Fair
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
$99,612
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
6.78%
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%
$1,992,240
$2.0M
Cap Rate 7%
$1,423,029
$1.4M
Cap Rate 9%
$1,106,800
$1.1M
Market Conditions
NOI Build-Up for 8,999 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
$153.3K $17.04/SF
− Vacancy
−$11.0K −$1.23/SF
EGI
$142.3K $15.81/SF
− OpEx
−$42.7K −$4.74/SF
NOI
$99.6K $11.07/SF
Area
Gresham, OR
Vacancy
7.20%
Lease Rate
$17.04 /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%
$1,992,240
Cap Rate 7%
$1,423,029
Cap Rate 9%
$1,106,800
Alternative Uses
Best Use
Retail
$1.42M
$1.25M – $1.66M
NOI $99,612 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $143,948 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,744
Businesses Nearby
124k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Apparel 36%
Ross Dress for Less
Apparel
43,687 visits/mo
0.1 miles
Dollar Tree
Shops & Services
24,622 visits/mo
0.1 miles
PetSmart
Shops & Services
20,554 visits/mo
0.0 miles
Plaid Pantry
Shops & Services
8,676 visits/mo
0.4 miles
Chevron
Shops & Services
8,104 visits/mo
0.3 miles
Demographics for 97030, OR
39,492
Population
16,500
Households
2.4
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,266
Density / Sq Mi
$61,793
Median Household Income
$40,352
Median Earnings
$1,604
Median Rent
$418,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Freestanding retail building within an anchored community shopping center under an NNN lease.
Where is this nnn property located?
The property is located at 470 NW Eastman Pkwy Gresham, OR.
What is the asking price?
The asking price for this property is $1,470,000.
What are key features of this property?
This property features: 8,999‑square‑foot freestanding retail building; NNN lease extended for 5 years through 2031; Located within 264,000‑square‑foot Gresham Town Fair
