Single-Tenant Furniture
For Sale
Contact for pricing
9009 SW HALL BLVD, Portland, OR 97223
Two-story single-tenant Macy’s Furniture Gallery on a NNN lease along SW Hall Blvd with direct Highway 217 connectivity.
Property Size50,808 SF
Lot Size2.49 Acres
Price / SF$247.21
Days on Market55
Property Features for 9009 SW HALL BLVD
General Information
Standard status
Active
Size
50,808 SF
Total Parking Spaces
129
Lot size
2.49 Acres
Property subtype
Retail
Zoning
MUC
Occupancy
100%
Lease Type
NNN
Net Operating Income
$879,131
Site & Location
Traffic Count
20,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
7%
Building Details
Year Built
1988
Stories
2
Units
1
Tenancy
Single
Listing Agency:
Northmarq - Seattle
Listed By:
Sean Tufts · License #WA 74057
Source:
Crexi
Added: Jul 8
Changed: Aug 8
Last Checked: Aug 28 at 10:51PM
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 Northmarq - Seattle
Investment Insights
Based on property information with market context.
Northmarq presents a single-tenant Macy’s Furniture Gallery for sale. The two-story property totals 50,808 SF and is located on a 2.49-acre infill parcel. The asset is offered with a NNN lease structure.
The building fronts SW Hall Blvd with approximately 20,000 VPD and provides direct connectivity to Highway 217, where traffic is reported at approximately 82,000 VPD. It is also in immediate proximity to Washington Square, a super-regional mall in the Portland MSA that generates over 10 million annual visits per Placer.ai.
The offering is structured at a 7.00% cap rate. The lease includes four (4) five-year renewal options with 10% rent bumps. The surrounding submarket reports vacancy of approximately 3%, indicating a supply-constrained retail environment.
The building fronts SW Hall Blvd with approximately 20,000 VPD and provides direct connectivity to Highway 217, where traffic is reported at approximately 82,000 VPD. It is also in immediate proximity to Washington Square, a super-regional mall in the Portland MSA that generates over 10 million annual visits per Placer.ai.
The offering is structured at a 7.00% cap rate. The lease includes four (4) five-year renewal options with 10% rent bumps. The surrounding submarket reports vacancy of approximately 3%, indicating a supply-constrained retail environment.
Key Highlights
- Two‑story, single‑tenant Macy’s Furniture Gallery built in 1988 offering 50,808 SF
- Located on a 2.49‑acre infill parcel along SW Hall Blvd with 120,000 VPD
- Direct connectivity to Highway 217 with 82,000 VPD
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
$592,167
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
4.71%
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%
$11,843,340
$11.8M
Cap Rate 7%
$8,459,529
$8.5M
Cap Rate 9%
$6,579,633
$6.6M
Market Conditions
NOI Build-Up for 50,808 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
$914.5K $18.00/SF
− Vacancy
−$68.6K −$1.35/SF
EGI
$846.0K $16.65/SF
− OpEx
−$253.8K −$5.00/SF
NOI
$592.2K $11.66/SF
Area
ZIP 97223
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%
$11,843,340
Cap Rate 7%
$8,459,529
Cap Rate 9%
$6,579,633
Alternative Uses
Best Use
Retail
$8.46M
$7.40M – $9.87M
NOI $592,167 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.27M
$12.48M – $16.65M
NOI $998,770 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,661
Businesses Nearby
Explore this area
Business Placement
Demographics for 97223, OR
49,967
Population
21,428
Households
2.3
Avg Household Size
39
Median Age
50%
College-Educated
95%
High-School Grad
11.1 sq mi
ZIP Area
4,502
Density / Sq Mi
$108,040
Median Household Income
$57,411
Median Earnings
$1,726
Median Rent
$577,600
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 - Two-story single-tenant Macy’s Furniture Gallery on a NNN lease along SW Hall Blvd with direct Highway 217 connectivity.
Where is this retail space located?
The property is located at 9009 SW HALL BLVD Portland, OR.
What is the asking price?
The asking price for this property is $12,560,000.
What are key features of this property?
This property features: Two‑story, single‑tenant Macy’s Furniture Gallery built in 1988 offering 50,808 SF; Located on a 2.49‑acre infill parcel along SW Hall Blvd with 120,000 VPD; Direct connectivity to Highway 217 with 82,000 VPD
