Two-Story Retail
For Sale
Contact for pricing
9009 SW Hall Blvd, Tigard, OR 97223
Macy’s Furniture Gallery occupies the property under a lease scheduled to expire in early 2028.
Property Size50,808 SF
Lot Size2.49 Acres
Price / SF$247.21
Days on Market8
Property Features for 9009 SW Hall Blvd
General Information
Standard status
Active
Size
50,808 SF
Lot size
2.49 Acres
Property subtype
RETAIL
Zoning
MUC
Site & Location
Traffic Count
20,000 vehicles/day
Highway Access
Yes
Building Details
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Northmarq | Lake Oswego
(503) 887-1233
Listed By:
Mickey Salzman · License #960500191
(212) 603-9549
Source:
Moodyscre
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 11 at 2:02PM
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 | Lake Oswego
Investment Insights
Based on property information with market context.
This 50,808-square-foot retail property comprises a two-story building on a 2.49-acre parcel designated MUC. Macy’s Furniture Gallery has operated at the site for nearly 20 years, providing an established large-format retail occupancy. The current lease is scheduled to expire in early 2028 and includes four 5-year renewal options with 10% rent increases at each option period.
The property fronts SW Hall Blvd, where traffic is approximately 20,000 VPD, and offers immediate access to Highway 217, which carries approximately 107,400 VPD. Washington Square regional mall is located nearby and records more than 10 million annual visits. The surrounding 5-mile area has average household income above $150,000, supporting the property’s position within an established retail trade area.
The property fronts SW Hall Blvd, where traffic is approximately 20,000 VPD, and offers immediate access to Highway 217, which carries approximately 107,400 VPD. Washington Square regional mall is located nearby and records more than 10 million annual visits. The surrounding 5-mile area has average household income above $150,000, supporting the property’s position within an established retail trade area.
Key Highlights
- 50,808‑square‑foot, two‑story retail building
- 2.49‑acre parcel with MUC zoning
- Macy’s Furniture Gallery has operated at the site for nearly 20 years
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
Current Use
Lease Details
20,000 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway 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 West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Macy’s Furniture Gallery occupies the property under a lease scheduled to expire in early 2028.
Where is this retail space located?
The property is located at 9009 SW Hall Blvd Tigard, 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: 50,808‑square‑foot, two‑story retail building; 2.49‑acre parcel with MUC zoning; Macy’s Furniture Gallery has operated at the site for nearly 20 years
