Restaurant Building on Sandy
For Sale
Contact for pricing
5824-5846 Ne Sandy Blvd, Portland, OR 97213
Two-tenant restaurant building with prime location and on-site parking.
Property Size6,400 SF
Lot Size0.22 Acres
Price / SF$217.97
Days on Market161
Property Features for 5824-5846 Ne Sandy Blvd
General Information
Standard status
Active
Size
6,400 SF
Lot size
0.22 Acres
Property subtype
Retail
Zoning
CM2
Investment Type
Owner/User
Building Details
Year Built
1940
Year Renovated
2025
Tenancy
Multi
Listing Agency:
Ethos Commercial Advisors
Listed By:
Dana Solof · License #OR 201212599
Source:
Crexi
Added: Mar 14
Changed: Aug 16
Last Checked: Aug 20 at 9:48AM
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 Ethos Commercial Advisors
Investment Insights
Based on property information with market context.
This 6,400 square foot two-tenant restaurant building is situated in a visible location on NE Sandy Boulevard, adjacent to the Alameda neighborhood. Constructed in 1940, the building has been renovated to meet modern standards while maintaining its original character. The property includes a dedicated surface lot providing on-site parking. The building is currently home to Thai Seasons, occupying approximately 1,800 square feet under a commercial double-net lease through March 2028. A corner restaurant space, comprising approximately 4,600 square feet, is available for an owner-user. This space includes a 20-foot Type 1 commercial hood, walk-in coolers, a fully built-out bar, and a separate corner space suitable for production, brewery, or private events. The available space is ready for immediate occupancy. The building features new upgraded HVAC units installed in 2025. Located directly on NE Sandy Boulevard with 115 feet of frontage and a traffic count of 11,000 vehicles per day, the property offers street visibility and signage opportunities. The surrounding Alameda corridor is characterized by residential density, high household incomes, and pedestrian traffic.
Key Highlights
- Prime location on NE Sandy Blvd in the desirable Alameda neighborhood with high visibility and 115' of frontage.
- Significant owner‑user opportunity with a fully built‑out +/-4,600 sf restaurant space featuring a 20' type 1 hood, walk‑in coolers, and a bar, ready for immediate occupancy.
- Existing income stream from Thai Seasons tenant (1,800 sf) under a double‑net lease through March 2028.
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
$86,170
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
6.18%
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%
$1,723,400
$1.7M
Cap Rate 7%
$1,231,000
$1.2M
Cap Rate 9%
$957,444
$957.4K
Market Conditions
NOI Build-Up for 6,400 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
$122.9K $19.20/SF
− Vacancy
−$8.0K −$1.25/SF
EGI
$114.9K $17.95/SF
− OpEx
−$28.7K −$4.49/SF
NOI
$86.2K $13.46/SF
Area
Portland, OR
Vacancy
6.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$1,723,400
Cap Rate 7%
$1,231,000
Cap Rate 9%
$957,444
Alternative Uses
Best Use
Specialty Retail
$1.23M
$1.08M – $1.44M
NOI $86,170 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,809 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,022
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Restaurant - Two-tenant restaurant building with prime location and on-site parking.
Where is this restaurant located?
The property is located at 5824-5846 Ne Sandy Blvd Portland, OR.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Prime location on NE Sandy Blvd in the desirable Alameda neighborhood with high visibility and 115' of frontage.; Significant owner‑user opportunity with a fully built‑out +/-4,600 sf restaurant space featuring a 20' type 1 hood, walk‑in coolers, and a bar, ready for immediate occupancy.; Existing income stream from Thai Seasons tenant (1,800 sf) under a double‑net lease through March 2028.
