Retail Condo Building with Multiple
For Sale
Contact for pricing
922 NW 11th Ave, Portland, OR 97209
Retail condo in Portland’s Pearl District with three available suites totaling 8,951 SF.
Property Size15,203 SF
Price / SF$279.55
Days on Market173
Property Features for 922 NW 11th Ave
General Information
Standard status
Active
Size
15,203 SF
Class
A
Property subtype
Retail
Occupancy
41%
Investment Type
Value Add
Net Operating Income
$67,992
Building Details
Year Built
2004
Units
6
Tenancy
Multi
Listing Agency:
Northmarq - Seattle
Listed By:
Sean Tufts · License #WA 74057
(206) 550-1557
Source:
Crexi
Added: Mar 25
Changed: Sep 10
Last Checked: Sep 13 at 7:19AM
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 Northmarq - Seattle
Investment Insights
Based on property information with market context.
This retail condo totals 15,203 SF and includes 8,951 SF of available space across three suites. The property is currently 41% leased to three tenants: Lovejoy Bakers, Alchemy Jeweler, and US Bank. Lovejoy Bakers has been in operation for 10+ years at this location, while Alchemy Jeweler and US Bank have both been in operation for 20+ years. US Bank has a recent 5-year extension, supporting continued institutional-credit occupancy.
Located at 922 NW 11th Ave in Portland’s Pearl District, the asset is part of The Blocks mixed-use portfolio, which includes 10 buildings and approximately 94,000+ SF of retail. The surrounding area is supported by an estimated 1,200 nearby residential condo units and walkable density.
With multiple suites and significant available square footage, the configuration offers flexibility for an owner-user looking to occupy while leasing remaining space, as well as for re-leasing opportunities or suite reconfiguration.
Located at 922 NW 11th Ave in Portland’s Pearl District, the asset is part of The Blocks mixed-use portfolio, which includes 10 buildings and approximately 94,000+ SF of retail. The surrounding area is supported by an estimated 1,200 nearby residential condo units and walkable density.
With multiple suites and significant available square footage, the configuration offers flexibility for an owner-user looking to occupy while leasing remaining space, as well as for re-leasing opportunities or suite reconfiguration.
Key Highlights
- 15,203 SF retail condo in Portland’s Pearl District as part of The Blocks mixed‑use portfolio
- 8,951 SF available across three suites, offering space for owner‑user occupancy or re‑tenanting
- Currently 41% leased to Lovejoy Bakers, Alchemy Jeweler, and US Bank
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
$204,693
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
4.82%
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%
$4,093,860
$4.1M
Cap Rate 7%
$2,924,186
$2.9M
Cap Rate 9%
$2,274,367
$2.3M
Market Conditions
NOI Build-Up for 15,203 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
$291.9K $19.20/SF
− Vacancy
−$19.0K −$1.25/SF
EGI
$272.9K $17.95/SF
− OpEx
−$68.2K −$4.49/SF
NOI
$204.7K $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%
$4,093,860
Cap Rate 7%
$2,924,186
Cap Rate 9%
$2,274,367
Alternative Uses
Best Use
Specialty Retail
$2.92M
$2.56M – $3.41M
NOI $204,693 @ 7.0% cap · market cap 4.82%
Second Best
Retail
$2.53M
$2.21M – $2.95M
NOI $177,191 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$4.27M
$3.74M – $4.98M
NOI $298,856 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 97209, OR
22,755
Population
16,437
Households
1.4
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
1.0 sq mi
ZIP Area
22,755
Density / Sq Mi
$84,059
Median Household Income
$68,731
Median Earnings
$1,669
Median Rent
$573,700
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail condo in Portland’s Pearl District with three available suites totaling 8,951 SF.
Where is this retail space located?
The property is located at 922 NW 11th Ave Portland, OR.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 15,203 SF retail condo in Portland’s Pearl District as part of The Blocks mixed‑use portfolio; 8,951 SF available across three suites, offering space for owner‑user occupancy or re‑tenanting; Currently 41% leased to Lovejoy Bakers, Alchemy Jeweler, and US Bank
