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Property profile & analytics
FOR SALE
Office Spaces
1001 NW 23Rd Ave Portland, OR 97210
Trust Owned
~
Est. High Equity
Property ID
US71-0407124
For Sale
1 / 5
$1,620,000
1001 NW 23Rd Ave, Portland, OR 97210
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1923
Total area
5,000 SF
Lot
0.12 ac (5,050 SF)
Zoning code
CS
APN
1N1E33BC 12800
UPID
US71-0407124
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
U.S. Bank-Michael Martin-Mortgage Loan Officer Loan Service Bank
-
U.S. Bank Branch Bank Loan Service
-
U.S. Bank ATM Atm
-
Mechanical Insulation Contracting General Contractor Renovation Specialist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.49M
Blend (final)
Blend
$1.62M
Owner & transaction history
Scott P Timberlake Rev Living Trust
Scott P Timberlake Rev Living Trust
since 2025
Last sale
$1.8M
7 recorded transactions
Zoning & alternative use
CS · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.7M
+3.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Portland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Portland submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,665,000
Current use
RESTAURANT
$1,710,000
Change: +3% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,550,000
Change: -7% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,525,000
Change: -8% · Conversion: Difficult
MEDICAL BUILDING
$1,510,000
Change: -9% · Conversion: Easy
RETAIL STORES
$1,500,000
Change: -10% · Conversion: Easy
OFFICE BUILDING
$1,445,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$1.62M
Range $1.46M – $1.78M · ±10% · vs last sale $1.75M (Aug 4 2025)
Last sale anchor
$1.75M
Aug 4 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$324 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$19,717
Tax year 2023
Assessed value
$744,770
Assessed 2023
Previous assessed
$723,080
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$799,490
Improvement market value
$1,807,690
Total market value
$2,607,180
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Sale
Year built
1923
Heating
NONE
Stories
1
Total area
5,000 SF
Lot
0.12 ac (5,050 SF)
Zoning code
CS
APN
1N1E33BC 12800
UPID
US71-0407124
Jurisdiction
MULTNOMAH
Zoning & alternative use
CS · Portland, OR
Zoning CS · permitted uses
CS · Portland, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Portland. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.7M
RESTAURANT
Est. value
$1.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.6M
AUTO REPAIR, GARAGE
Est. value
$1.5M
MEDICAL BUILDING
Est. value
$1.5M
RETAIL STORES
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.4M
COMMERCIAL (GENERAL) Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1923
Heating
NONE
Stories
1
Lot
0.12 ac
Current owner
From public records · entity-resolved
Scott P Timberlake Rev Living Trust
Trust
Mailing address
322 SE 61ST AVE, PORTLAND, OR 97215-1239
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 4, 2025
$1,750,000
Scott P Timberlake Rev Living Trust
Gmd Properties LLC
Warranty Deed
$1,000,000 · Rose E Mihata Living Trust
Oct 30, 2025
$1,750,000
Scott P Timberlake Rlt
Gmd Properties LLC
Warranty Deed
—
Jun 19, 2014
—
Droogy LLC
Meadows,linda
Grant Deed
—
Apr 28, 2014
—
Christine Meadows
Drougas Lorraine R
Grant Deed
related
—
Apr 3, 2014
—
Lorraine R Drougas
Drougas George C
Quit Claim Deed
related
—
Apr 23, 2013
—
Christine Meadows
Drougas Lorraine R
Grant Deed
related
—
Sep 20, 2007
—
Gmd Properties LLC
Hulzebosch,brandon C
Grant Deed
—
Aug 9, 2007
—
Gmd Properties LLC
Jordan,jennifer
Warranty Deed
—
Mar 20, 2006
—
Gloria M Drougas
Drougas,thomas C SR
Quit Claim Deed
related
—
Dec 2, 2005
—
Thomas C Drougas
Drougas Gloria M Trust
Quit Claim Deed
related
—
Nov 21, 2005
—
Drougas Gloria M Trust
Drougas,gloria M
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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