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Property profile & analytics
OFF-MARKET
Estimated value
$3,790,000
Turn key restaurants
112 2nd Ave 118 Portland, OR 97204-3507
Entity Owned
22-yr Hold
~
Est. High Equity
Property ID
US71-0810892
Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1889
Total area
9,000 SF
Lot
0.11 ac (4,750 SF)
Zoning code
CXD
APN
1N1E34CD 01900
UPID
US71-0810892
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
-
Cardtronics Atm
-
Kells Irish Restaurant & Pub Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.79M
Blend (final)
Blend
$3.79M
Owner & transaction history
Southwest Second Building LLC · 22 yrs held
Southwest Second Building LLC
since 2004
7 recorded transactions
Zoning & alternative use
CXD · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
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
Blend value · Realmo final
$3.79M
Range $3.41M – $4.17M · ±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
$421 / 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
$42,733
Tax year 2023
Assessed value
$1,614,180
Assessed 2023
Previous assessed
$1,567,170
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$970,950
Improvement market value
$2,001,340
Total market value
$2,972,290
Applied tax rate
889.0000
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1889
Heating
NONE
Stories
2
Total area
9,000 SF
Lot
0.11 ac (4,750 SF)
Zoning code
CXD
APN
1N1E34CD 01900
UPID
US71-0810892
Jurisdiction
MULTNOMAH
Zoning & alternative use
CXD · Portland, OR
Zoning CXD · permitted uses
CXD · 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
RESTAURANT Current
Est. value
$3.1M
AUTO REPAIR, GARAGE
Est. value
$2.8M
MEDICAL BUILDING
Est. value
$2.7M
RETAIL STORES
Est. value
$2.7M
OFFICE BUILDING
Est. value
$2.6M
COMMERCIAL (GENERAL)
Est. value
$2.6M
RESTAURANT Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
COMMERCIAL (GENERAL)
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
1889
Heating
NONE
Stories
2
Lot
0.11 ac
Current owner
From public records · entity-resolved
Southwest Second Building LLC
Entity
Mailing address
112 SW 2ND AVE, PORTLAND, OR 97204-3507
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 30, 2004
$1,150,000
Southwest Second Building LLC
Mcaleese,ethana
Grant Deed
$695,000 · Wells Fargo Bank
Aug 16, 2001
—
Ethna Mcaleese
530 Jackson Street INC
Quit Claim Deed
related
$2,640,000 · First Mutual Bank
Apr 1, 1990
$330,000
Ethna Mc Aleese
Unknown
Grant Deed
—
—
—
Ethna Mcaleese
—
Deed Of Trust
related
$500,000 · First Mutual Savings Bank
—
—
Ethna Mc Aleese
—
Deed Of Trust
related
$507,500 · Heller Financial
—
—
Ethna Mcaleese
—
Deed Of Trust
related
$2,000,000 · Heller First Capital
—
—
Southwest Second Building LLC
—
Deed Of Trust
related
$1,144,000 · Us Bk
—
—
Southwest Second Building LLC
—
Loan Modification
related
—
—
—
Southwest Second Building LLC
—
Deed Of Trust
related
$467,000 · Ccd Business Development
—
—
Southwest Second Building LLC
—
Deed Of Trust
related
$279,000 · Us Bk
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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