LEED-Certified Retail
New
For Sale
$2,500,000
841 S Gaines St, Portland, OR 97239
Retail condominium suites in a LEED-certified mixed-use building with both vacant and leased spaces.
Property Size7,706 SF
Days on Market7
Property Features for 841 S Gaines St
General Information
Standard status
Active
Size
7,706 SF
Property subtype
Retail
Additional Details
Highway Access
Yes
Amenities
LEED Certified
Building Details
Building Size
7,706 SF
Listing Agency:
Capacity Commercial Group
(503) 222-2655
Listed By:
Nicholas Diamond · License #WA #25460
Source:
Buildout
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 31 at 2:55PM
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
Investment Insights
Based on property information with market context.
The property consists of retail condominium space within Atwater Place, a LEED-certified mixed-use condominium building at 841 S Gaines St in Portland’s South Waterfront District. The offering includes four retail suites, with two currently vacant and two fully leased, creating a combination of available space and existing tenancy.
Transportation access includes proximity to I-5, Highways 43 and 26, the Portland Streetcar line, and the MAX Light Rail Orange Line. The retail component is located within the Atwater Place development, providing an established mixed-use setting for both occupied and available condominium space.
Transportation access includes proximity to I-5, Highways 43 and 26, the Portland Streetcar line, and the MAX Light Rail Orange Line. The retail component is located within the Atwater Place development, providing an established mixed-use setting for both occupied and available condominium space.
Key Highlights
- Four retail condominium suites within Atwater Place
- LEED‑certified mixed‑use condominium building
- Two vacant suites and two fully leased suites
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
$89,813
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
3.59%
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%
$1,796,260
$1.8M
Cap Rate 7%
$1,283,043
$1.3M
Cap Rate 9%
$997,922
$997.9K
Market Conditions
NOI Build-Up for 7,706 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
$138.7K $18.00/SF
− Vacancy
−$10.4K −$1.35/SF
EGI
$128.3K $16.65/SF
− OpEx
−$38.5K −$5.00/SF
NOI
$89.8K $11.66/SF
Area
Portland, OR
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,796,260
Cap Rate 7%
$1,283,043
Cap Rate 9%
$997,922
Alternative Uses
Best Use
Retail
$1.28M
$1.12M – $1.50M
NOI $89,813 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,482 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,568
Businesses Nearby
Explore this area
Business Placement
Demographics for 97239, OR
18,323
Population
9,963
Households
1.8
Avg Household Size
39
Median Age
74%
College-Educated
99%
High-School Grad
3.6 sq mi
ZIP Area
5,090
Density / Sq Mi
$108,795
Median Household Income
$67,384
Median Earnings
$1,749
Median Rent
$713,100
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?
Retail space - Retail condominium suites in a LEED-certified mixed-use building with both vacant and leased spaces.
Where is this retail space located?
The property is located at 841 S Gaines St Portland, OR.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Four retail condominium suites within Atwater Place; LEED‑certified mixed‑use condominium building; Two vacant suites and two fully leased suites
