Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    116 28th Ave, Unit 122 Portland, OR 97232-3146

    • Retail space
    • 30,624 SF
    • 0.21 lot acres
    OFF-MARKET
    Value Estimations
    $5,435,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0837124
    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.

    Current Use by Public Records

    • Retail space

    Property Details for 116 28th Ave

    Year built
    1949
    Lot size
    0.21 lot acres
    Property size
    30,624 SF
    Zone code
    CS
    Property type
    Retail space
    APN
    1N1E36CB 03600
    APU
    1N1E36CB03600

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,435,000
      Market price range: $5.44M - $13.2M
      AI Estimate
      $5,435,000
      Market price range: $5.44M - $13.2M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $8,850,000
      APARTMENT HOUSE (5+ UNITS)
      $8,140,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.637
    Latitude
    45.5238
    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
    $9,057
    $0.00
    $0.00
    $341,780
    -
    $443,060
    $1,894,760
    $2,337,820

    Comparable in this City

    • Value Estimation by Request
      1,883 SF

      3033 Broadway

      Individual retail properties • 1,883 SF
      3033 Broadway, Portland, OR 97232
      View Details
    • Value Estimation by Request
      0.09 Acres

      Halsey St

      RETAIL STORES (PERSONAL SERVICES) • 0.09 Acres
      Halsey St, Portland, OR 97232
      View Details
    • Value Estimation
      $2,245,000
      5,220 SF

      1911 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 5,220 SF
      1911 Broadway St, Portland, OR 97232-1501
      View Details
    • Value Estimation
      $1,745,000
      5,750 SF

      2121 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 5,750 SF
      2121 Broadway St, Portland, OR 97232-1512
      View Details
    • Value Estimation
      $1,170,000
      4,800 SF

      1001 Broadway St, Unit 1007

      RETAIL STORES (PERSONAL SERVICES) • 4,800 SF
      1001 Broadway St, Portland, OR 97232-1230
      View Details
    • Value Estimation by Request
      1,512 SF

      2922 Broadway St, Unit 2928

      RETAIL STORES (PERSONAL SERVICES) • 1,512 SF
      2922 Broadway St, Portland, OR 97232-1761
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,250 SF

      Turn-Key Retail Space Available

      Retail space with open floor plan and corner exposure.
      3301 NE Sandy Blvd, Portland, OR 97232
      View Details
    • $799,000
      3,338 SF

      Corner Retail Investment Opportunity

      Stabilized commercial property with long-term tenants on a busy corner.
      2931-2935 NE Broadway St, Portland, OR 97232
      View Details
    • $569,000

      Remodeled Broadway Street Commercial Building

      Remodeled office/retail/live-work building with parking and high exposure.
      3033 NE Broadway St, Portland, OR 97232
      View Details
    • Contact for pricing
      3,860 SF

      Kerns Retail Corner Property

      Prime retail space in Portland's vibrant Kerns neighborhood.
      2906 NE Glisan St, Portland, OR 97232
      View Details
    • $2,120,000
      20,513 SF

      Iconic Portland Retail/Office Building

      Historic commercial property with retail, office, and storage space.
      2975 NE Sandy Blvd, Portland, OR 97232
      View Details
    • $850,000
      1,883 SF

      NE Broadway St. Office Building

      Portland Office/Retail Space - $850,000
      3033 Broadway, Portland, OR 97232
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,699 SF

      Prime Corner Retail Storefront

      Highly visible 9,865 SF retail space in Central City.
      106 NE Grand Ave, Portland, OR 97232
      View Details
    • Contact for pricing
      3,026 SF

      Charming Corner Retail Space Available

      Neighborhood retail space with high visibility and foot traffic.
      6000 NE Glisan St, Portland, OR 97232
      View Details
    • Contact for pricing
      1,200 SF

      Sandy Blvd Retail Opportunity

      Portland retail space, 2 suites available
      3552-3554 Sandy Blvd, Portland, OR 97232
      View Details
    • $22 SF/Yr
      1,413 SF

      Central Eastside Retail/Office Space

      Character-rich retail or office space in central eastside Portland.
      720-736 SE Grand Ave, Portland, OR 97232
      View Details
    • $10 SF/Yr
      1,342 SF

      NW Portland Retail/Creative Space

      Retail or creative office space near NW 23rd Avenue.
      2310-2332 NW Irving St, Portland, OR 97232
      View Details
    • Contact for pricing
      1,060 SF

      Remodeled Retail/Office Space Available

      Retail or office space for lease in remodeled building.
      3804 NE Sandy Blvd, Portland, OR 97232
      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.
    116 28th Ave, Unit 122
    Portland, OR 97232-3146
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!