Retail/Office Space with
636 NW 21st Ave, Portland, OR 97209
2nd-generation retail/office space in desirable NW Portland location.
Type:Office
Property size:
19,740 SFPrice / SF:
$162/SF- Added:
- Jan 26, 2026
- Days on Market:
- 115
- Last Refresh:
- Apr 5 at 8:39 pm
Property Features for 636 NW 21st Ave
General Information
- Standard status
- Active
- Size
- 19,740 SF
- Property subtype
- Office
Listing agent Michelle D. Rozakis License #OR #200512190 (503) 222-1195
Listing office Capacity Commercial Group (503) 222-1195
Listing date Jan 26, 2026
Source Corfac
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 Capacity Commercial Group
HighLights
- Owner‑user opportunity for over 50% of the building, including parking garage.
- Leased CAP Rate of 7.01%.
- Desirable corner location at NW 21st and Irving in NW Portland.
- Secure interior parking garage with 15 spaces for rent.
- Long‑term leases in place with Cinema21 and NW Nails + Spa.
- Walking distance to many local retailers and restaurants, including Cinema 21, Trader Joe’s, and Salt & Straw.
Overview
This 2nd-generation retail and office space offers a total of 20,000 square feet, with 10,839 square feet being rentable. The property is suitable for retail, office, or service-oriented businesses. The building features an open floor plan, private offices, and a kitchenette upstairs. It also includes an interior parking garage with 15 rentable parking spaces. The property is located on a desirable corner location at NW 21st and Irving, in Northwest Portland. The location provides walking distance access to local retailers and restaurants. Nearby highlights include Cinema 21, Sterling Coffee Roasters, Ken’s Artisan Bakery, Trader Joe’s, Papa Haydn, and Salt & Straw. The property presents an owner-user opportunity for over 50% of the building, including the parking garage. The property is currently occupied by long-term leases with Cinema21 and NW Nails + Spa.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$2.84M
NOI $255,528 @ 9.00% cap · cautious / downside scenario
Moderate
$3.65M
NOI $255,528 @ 7.00% cap · market / base-case scenario
Aggressive
$5.11M
NOI $255,528 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $450.1k | $22.80 |
| − Vacancy | −$109.4k | −$5.54 |
| EGI | $340.7k | $17.26 |
| − OpEx | −$85.2k | −$4.31 |
| NOI | $255.5k | $12.94 |
19,740 SF · lease $22.80/SF/yr · vacancy 24.30% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$3.65M
$3.19M – $4.26M
NOI $255,528 @ 7.0% cap · market cap 7.99%
Second Best
Retail
$3.29M
$2.88M – $3.83M
NOI $230,070 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$5.54M
$4.85M – $6.47M
NOI $388,044 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Kevin J Bonnington
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Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Washington
- State
- Oregon
- Longitude
- -122.694
- Latitude
- 45.5275
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FAQs
What type of property is this?
Office units - 2nd-generation retail/office space in desirable NW Portland location.
Where is this office units located?
The property is located at 636 NW 21st Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Owner‑user opportunity for over 50% of the building, including parking garage.; Leased CAP Rate of 7.01%.; Desirable corner location at NW 21st and Irving in NW Portland.
