Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    687 N Tillamook Street Portland, OR 97227

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Recently remodeled creative office space with storefront, easy highway access.

    Type:Office
    Added:
    Nov 25, 2025
    Days on Market:
    129
    Last Refresh:
    Apr 1 at 10:07 pm

    Property Features for 687 N Tillamook Street

    General Information

    Standard status
    Active
    Property subtype
    Office

    We can help!

    Listing Contact
    Joe Curran

    Listing agent Joe Curran License #OR #200812036

    Listing office

    Listing date Nov 25, 2025

    Source Macadamforbes

    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 Joe Curran

    Overview

    Remodeled Creative Office Storefront Space

    This recently remodeled creative office space features a storefront and is located with easy access to I-5 and I-205. Unit A includes a storefront. The space features tall ceilings with original exposed timber supports. The units are insulated and equipped with individual heating and cooling. There are two ADA-compliant common restrooms.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lisa Congdon Art ... (Bike/Boat/Book/etc) Store A Sometimes Gallery Art Gallery

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.674
    Latitude
    45.538

    Nearby Similar for Lease

    • Contact for pricing

      NE Sandy Blvd

      879 SF retail/commercial space in high-traffic Portland corridor.
      11518 NE Sandy Blvd, Unit 11518, Portland, OR 97232
      View Details
    • Contact for pricing

      Steinmetz Building

      Finished warehouse office space in Central Southeast Portland, utilities included.
      1415 SE 8Th Ave, Portland, OR 97214
      View Details
    • $25/mo

      1607 and 1611 NE 16th Ave, Portland

      Two commercial suites available, perfect for professional service businesses.
      1607 NE 16Th Ave # Portland, Unit 1611, Portland, OR 97232
      View Details
    • Contact for pricing

      Warehouse with Office and Mezzanine

      Sublease available with office, warehouse, and mezzanine space.
      2221 SE Ochoco, Portland, OR 97222
      View Details
    • $24/mo

      Restaurant Space in Northwest Corporate Park

      Second-generation restaurant space in Northwest Portland with existing infrastructure.
      3275 NW 29th Ave, Portland, OR 97210
      View Details
    • $28/mo

      Renovated Retail/Office Space Available

      Retail/Office space in Hollywood District, Portland. Available now.
      3822 NE Sandy Boulevard, Portland, OR 97232
      View Details
    • $31/mo

      Hawthorne Boulevard Retail Spaces Available

      Second generation retail and service spaces in vibrant Hawthorne area.
      4111-4131 Southeast Hawthorne Boulevard, Portland, OR 97214
      View Details
    • Contact for pricing

      Portland Live/Work Office Suites

      Live/work office suites in Portland with MAX Light Rail access.
      8440 N Interstate Ave, Portland, OR 97217
      View Details
    • $29/mo

      Retail Space in Modera Woodstock

      Retail and service spaces available in a mixed-use community.
      4850 Southeast Woodstock Boulevard, Portland, OR 97206
      View Details
    • $12/mo

      Delta Park Stand Alone Office

      Stand-alone office building in Delta Park with easy access.
      731 N Hayden Meadows Dr, Portland, OR 97217
      View Details
    • $18/mo

      Retail Showroom Spaces For Lease

      Retail showroom spaces available for lease in Delta Park Center.
      1182 & 1192 N Hayden Meadows Dr, Portland, OR 97217
      View Details
    • Contact for pricing

      Modern Flex Warehouse/Office Space

      Move-in ready flex space near Burnside with warehouse and office.
      128 Northeast 7th Avenue, Portland, OR, 97232
      View Details

    FAQs

    What type of property is this?
    Creative space - Recently remodeled creative office space with storefront, easy highway access.
    Where is this creative space located?
    The property is located at 687 N Tillamook Street Portland, OR.
    What are key features of this property?
    This property features: Great location with easy access to I‑5 and I‑205; Recently remodeled creative office space with a storefront; Beautiful tall ceilings with original exposed timber supports
    (503) 616-0992
    We can help!
    Listing Contact
    Joe Curran
    Real Estate License ID: OR #200812036
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!