Cornelius Industrial Land For
For Sale
$7,500,000
85 N 26th Avenue, Cornelius, OR 97113
Industrial land with redevelopment potential in Cornelius, Oregon.
Property Size36,500 SF
Lot Size6.25 Acres
Price / SF$205.48
Days on Market242
Property Features for 85 N 26th Avenue
General Information
Standard status
Active
Size
36,500 SF
Lot size
6.25 Acres
Property subtype
Grandfathered Non-Conforming Industrial Use
Listing Agency:
NAI Elliott
Listed By:
Chris Lio · License #OR #970200025
(503) 804-2929
Source:
Naiglobal
Added: Feb 26
Changed: Oct 19
Last Checked: Oct 24 at 3:34PM
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 NAI Elliott
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Investment Insights
Based on property information with market context.
This property presents an exceptional opportunity with immediate upside due to grandfathered industrial zoning rules, along with significant long-term potential for mixed-use redevelopment. The site is envisioned as a gateway neighborhood to the City of Cornelius. The existing industrial configuration cannot be changed or expanded, and redevelopment or expansion will require development under current zoning, which will require mixed commercial and residential use. The property features a large, level site with below-market yard and building rent. There are six existing buildings and a three-sided covered parking shed on-site, totaling approximately 36,500 square feet. The property includes roughly 6.25 acres of leasable yard areas and approximately 4 acres of surplus frontage property suitable for future mixed-use development. The location offers excellent highway access to Hillsboro and the western Portland suburbs. Immediate rental upside exists for industrial yard use under the grandfathered zoning. The property has excellent long-term redevelopment potential as a mixed-use gateway neighborhood.
Key Highlights
- Immediate rental upside as industrial yard under grandfathered zoning.
- Excellent long‑term redevelopment potential for mixed‑use development.
- Large level site with significantly below‑market yard and building rent.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$229,092
Cap Rate
3.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,581,840
$4.6M
Cap Rate 7%
$3,272,743
$3.3M
Cap Rate 9%
$2,545,467
$2.5M
Market Conditions
NOI Build-Up for 36,500 SF
Gross rent
$350.4K $9.60/SF
− Vacancy
−$23.1K −$0.63/SF
EGI
$327.3K $8.97/SF
− OpEx
−$98.2K −$2.69/SF
NOI
$229.1K $6.28/SF
Area
Washington County, OR
Vacancy
6.60%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,581,840
Cap Rate 7%
$3,272,743
Cap Rate 9%
$2,545,467
Alternative Uses
Best Use
Industrial
$3.27M
$2.86M – $3.82M
NOI $229,092 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.85M
$8.62M – $11.49M
NOI $689,657 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 97113, OR
15,075
Population
5,500
Households
2.7
Avg Household Size
35
Median Age
18%
College-Educated
80%
High-School Grad
34.9 sq mi
ZIP Area
432
Density / Sq Mi
$93,131
Median Household Income
$41,247
Median Earnings
$1,457
Median Rent
$434,100
Median Home Value
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Market
Vacancy Rate% for Industrial in West region
Frequently Asked Questions
What type of property is this?
Industrial property - Industrial land with redevelopment potential in Cornelius, Oregon.
Where is this industrial property located?
The property is located at 85 N 26th Avenue Cornelius, OR.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: Immediate rental upside as industrial yard under grandfathered zoning.; Excellent long‑term redevelopment potential for mixed‑use development.; Large level site with significantly below‑market yard and building rent.
