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    234 Grand Ave Portland, OR 97214

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    For Sale
    Contact for pricing

    0.41-acre commercial land, high visibility

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 0.41-acre development site, located at 234-240 Southeast Grand Avenue in Portland, Oregon (97214), presents a remarkable opportunity. Zoned EX - Central Employment, this 18,000 square foot parcel boasts a base Floor Area Ratio (FAR) of 6:1 and a maximum FAR of 9:1 with bonus potential, allowing for a maximum height of 100 feet. Existing land use approvals are in place for a mass timber office building. However, the zoning also permits development for market-rate multi-family, affordable housing, and additional office uses, offering significant flexibility for diverse projects. The property's prime location within Multnomah County places it in close proximity to major employers and retailers, enhancing its appeal and potential for high occupancy rates. Its high visibility and convenient access to popular Eastside restaurants and shops further contribute to its desirability. Furthermore, the site borders the streetcar line, with the MAX Light Rail just a short distance away, ensuring excellent public transportation access. Easy access to Downtown Portland and major freeways (I-84, I-5, and I-405) provides unparalleled connectivity. APN: R150193 & R150194. The sale price is available upon request.

    Property Features for 234 Grand Ave

    General Information

    Property type
    Land
    Lot Size
    17,860 SF

    HighLights

    • 0.41‑acre development site with existing land use approvals for a mass timber office building.
    • EX‑Central Employment zoning allows for market‑rate multi‑family, affordable housing, and office development.
    • Excellent walkability to Eastside restaurants and shops.
    • Prime location bordering the streetcar line, with proximity to MAX Light Rail.
    • Unparalleled access to Downtown Portland and major freeways (I‑84, I‑5, and I‑405).
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Dental Office Spa & Massage Hair Salon Nail Salon Restaurant Building Supply Pharmacy Daycare Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.66035789635
    Latitude
    45.520792862221

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    FAQs

    What type of property is this?
    Land - 0.41-acre commercial land, high visibility
    Where is this land located?
    The property is located at 234 Grand Ave Portland, OR.
    What are key features of this property?
    This property features: 0.41-acre development site with existing land use approvals for a mass timber office building.; EX-Central Employment zoning allows for market-rate multi-family, affordable housing, and office development.; Excellent walkability to Eastside restaurants and shops.
    (503) 222-2655
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    234 Grand Ave Portland, OR 97214
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    Portland, OR 97214
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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
    234 Grand Ave Portland, OR 97214
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