Renovated Multi-Level Retail
921-927 NW 23rd Ave, Portland, OR 97210
For Sale
Contact for pricing
Four-floor commercial space with a covered patio, private balcony, and ADA-accessible improvements.
Property Size3,247 SF
Price / SF$446.57
Days on Market101
Property Features for 921-927 NW 23rd Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Amenities
covered patio
private balcony
security system
digital entry keypad
secured bike storage
ADA compliant upgrades
Building Details
Buildings
Stories
Listing Agency:
Apex Real Estate Partners
(503) 595-2840
Listed By:
Miles von Bergen
(503) 201-8768
Source:
Moodyscre
Added: Aug 6
Changed: Nov 3
Last Checked: Nov 12 at 9:16AM
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 Real Estate Partners
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,247-square-foot retail property spans four floors and has been renovated with contemporary finishes. The layout includes retail, tasting room, bar, studio, and office areas, along with a covered patio featuring ADA-accessible access and a private 3rd-floor balcony. ADA-compliant upgrades, a security system, and digital entry keypad are also in place.
Located at 921-927 NW 23rd Ave in Portland’s Alphabet District, the property sits within a retail-oriented corridor with street parking and visible frontage along NW 23rd Ave. Secured bicycle storage adds another on-site feature. Existing bar FF&E is available for purchase, providing an option for an owner-user seeking an operating-ready setup.
Located at 921-927 NW 23rd Ave in Portland’s Alphabet District, the property sits within a retail-oriented corridor with street parking and visible frontage along NW 23rd Ave. Secured bicycle storage adds another on-site feature. Existing bar FF&E is available for purchase, providing an option for an owner-user seeking an operating-ready setup.
Key Highlights
- 3,247 SF retail property distributed across four floors
- Renovated interior with contemporary, high‑end finishes
- Retail, tasting room, bar, studio, and office areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,718
Cap Rate
3.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$874,360
$874.4K
Cap Rate 7%
$624,543
$624.5K
Cap Rate 9%
$485,756
$485.8K
Market Conditions
NOI Build-Up for 3,247 SF
Gross rent
$62.3K $19.20/SF
− Vacancy
−$4.1K −$1.25/SF
EGI
$58.3K $17.95/SF
− OpEx
−$14.6K −$4.49/SF
NOI
$43.7K $13.46/SF
Area
Portland, OR
Vacancy
6.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$874,360
Cap Rate 7%
$624,543
Cap Rate 9%
$485,756
Alternative Uses
Best Use
Specialty Retail
$624.5K
$546.5K – $728.6K
NOI $43,718 @ 7.0% cap · market cap 3.02%
Second Best
Office B
$600.4K
$525.4K – $700.5K
NOI $42,031 @ 7.0% cap · market cap 2.90%
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.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,754
Businesses Nearby
Explore this area
Business Placement
Demographics for 97210, OR
13,016
Population
7,910
Households
1.6
Avg Household Size
38
Median Age
76%
College-Educated
97%
High-School Grad
8.9 sq mi
ZIP Area
1,462
Density / Sq Mi
$87,942
Median Household Income
$66,429
Median Earnings
$1,577
Median Rent
$991,500
Median Home Value
Market
Average Price Trend$/SF for Retail space in Portland, OR
Properties on Market for Retail space in Portland
Vacancy Rate% for Office in Portland, OR
Frequently Asked Questions
What type of property is this?
Retail space - Four-floor commercial space with a covered patio, private balcony, and ADA-accessible improvements.
Where is this retail space located?
The property is located at 921-927 NW 23rd Ave 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: 3,247 SF retail property distributed across four floors; Renovated interior with contemporary, high‑end finishes; Retail, tasting room, bar, studio, and office areas
