Mixed-Use Property with Interior
For Sale
$899,900
821 NW 16TH AVE, Portland, OR 97209
Two-level layout combines office space with an upstairs apartment and interior parking.
Property Size5,088 SF
Days on Market506
Property Features for 821 NW 16TH AVE
General Information
Standard status
Active
Size
5,088 SF
Total Parking Spaces
6
Property subtype
MULTI_FAMILY
Zoning
CM3
Additional Details
Floor
Main Level
Highway Access
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$8,224
Building Details
Building Size
5,088 SF
Year Built
1904
Buildings
1
Listing Agency:
Bison Properties
(503) 345-2686
Listed By:
Matthew Williams · License #200109059
(503) 345-2686
Source:
Eleeterealestate
Added: Mar 25, 2025
Changed: Aug 4
Last Checked: Aug 11 at 12:14PM
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 Bison Properties
Investment Insights
Based on property information with market context.
Built in 1904, this mixed-use property combines a commercial office area with an upper-level apartment. The main floor includes shared community space alongside private offices, while the apartment offers an open layout with 4 bedrooms and 2 bathrooms. Interior parking accommodates up to 6 cars and may function as resident parking or separate space.
The property is located at 821 NW 16TH AVE in Portland’s NW neighborhood, with access to shopping, NW 23rd, restaurants, freeway connections, parks, downtown, and entertainment. CM3 zoning supports the property’s mixed-use classification. The existing arrangement also allows consideration of live-work, duplex, or combined residential and commercial use.
The property is located at 821 NW 16TH AVE in Portland’s NW neighborhood, with access to shopping, NW 23rd, restaurants, freeway connections, parks, downtown, and entertainment. CM3 zoning supports the property’s mixed-use classification. The existing arrangement also allows consideration of live-work, duplex, or combined residential and commercial use.
Key Highlights
- 1904‑built mixed‑use property with office space and an upstairs apartment
- Upper‑level apartment includes 4 bedrooms, 2 bathrooms, and an open floor plan
- Main level features community space and private offices
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
$68,688
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
7.63%
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%
$1,373,760
$1.4M
Cap Rate 7%
$981,257
$981.3K
Cap Rate 9%
$763,200
$763.2K
Market Conditions
NOI Build-Up for 5,088 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
$122.1K $24.00/SF
− Vacancy
−$12.2K −$2.40/SF
EGI
$109.9K $21.60/SF
− OpEx
−$41.2K −$8.10/SF
NOI
$68.7K $13.50/SF
Area
Portland, OR
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,373,760
Cap Rate 7%
$981,257
Cap Rate 9%
$763,200
Alternative Uses
Best Use
Mixed Use
$981.3K
$858.6K – $1.14M
NOI $68,688 @ 7.0% cap · market cap 7.63%
Second Best
Office B
$940.9K
$823.3K – $1.10M
NOI $65,863 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,019 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,173
Businesses Nearby
Explore this area
Business Placement
Demographics for 97209, OR
22,755
Population
16,437
Households
1.4
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
1.0 sq mi
ZIP Area
22,755
Density / Sq Mi
$84,059
Median Household Income
$68,731
Median Earnings
$1,669
Median Rent
$573,700
Median Home Value
Market
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level layout combines office space with an upstairs apartment and interior parking.
Where is this mixed-use property located?
The property is located at 821 NW 16TH AVE Portland, OR.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 1904‑built mixed‑use property with office space and an upstairs apartment; Upper‑level apartment includes 4 bedrooms, 2 bathrooms, and an open floor plan; Main level features community space and private offices
