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    2928 Hawthorne Blvd Portland, OR 97214

    Sponsored
    For Sale
    $1,300,000

    Mixed-use building, strong NOI, value-add potential.

    Property size:
    5,145 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    Abbey House, located at 2928 SE Hawthorne Blvd in Portland, Oregon's vibrant Hawthorne District, presents a compelling investment opportunity. This 5,145 square foot mixed-use building, constructed in 1901 and zoned CM2 (Commercial Mixed Use 2), offers a blend of medical office, storefront, and traditional office spaces. Currently operating at 100% occupancy with twelve units, the property boasts a strong historical leasing performance and recent building upgrades. The asking price is $1,300,000, translating to $252.67 per square foot and $108,333.33 per unit. The current Net Operating Income (NOI) is $82,254, yielding a 6.33% capitalization rate (Cap Rate). The property features gross leases with a remaining term of one year on the current multi-tenant occupancy, providing a value-add opportunity for the new owner. This freestanding building offers an ideal scenario for an owner-user or an investor seeking a property with significant upside potential in a highly desirable Portland location. The property's strong NOI and current occupancy make it an attractive investment with a projected pro-forma cap rate of 6.33% and pro-forma NOI of $82,254.

    Property Features for 2928 Hawthorne Blvd

    General Information

    Property type
    Individual retail properties
    Square Feet
    5,145 SF

    Building Details

    Year Built
    1901
    Units
    12

    HighLights

    • Recently renovated building.
    • Excellent historical occupancy rates.
    Property Profile Location Intelligence

    Current Use by Public Records

    Embody Massage Therapist Celedon Electrolysis Electrolysis Hair Removal Service Silkface Skin & Body Facial Spa Molly Doll Counselor Heather Wilson Midwife

    Suggested Use

    Law Firm Restaurant Realty agency Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.6354412
    Latitude
    45.5118544

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    FAQs

    What type of property is this?
    Individual retail property - Mixed-use building, strong NOI, value-add potential.
    Where is this individual retail property located?
    The property is located at 2928 Hawthorne Blvd Portland, OR.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: Recently renovated building.; Excellent historical occupancy rates.;
    Request Owner's contact information
    2928 Hawthorne Blvd Portland, OR 97214
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2928 Hawthorne Blvd Portland, OR 97214
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