Historic Wedding Venue
For Sale
Contact for pricing
706-710 SE 6th Avenue, Portland, OR 97214
Restored hospitality property with event, bar, and restaurant uses in Portland’s Central Eastside.
Property Size16,320 SF
Price / SF$211.40
Days on Market30
Property Features for 706-710 SE 6th Avenue
General Information
Standard status
Active
Size
16,320 SF
Property subtype
Retail
Zoning
EX
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$326,637
Amenities
mezzanine
built-in bar
ADA accessibility
professional sound and lighting
Building Details
Year Built
1908
Year Renovated
2015
Buildings
1
Tenancy
Multi
Listing Agency:
Ethos Commercial Advisors LLC Portland
Listed By:
Brian Hanson · License #201217368
(850) 545-2282
Source:
Crexi
Added: Aug 6
Changed: Sep 4
Last Checked: Sep 4 at 6:07AM
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 LLC Portland
Investment Insights
Based on property information with market context.
Built in 1908, this 16,320-square-foot hospitality property combines restored historic architecture with established event and bar operations. The building features steel-reinforced concrete construction, large window bays, maple hardwood floors, high ceilings, a mezzanine, built-in bar, ADA accessibility, and professional sound and lighting. The Evergreen operates as an event venue for weddings, corporate events, fundraisers, and private gatherings, while Loyal Legion includes Voysey, a basement bar.
The property occupies the intersection of SE 6th Avenue and Alder Street in Portland’s Central Eastside. Loyal Legion and The Evergreen have each operated at the property for ten years and completed new 10-year lease renewals. Loyal Legion’s taproom includes a 99+ tap Oregon craft beer program, complementing the event-oriented use of The Evergreen. The property is zoned EX.
The property occupies the intersection of SE 6th Avenue and Alder Street in Portland’s Central Eastside. Loyal Legion and The Evergreen have each operated at the property for ten years and completed new 10-year lease renewals. Loyal Legion’s taproom includes a 99+ tap Oregon craft beer program, complementing the event-oriented use of The Evergreen. The property is zoned EX.
Key Highlights
- 16,320‑square‑foot building constructed in 1908
- The Evergreen event venue supports weddings, corporate events, fundraisers, and private gatherings
- Loyal Legion includes Voysey, a basement bar, and a 99+ tap Oregon craft beer program
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
$219,732
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
6.37%
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%
$4,394,640
$4.4M
Cap Rate 7%
$3,139,029
$3.1M
Cap Rate 9%
$2,441,467
$2.4M
Market Conditions
NOI Build-Up for 16,320 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
$313.3K $19.20/SF
− Vacancy
−$20.4K −$1.25/SF
EGI
$293.0K $17.95/SF
− OpEx
−$73.2K −$4.49/SF
NOI
$219.7K $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%
$4,394,640
Cap Rate 7%
$3,139,029
Cap Rate 9%
$2,441,467
Alternative Uses
Best Use
Specialty Retail
$3.14M
$2.75M – $3.66M
NOI $219,732 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.58M
$4.01M – $5.35M
NOI $320,814 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,825
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
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?
Wedding venue - Restored hospitality property with event, bar, and restaurant uses in Portland’s Central Eastside.
Where is this wedding venue located?
The property is located at 706-710 SE 6th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: 16,320‑square‑foot building constructed in 1908; The Evergreen event venue supports weddings, corporate events, fundraisers, and private gatherings; Loyal Legion includes Voysey, a basement bar, and a 99+ tap Oregon craft beer program
