Mixed-Use Building with
For Sale
$3,500,000
8212 N DENVER Ave, Portland, OR 97217
MultiFamily, Portland, OR
Property Size14,100 SF
Lot Size0.12 Acres
Price / SF$248.23
Days on Market211
Property Features for 8212 N DENVER Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CM2
Subdivision
Kenton
Elementary school
Peninsula
Middle school
Ockley Green
High school
Jefferson
Directions
N Denver & N Kilpatrick
Standard status
Active
APN
R196181
Size
14,100 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
KENTON, BLOCK 3, LOT 35&36
Tax Annual Amount
16972
Legal Description
KENTON, BLOCK 3, LOT 35&36
Amenities
large common kitchen and dining space
enclosed grilling area with built-in BBQ, seating, and gas fire pit
rear deck
washer/dryer closet
two powder rooms
two dedicated shower rooms
three secured storage units
Building Details
Year built
1911
Floors in Building
3
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Evan Nelson · License #201206804
(310) 422-6044
Added: Feb 18
Changed: Aug 19
Last Checked: Sep 17 at 7:06AM
MLS# 678823640
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 8212 N Denver Ave in Portland, this 14,100-square-foot mixed-use property was built in 1911 and remodeled after its 2018 acquisition. The main level contains three individually metered commercial spaces, all leased to a restaurant, salon, and record shop. The second floor includes 11 residential units: two one-bedroom apartments with full bathrooms and kitchenettes, plus nine micro units with varying kitchenette configurations.
Resident areas include a shared kitchen and dining room, an enclosed grilling area with built-in BBQ, seating and a gas fire pit, and a rear deck. Additional common facilities include a washer/dryer closet, two powder rooms, and two dedicated shower rooms. The mostly open basement contains three secured storage units and space for additional build-out or repurposing. The property is zoned CM2 and occupies 0.12 acres in Portland’s Kenton neighborhood.
Resident areas include a shared kitchen and dining room, an enclosed grilling area with built-in BBQ, seating and a gas fire pit, and a rear deck. Additional common facilities include a washer/dryer closet, two powder rooms, and two dedicated shower rooms. The mostly open basement contains three secured storage units and space for additional build-out or repurposing. The property is zoned CM2 and occupies 0.12 acres in Portland’s Kenton neighborhood.
Key Highlights
- 14,100‑square‑foot mixed‑use property on 0.12 acres
- Three individually metered commercial spaces, all leased
- 11 residential units, including 2 one‑bedroom apartments and 9 micro units
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
$190,350
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
5.44%
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%
$3,807,000
$3.8M
Cap Rate 7%
$2,719,286
$2.7M
Cap Rate 9%
$2,115,000
$2.1M
Market Conditions
NOI Build-Up for 14,100 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
$338.4K $24.00/SF
− Vacancy
−$33.8K −$2.40/SF
EGI
$304.6K $21.60/SF
− OpEx
−$114.2K −$8.10/SF
NOI
$190.4K $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%
$3,807,000
Cap Rate 7%
$2,719,286
Cap Rate 9%
$2,115,000
Alternative Uses
Best Use
Mixed Use
$2.72M
$2.38M – $3.17M
NOI $190,350 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$2.59M
$2.26M – $3.02M
NOI $181,044 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $277,174 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Remodeled property combines three leased storefronts with 11 residential units and shared resident amenities.
Where is this mixed-use property located?
The property is located at 8212 N DENVER Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 14,100‑square‑foot mixed‑use property on 0.12 acres; Three individually metered commercial spaces, all leased; 11 residential units, including 2 one‑bedroom apartments and 9 micro units
