Central Eastside Commercial
324 SE Grand Ave, Portland, OR 97214
Prime location with versatile zoning and development potential.
Type:Retail
Property size:
18,000 SFPrice / SF:
$194/SF- Added:
- Nov 7, 2023
- Days on Market:
- 933
- Last Refresh:
- May 12 at 11:41 pm
Property Features for 324 SE Grand Ave
General Information
- Standard status
- Active
- Size
- 18,000 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1925
Listing agent Todd DeNeffe License #OR
Listing office Cascade Commercial Real Estate
Listing date Nov 7, 2023
Source Crexi
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 Cascade Commercial Real Estate
HighLights
- Two‑level building with 18,000 sq ft total and grade loading doors to both levels.
- 8,000 sq ft adjacent parking lot accommodating up to 20 vehicles with development potential.
- Excellent exposure with high traffic volume on SE Grand Avenue.
- Located in Portland's Central Eastside, a rapidly growing and desirable sub‑market.
- Flexible EX (Employment) zoning allows for a wide range of uses.
- Strategic location with easy access to freeways, bridges, and the Portland streetcar.
Overview
Located in Portland's Central Eastside, this property offers exposure to over 25,000 vehicles daily on SE Grand Avenue. The building features a 9,000-square-foot main level and a 9,000-square-foot usable warehouse basement, both accessible via grade loading doors. Ceiling heights range from 12 to 14 feet on the main floor and 9 feet in the basement. The EX (Employment) zoning allows for a range of uses, including retail, light industrial, and residential. The property is strategically located with access to I-5 and I-84, as well as bridges to downtown and Northwest Portland, and is along the Portland streetcar line. An adjacent 8,000-square-foot parking lot can accommodate up to 20 vehicles and offers further development potential. Two adjoining properties are available for acquisition, potentially giving a buyer control of over 3/4 of the block. The Central Eastside has seen over $1.2 billion in new property development and investment in the last decade, resulting in 1 million square feet of new or converted office space and over 4,000 apartments, with another $500 million of projected new development in the coming years. The area is home to over 1,000 businesses and 20,000 employees and includes food and beverage establishments, entertainment venues, and creative office users involved in tech, design, and engineering.
Financial Insights
Value Estimation Calculated for Retail
Conservative
$2.33M
NOI $209,790 @ 9.00% cap · cautious / downside scenario
Moderate
$3.00M
NOI $209,790 @ 7.00% cap · market / base-case scenario
Aggressive
$4.20M
NOI $209,790 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $324.0k | $18.00 |
| − Vacancy | −$24.3k | −$1.35 |
| EGI | $299.7k | $16.65 |
| − OpEx | −$89.9k | −$5.00 |
| NOI | $209.8k | $11.66 |
18,000 SF · lease $18.00/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Use Scenarios
Best Use
Retail
$3.00M
$2.62M – $3.50M
NOI $209,790 @ 7.0% cap · market cap 5.99%
Second Best
Warehouse
$1.96M
$1.71M – $2.29M
NOI $137,186 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$5.05M
$4.42M – $5.90M
NOI $353,839 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Storefront properties
Similar Places Nearby
- knot & fern — 911 SE Salmon St, Portland, OR 97214, United States
- Landeau | Portland — 555 SW Oak St, Portland, OR 97204, United States
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Washington
- State
- Oregon
- Longitude
- -122.6603907
- Latitude
- 45.5206406
Nearby Similar for Sale
FAQs
What type of property is this?
Storefront property - Prime location with versatile zoning and development potential.
Where is this storefront property located?
The property is located at 324 SE Grand Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Two‑level building with 18,000 sq ft total and grade loading doors to both levels.; 8,000 sq ft adjacent parking lot accommodating up to 20 vehicles with development potential.; Excellent exposure with high traffic volume on SE Grand Avenue.
