Central Eastside Commercial
For Sale
Contact for pricing
324 SE Grand Ave, Portland, OR 97214
Prime location with versatile zoning and development potential.
Property Size18,000 SF
Price / SF$194.44
Days on Market1078
Property Features for 324 SE Grand Ave
General Information
Standard status
Active
Size
18,000 SF
Total Parking Spaces
20
Property subtype
Retail, Mixed Use
Zoning
EX
Investment Type
Owner/User
Building Details
Year Built
1925
Buildings
1
Stories
1
Listing Agency:
Cascade Commercial Real Estate
Listed By:
Todd DeNeffe · License #OR
Source:
Crexi
Added: Nov 7, 2023
Changed: Oct 15
Last Checked: Oct 19 at 7:31AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$209,790
Cap Rate
5.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,195,800
$4.2M
Cap Rate 7%
$2,997,000
$3.0M
Cap Rate 9%
$2,331,000
$2.3M
Market Conditions
NOI Build-Up for 18,000 SF
Gross rent
$324.0K $18.00/SF
− Vacancy
−$24.3K −$1.35/SF
EGI
$299.7K $16.65/SF
− OpEx
−$89.9K −$5.00/SF
NOI
$209.8K $11.66/SF
Area
Portland, OR
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,195,800
Cap Rate 7%
$2,997,000
Cap Rate 9%
$2,331,000
Alternative Uses
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 authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,974
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Portland, OR
Similar Off Market Nearby
- knot & fern — 911 SE Salmon St, Portland, OR 97214, United States
- Landeau | Portland — 555 SW Oak St, Portland, OR 97204, United States
Frequently Asked Questions
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.
