Renovated Multi-Level Retail
New
For Sale
Contact for pricing
921-927 NW 23rd Ave, Portland, OR 97210
Four-floor commercial space with a covered patio, private balcony, and ADA-accessible improvements.
Property Size3,247 SF
Price / SF$446.57
Days on Market6
Property Features for 921-927 NW 23rd Ave
General Information
Standard status
Active
Size
3,247 SF
Property subtype
RETAIL
Amenities
covered patio
private balcony
security system
digital entry keypad
secured bike storage
ADA compliant upgrades
Building Details
Buildings
1
Stories
4
Listing Agency:
Apex Real Estate Partners
(503) 201-8768
Listed By:
Miles von Bergen
(503) 201-8768
Source:
Moodyscre
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 10 at 4:40AM
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
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 = 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
$43,718
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
3.02%
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%
$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
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
$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 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%
$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.
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
Vacancy Rate% for Office in Portland, OR
Questions? Ask Rey
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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
