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    23Rd Ave Portland, OR 97209

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    For Lease
    Contact for pricing

    Prime Portland location, 1,510 sq ft available.

    Lot size:
    2,272 SF

    Property Features for 0 23Rd Ave

    General Information

    Property type
    Neighborhood centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    2,272 SF
    Total Rate
    4733.33

    Spaces For Lease

    at 0 23Rd Ave, Portland, OR 97209 Contact us
    Unit Available Space 2

    $25 /Mo

    Size
    1,510 SF
    Contact us

    We can help!

    Listing Contact
    Jeff Olson
    Jeff Olson

    Listing Agency: Commercial Realty Advisors Northwest LLC Listing Agent: Jeff Olson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional retail opportunity is located in the vibrant heart of Portland, Oregon, at the intersection of W Burnside St and NW 23rd Ave, in Multnomah County (zip code 97209). The property, known as The Westerly Shops, is a single-suite strip center totaling 2,272 square feet. Currently, a significant portion of the space, precisely 1,510 square feet, is available for lease. This presents a unique chance for a retailer or restaurant to establish a presence in a high-traffic area. The property's classification as both retail and restaurant-suitable indicates its versatility and potential to accommodate a wide range of businesses. The building's location offers excellent visibility and accessibility, making it an ideal spot for attracting customers. The address is easily identifiable and situated within a well-established commercial district of Portland. This space is perfect for a business seeking a prominent location with ample square footage to operate and grow. The available space is ready for immediate occupancy, providing a seamless transition for new tenants. Interested parties are encouraged to inquire further to explore the possibilities of this prime Portland retail space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Neighborhood centers

    Map

    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.6852415
    Latitude
    45.5229145

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    FAQs

    What type of property is this?
    Neighborhood center - Prime Portland location, 1,510 sq ft available.
    Where is this neighborhood center located?
    The property is located at 23Rd Ave Portland, OR.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: 1,510 SF retail space available for lease in a 2,272 SF strip center in Portland, OR (97209).; Abundant shared off-street parking with Uptown Shopping Center.; Prime location in Portland's Uptown District, connecting the urban core with the West Hills, offering a mix of daily grocery, pharmacy, upscale restaurant, and retail clientele.
    (503) 274-0211 Call to check price and availability
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    23Rd Ave Portland, OR 97209
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    23Rd Ave Portland, OR 97209
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    Contact for Pricing
    Please call us for current price
    and status of this listing Jeff Olson
    Jeff Olson
    (503) 274-0211 (503) 957-1452 (503) 624-6300
    Learn more
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