Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historic Alberta House Investment Opportunity Title is generated by Realmo AI

    5131 NE 23RD, Portland, OR 97211

    View on Map
    Claim this Listing
    For Sale
    $1,500,000

    Iconic property in Alberta Arts District with investment potential.

    Property size:
    7,451 SF
    Price / SF:
    $201/SF
    Added:
    May 13, 2025
    Days on Market:
    391
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 5131 NE 23RD

    General Information

    Standard status
    Active
    Size
    7,451 SF

    Building Details

    Year Built
    1924

    We can help!

    Listing Contact
    BEN DROUKAS PC

    Listing agent BEN DROUKAS PC

    Listing office WINDERMERE REALTY TRUST

    Listing date May 13, 2025

    Source Corcoran

    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 WINDERMERE REALTY TRUST

    HighLights

    • Unique investment opportunity in the Historic Alberta House with potential for significant returns.
    • Located in the vibrant Concordia neighborhood within the Alberta Arts District.
    • Rich history as a former Masonic lodge, church, and Cerimon House.
    • Surrounded by diverse shops, restaurants, and cultural hotspots on Alberta Street and Killingsworth Street.
    • Close proximity to Alberta Park and Fernhill Park.
    • Built in 1924, offering historic charm.

    Overview

    The Historic Alberta House, located at 5131 NE 23rd Ave in Portland, Oregon, presents a unique investment opportunity. Formerly a Masonic lodge, a local church, and most recently the Cerimon House, this property is situated in the Concordia neighborhood, within the Alberta Arts District. The area is a cultural hub, surrounded by diverse shops, restaurants, and cultural hotspots on Alberta Street and Killingsworth Street. The neighborhood combines historic charm with urban convenience, with nearby parks like Alberta Park and Fernhill Park offering green spaces. The property size is 7451 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Cerimon House Charitable Organization The Vanport Mosaic Charitable Organization Historic Alberta House Hotel & Motel

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.642
    Latitude
    45.5601

    Nearby Similar for Sale

    • $2,000,000
      6,070 SF

      Six-Unit Apartment Community

      2019-built six-unit community with in-unit laundry and off-street parking on a low-density lot.
      8300 SE Flavel St, Portland, OR 97266
      View Details
    • $629,990
      3,120 SF

      Single-Level Fourplex with Garages

      Four 2-bedroom units each with a fenced yard, detached garage, and washer/dryer hookups.
      18321 NE WASCO St, Portland, OR 97230
      View Details
    • $4,313,900
      11,578 SF

      New Construction Cottage Portfolio

      Twelve detached cottages in Southeast Portland with modern amenities.
      7033 SE 60th Ave, Portland, OR 97206
      View Details
    • $1,739,900
      4,868 SF

      New Construction Cottage Portfolio

      Four detached homes near St. Johns with strong rental potential.
      6603 N Seneca St, Portland, OR 97203
      View Details
    • $899,000
      5,982 SF

      Versatile Commercial Property with Warehouse

      Mixed-use property featuring storefronts, restaurant, and warehouse space.
      1218 N Killingsworth Street, Portland, OR 97217
      View Details
    • $1,969,900
      4,815 SF

      New Multifamily Investment by Park

      Five-unit townhome investment across from Peninsula Park in Portland, Oregon.
      6179 N Albina Ave, Portland, OR 97217
      View Details
    • $2,889,900
      7,179 SF

      Rose City Park Multifamily Investment

      New 7-unit multifamily property in Portland's Rose City Park.
      2938 NE 62nd Ave, Portland, OR 97213
      View Details
    • $1,979,900
      4,588 SF

      New Cottage Homes in Beaumont-Wilshire

      Four newly built detached cottage homes in NE Portland.
      4895 NE CESAR E CHAVEZ Blvd, Portland, OR 97211
      View Details
    • $1,200,000
      3,950 SF

      Four-Unit Residential Income Property

      Four-unit setup with covered parking and updated exterior elements suitable for income-focused ownership.
      12369 SW WALNUT St, Portland, OR 97223
      View Details
    • $589,000
      3,111 SF

      Craftsman Triplex with Three Meters

      1910 Craftsman triplex with three electric meters and hot water tanks, recently improved exterior systems, and interiors needing updates.
      535 NE KNOTT St, Portland, OR 97212
      View Details
    • $699,999
      3,892 SF

      North Portland Mixed-Use Triplex

      Cash-flowing triplex with commercial flexibility in a prime location.
      7521 N GLOUCESTER Ave N, Portland, OR 97203
      View Details
    • $799,999
      3,438 SF

      Classic Irvington Duplex with Income

      Spacious Portland duplex with market rents and further potential.
      1917 1919 NE 10TH Ave NE, Portland, OR 97212
      View Details

    FAQs

    What type of property is this?
    Church & religious facility - Iconic property in Alberta Arts District with investment potential.
    Where is this church & religious facility located?
    The property is located at 5131 NE 23RD Portland, OR.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Unique investment opportunity in the Historic Alberta House with potential for significant returns.; Located in the vibrant Concordia neighborhood within the Alberta Arts District.; Rich history as a former Masonic lodge, church, and Cerimon House.
    We can help!
    Listing Contact
    BEN DROUKAS PC
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5131 NE 23RD, Portland, OR 97211
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!