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Property profile & analytics
FOR LEASE
Office Spaces
1104 NW 15Th Ave Portland, OR 97209
Entity Owned
27-yr Hold
~
Est. High Equity
Property ID
US71-0454863
For Lease
1 / 24
$22 SF/Yr
1104 NW 15Th Ave, Portland, OR 97209
View Listing →
Property summary
AI-generated overview
The Reid Pacific Building, a historic Portland landmark constructed in 1908, offers exceptional executive office space in the vibrant Pearl District. This Class B building boasts 15,000 total square feet, currently featuring 7,240 square feet of vacant space available for lease. Two suites are available, with a minimum divisible space of 2,640 square feet and a maximum contiguous space of 4,600 square feet. The building's character is undeniable, showcasing exposed brick walls, beautiful hardwood floors, and high ceilings with exposed post and beam construction. Natural light floods the space from two sides. Building amenities include 24-hour access, a convenient building shower, and freight elevator service. Located at 1104 NW 15th Ave, Portland, OR 97209, in Multnomah County, this property presents a unique opportunity to establish a presence in one of Portland's most sought-after neighborhoods. The building's historical charm combined with modern conveniences makes it an ideal location for businesses seeking a distinctive and functional workspace. Contact us today to learn more about leasing opportunities.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1908
Total area
20,000 SF
Lot
0.11 ac (5,000 SF)
Zoning code
EXD
APN
1N1E33AA 02600
UPID
US71-0454863
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
-
Circle Media Inc. (Bike/Boat/Book/etc) Store Corporate Office
-
International Center for Law & Economics Charitable Organization Social Service Agency
-
Parking NW - MachineWorks Building Garage Parking Lot & Garage
-
Ashe Legal Group, DBA Tangible Law Firm
-
Lewis & Solberg LLC Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.27M
Blend (final)
Blend
$4.27M
Owner & transaction history
Marshall Street Investments Lc · 27 yrs held
Marshall Street Investments Lc
since 1998
6 recorded transactions
Zoning & alternative use
EXD · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$6.9M
+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)
$6,655,000
Current use
RESTAURANT
$6,850,000
Change: +3% · Conversion: Difficult
AUTO REPAIR, GARAGE
$6,105,000
Change: -8% · Conversion: Difficult
MEDICAL BUILDING
$6,040,000
Change: -9% · Conversion: Easy
RETAIL STORES
$6,005,000
Change: -10% · Conversion: Easy
OFFICE BUILDING
$5,780,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$4.27M
Range $3.84M – $4.70M · ±10%
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
$214 / 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
$29,838
Tax year 2023
Assessed value
$1,127,080
Assessed 2023
Previous assessed
$1,094,260
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$1,439,270
Improvement market value
$4,217,570
Total market value
$5,656,840
Applied tax rate
708.0000
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 Lease
Year built
1908
Heating
NONE
Stories
4
Total area
20,000 SF
Lot
0.11 ac (5,000 SF)
Zoning code
EXD
APN
1N1E33AA 02600
UPID
US71-0454863
Jurisdiction
MULTNOMAH
Zoning & alternative use
EXD · Portland, OR
Zoning EXD · permitted uses
EXD · 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
$6.7M
RESTAURANT
Est. value
$6.9M
AUTO REPAIR, GARAGE
Est. value
$6.1M
MEDICAL BUILDING
Est. value
$6.0M
RETAIL STORES
Est. value
$6.0M
OFFICE BUILDING
Est. value
$5.8M
COMMERCIAL (GENERAL) Current
RESTAURANT
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
1908
Heating
NONE
Stories
4
Lot
0.11 ac
Current owner
From public records · entity-resolved
Marshall Street Investments Lc
Entity
Mailing address
1104 NW 15TH AVE, PORTLAND, OR 97209-2873
Ownership since
1998
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 7, 2023
—
Marshall Street Investments LLC
—
Deed
related
$100,000 · Banner Bank
Nov 18, 2020
—
Marshall Street Investnmentllc
—
Deed
related
$250,000 · Us Bank NA
Apr 9, 2018
—
Marshall Street Investments LLC
—
Deed
related
$200,000 · Us Bank NA
Nov 6, 1998
—
Marshall Street Investments Lc
Reid Trust
Grant Deed
related
—
—
—
Marshall Street Investments
—
Deed Of Trust
related
$465,000 · Bank Of The Northwest
—
—
Marshall Street Investments
—
Deed Of Trust
related
$640,000 · Us Bank NA
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.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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