Renovated Mixed-Use Building on
919 NW 23RD Portland, OR 97210
For Sale
$1,450,000
Fully renovated, four-story mixed-use building in Portland's Alphabet District.
Property Size3,247 SF
Lot Size0.08 Acres
Price / SF$446.57
Days on Market202
Property Features for 919 NW 23RD
General Information
Standard status
Active
Size
3,247 SF
Lot size
0.08 Acres
Property subtype
Commercial
Building Details
Year Built
1906
Listing Agency:
APEX RESIDENTIAL
(503) 595-2840
Listed By:
JORDAN FEZLER · License #201225534
Source:
Corcoran
Added: Jan 6
Changed: Jul 10
Last Checked: Jul 27 at 6:02AM
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 APEX RESIDENTIAL
Investment Insights
Based on property information with market context.
Located on NW 23rd Avenue in Portland's Alphabet District, 919 NW 23rd Avenue is a fully renovated, four-story mixed-use building. The property benefits from consistent foot traffic and proximity to retailers, food and beverage concepts, and affluent neighborhoods. The building offers flexibility for a wide range of business models. The ground floor features a bar and tasting room with street visibility. The main floor is designed for assembly use and includes covered outdoor seating, suitable for hospitality, experiential retail, or event-oriented concepts. The upper floor provides flexible space for office, studio, or creative use. The top floor is a renovated bonus space, offering additional functional square footage. The property has high-end finishes throughout and will be delivered vacant, allowing immediate occupancy. The property size is 3247 square feet.
Key Highlights
- Fully renovated with high‑end finishes throughout
- Prime location on NW 23rd Avenue in the Alphabet District, benefiting from high foot traffic
- Delivered vacant, allowing for immediate occupancy
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $77.9k | $24.00 |
| − Vacancy | −$7.8k | −$2.40 |
| EGI | $70.1k | $21.60 |
| − OpEx | −$26.3k | −$8.10 |
| NOI | $43.8k | $13.50 |
3,247 SF · lease $24.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$626.2K
$547.9K – $730.6K
NOI $43,835 @ 7.0% cap · market cap 3.02%
Second Best
Specialty Retail
$624.5K
$546.5K – $728.6K
NOI $43,718 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$911.8K
$797.9K – $1.06M
NOI $63,829 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully renovated, four-story mixed-use building in Portland's Alphabet District.
Where is this mixed-use property located?
The property is located at 919 NW 23RD Portland, OR.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Fully renovated with high‑end finishes throughout; Prime location on NW 23rd Avenue in the Alphabet District, benefiting from high foot traffic; Delivered vacant, allowing for immediate occupancy
