Remodeled Restaurant with Event
For Sale
Contact for pricing
9225 SW Allen Boulevard, Portland, OR 97223
NS-zoned property with a patio, multiple access points, and a renovated commercial kitchen.
Property Size8,100 SF
Price / SF$290.12
Days on Market400
Property Features for 9225 SW Allen Boulevard
General Information
Standard status
Active
Size
8,100 SF
Property subtype
RETAIL
Zoning
NS
Additional Details
Patio
Yes
Amenities
upstairs event space
Building Details
Year Renovated
2023
Listing Agency:
Colliers | Portland
(503) 499-0089
Listed By:
Robbie MacNichol · License #20129814
Source:
Moodyscre
Added: Jul 28, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:44PM
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 Colliers | Portland
Investment Insights
Based on property information with market context.
This 8,100-square-foot restaurant property includes a commercial kitchen, an upstairs event area, and an outdoor patio. The kitchen and upstairs event space underwent a full remodel in 2023, providing updated facilities for continued restaurant and event operations.
Zoned Neighborhood Services (NS), the property has three points of ingress and egress. A roundabout is located at the intersection of SW 92nd Avenue and SW Allen Boulevard. The zoning also allows multifamily development, creating additional long-term development flexibility for the site.
Zoned Neighborhood Services (NS), the property has three points of ingress and egress. A roundabout is located at the intersection of SW 92nd Avenue and SW Allen Boulevard. The zoning also allows multifamily development, creating additional long-term development flexibility for the site.
Key Highlights
- 8,100‑square‑foot restaurant property with commercial kitchen and upstairs event space
- Full remodel of the commercial kitchen and upstairs event space completed in 2023
- Outdoor patio area included
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
$109,642
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
4.67%
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%
$2,192,840
$2.2M
Cap Rate 7%
$1,566,314
$1.6M
Cap Rate 9%
$1,218,244
$1.2M
Market Conditions
NOI Build-Up for 8,100 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
$155.5K $19.20/SF
− Vacancy
−$9.3K −$1.15/SF
EGI
$146.2K $18.05/SF
− OpEx
−$36.5K −$4.51/SF
NOI
$109.6K $13.54/SF
Area
ZIP 97223
Vacancy
6.00%
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%
$2,192,840
Cap Rate 7%
$1,566,314
Cap Rate 9%
$1,218,244
Alternative Uses
Best Use
Specialty Retail
$1.57M
$1.37M – $1.83M
NOI $109,642 @ 7.0% cap · market cap 4.67%
Second Best
Industrial
$726.3K
$635.5K – $847.3K
NOI $50,839 @ 7.0% cap · market cap 2.16%
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $159,228 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,726
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97223, OR
49,967
Population
21,428
Households
2.3
Avg Household Size
39
Median Age
50%
College-Educated
95%
High-School Grad
11.1 sq mi
ZIP Area
4,502
Density / Sq Mi
$108,040
Median Household Income
$57,411
Median Earnings
$1,726
Median Rent
$577,600
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?
Conventional restaurant - NS-zoned property with a patio, multiple access points, and a renovated commercial kitchen.
Where is this conventional restaurant located?
The property is located at 9225 SW Allen Boulevard Portland, OR.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 8,100‑square‑foot restaurant property with commercial kitchen and upstairs event space; Full remodel of the commercial kitchen and upstairs event space completed in 2023; Outdoor patio area included
