Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    112 2nd Ave, Unit 118 Portland, OR 97204-3507
    Back to Search
    Property profile & analytics

    112 2nd Ave, Unit 118 Portland, OR 97204-3507

    View on Map
    • Turn key restaurants
    • 9,000 SF
    • 0.11 lot acres
    Off-Market
    Property ID
    US71-0810892
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $3,790,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Cardtronics / Atm
    • Kells Irish Restaurant & Pub / Restaurant

    Property Details for 112 2nd Ave

    Year built
    1889
    Lot size
    0.11 lot acres
    Property size
    9,000 SF
    Zone code
    CXD
    Property type
    Turn key restaurants
    APN
    1N1E34CD 01900
    APU
    1N1E34CD01900

    Description

    This iconic Portland establishment, housed in a beautifully maintained three-story, 12,313 square foot building at 112 SW 2nd Ave, presents a unique investment opportunity. Built in 1889, this Class B property boasts two commercial kitchens, two bars, and abundant space ideal for a restaurant, bar, and/or event venue. The building features elevator service and seismic upgrades, reflecting a commitment to modern functionality within its historic structure. Located in both an Opportunity Zone and Enterprise Zone, this single-tenancy property offers significant potential. The permitted CX zoning allows for diverse uses. The 0.11-acre lot provides ample space for outdoor seating or expansion. The asking price is $2,500,000, translating to $219.28 per square foot. This turnkey operation is one of the few Portland buildings permitting indoor smoking in a designated cigar bar, adding a unique selling point. The building's rich history and prime location in the Central Business District (CBD) make it an exceptional investment for an owner/user seeking a thriving hospitality business.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,791,000
      Market price range: $1.74M - $4.45M
      AI Estimate
      $3,791,000
      Market price range: $1.74M - $4.45M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,080,000
      Current use
      AUTO REPAIR, GARAGE
      $2,750,000
      Change: -11% Conversion: Difficult
      MEDICAL BUILDING
      $2,720,000
      Change: -12% Conversion: Difficult
      RETAIL STORES
      $2,700,000
      Change: -12% Conversion: Easy
      OFFICE BUILDING
      $2,600,000
      Change: -16% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $2,590,000
      Change: -16% Conversion: Easy

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.672
    Latitude
    45.5216
    CBSA code
    38900
    CBSA name
    PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $42,733
    $0.00
    $0.00
    $1,614,180
    -
    $970,950
    $2,001,340
    $2,972,290

    Comparable in this City

    • Value Estimation
      $2,020,000
      5,000 SF

      318 Taylor St

      RESTAURANT • 5,000 SF
      318 Taylor St, Portland, OR 97204-2412
      View Details
    • Value Estimation
      $1,015,000
      5,166 SF

      318 3rd Ave

      RESTAURANT • 5,166 SF
      318 3rd Ave, Portland, OR 97204-2702
      View Details
    • Value Estimation by Request
      0.06 Acres

      833 Wi Sw Naito Pkwy

      RESTAURANT • 0.06 Acres
      833 Wi Sw Naito Pkwy, Portland, OR 97204
      View Details
    • Value Estimation by Request
      0.08 Acres

      410 Main St

      RESTAURANT • 0.08 Acres
      410 Main St, Portland, OR 97204-1903
      View Details
    • Value Estimation
      $2,115,000
      8,740 SF

      521 4th Ave, Unit 533

      RESTAURANT • 8,740 SF
      521 4th Ave, Portland, OR 97204-2101
      View Details
    • Value Estimation
      $2,405,000
      12,450 SF

      16 3rd Ave

      RESTAURANT • 12,450 SF
      16 3rd Ave, Portland, OR 97204-2721
      View Details

    Similar Nearby for Sale

    • $6,800,000
      28,898 SF

      Portland Mixed-Use Investment Opportunity

      Historic building, prime location, high potential.
      126 2Nd Ave, Portland, OR 97204
      View Details
    • New
      $3,750,000
      0.33 Acres

      Prime Downtown Portland Land Parcel

      Highly visible downtown Portland parcel with development potential.
      969 SW 2Nd Ave, Portland, OR 97204
      View Details
    • $3,750,000

      Downtown Portland Development Opportunity

      Highly visible downtown Portland parcel with development potential.
      969 SW 2Nd Ave, Portland, OR 97204
      View Details
    • Contact for pricing
      77,315 SF

      Portland Qualified Opportunity Zone Site

      Premier location with high development potential in Portland's CBD.
      425 SW 5Th Ave, Portland, OR 97204
      View Details
    • $13,950,000
      83,032 SF

      Landmark Building with Sustainable Design

      Historic building with modern expansion and sustainable features.
      45 SW Ankeny St, Portland, OR 97204
      View Details
    • Contact for pricing

      Portland CBD Development Opportunity Zone

      High-density development site in Portland's Central Business District.
      SW Alder St, Portland, OR 97204
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,500 SF

      Unique Retail Space with Mezzanine

      Retail space with mezzanine level below 26 apartments.
      418 SW 4Th Ave, Portland, OR 97204
      View Details
    • Contact for pricing
      15,880 SF

      Portland Central Business District Location

      Office and retail spaces in the heart of Portland.
      851 SW 6Th Ave, Portland, OR 97204
      View Details
    • $21 SF/Yr

      Downtown Portland Retail/Restaurant Spaces

      Four retail/restaurant spaces available in downtown Portland.
      520 Southwest 6Th Avenue Dr, Portland, OR 97204
      View Details
    • Contact for pricing
      6,790 SF

      Portland Retail Space Available

      Prime Portland location, multiple units available.
      1211 5Th Ave, Portland, OR 97204
      View Details
    • Contact for pricing
      1,875 SF

      Waterfront Retail Space Available

      Prime retail location on SW waterfront with river views.
      727 SW Naito Pkwy, Portland, OR 97204
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    112 2nd Ave, Unit 118
    Portland, OR 97204-3507
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    112 2nd Ave, Portland, OR, 97204
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!