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    12923 NW Cornell Rd Portland, OR 97229
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    Property profile & analytics

    12923 NW Cornell Rd Portland, OR 97229

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    • Office Spaces
    • 10,037 SF
    • 0.38 lot acres
    For Lease
    $30 SF/Yr
    View Listing →
    Retail Space on NW Cornell For Lease
    $30 SF/Yr
    1,037 SF

    Retail Space on NW Cornell

    Retail space available for lease with high traffic volume.

    12923 NW Cornell Road |, Portland, OR 97229
    View Listing
    Property ID
    US71-1903789
    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
    $2,830,000
    Cap Rate Potential
    5%
    Office Spaces
    Location Intelligence

    Current Use by Public Records

    • Nereida Aguiar / Alternative Medicine Practice
    • Justin Clark / Spa & Massage Center / Alternative Medicine Practice
    • Mark Hanawalt Agency, Inc. American Family Insurance / Insurance Agency
    • Traci Juarez, REALTOR- NextHome Realty Connection / Real Estate Agency
    • Michelle Knutson Portland Metro Real Estate Agent / Real Estate Agency

    Property Details for 12923 NW Cornell Rd

    Year built
    2009
    Lot size
    0.38 lot acres
    Property size
    10,037 SF
    Zone code
    RC
    Property type
    Office Spaces
    APN
    1N133DA-00900
    APU
    1N133DA00900

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,730,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,260,000
      6.5%
      $2,085,000
      7%
      $1,935,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,486,000
      Market price range: $1.78M - $4.33M
      AI Estimate
      $3,486,000
      Market price range: $1.78M - $4.33M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,890,000
      Current use
      RESTAURANT
      $3,435,000
      Change: +19% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,065,000
      Change: +6% Conversion: Difficult
      MEDICAL BUILDING
      $3,030,000
      Change: +5% Conversion: Easy
      RETAIL STORES
      $3,015,000
      Change: +4% Conversion: Easy
      OFFICE BUILDING
      $2,900,000
      Change: +0% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $2,670,000
      Change: -8% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.81
    Latitude
    45.5253
    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
    $23,829
    $0.00
    $0.00
    $1,507,210
    -
    $431,870
    $1,293,700
    $1,725,570

    Comparable in this City

    • Value Estimation by Request
      9,898 SF

      13635 Cornell Rd

      Office Spaces • 9,898 SF
      13635 Cornell Rd, Portland, OR 97229
      View Details
    • Value Estimation
      $28,755,000
      108,631 SF

      14000 Science Park Dr

      OFFICE (GENERAL) • 108,631 SF
      14000 Science Park Dr, Portland, OR 97229-5413
      View Details
    • Value Estimation by Request
      2.94 Acres

      8500 Johnson St

      OFFICE (GENERAL) • 2.94 Acres
      8500 Johnson St, Portland, OR 97229-6780
      View Details
    • Value Estimation by Request
      63,400 SF

      Saltzman Rd

      Individual retail properties • 63,400 SF
      0 Saltzman Rd, Portland, OR 97229
      View Details
    • Value Estimation by Request
      4.91 Acres

      14370 Science Park Dr

      OFFICE (GENERAL) • 4.91 Acres
      14370 Science Park Dr, Portland, OR 97229-5419
      View Details
    • Value Estimation
      $2,010,000
      11,316 SF

      12670 Barnes Rd

      OFFICE (GENERAL) • 11,316 SF
      12670 Barnes Rd, Portland, OR 97229-9001
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,034 SF

      Retail and Office Building

      2,034 SF retail/office building with high visibility.
      88 NW Murray Blvd, Portland, OR 97229
      View Details
    • $6,750,000
      9,840 SF

      Mixed-Use Investment Opportunity

      Commercial office and apartment building in excellent location.
      13370 NW Westlawn Ter, Portland, OR 97229
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    • $550,000

      NW Glenridge Land For Sale

      Land for sale near major employers with highway access.
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    • Contact for pricing
      4,175 SF

      Leased Retail Property For Sale

      Fully leased retail property with investment-grade tenant and growing clinic.
      18215 West Union Rd, Portland, OR 97229
      View Details
    • $449,900
      0.24 Acres

      Residential Land in Forest Heights

      0.24 acre lot in desirable Forest Heights community.
      78 NW Devoto Ln, Portland, OR 97229
      View Details
    • New
      $1,895,000
      3.89 Acres

      North Bethany R6-Zoned Land

      Rare R6-zoned parcel in North Bethany area.
      12440 NW Laidlaw Rd, Portland, OR 97229
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Single Tenant Office Space

      Office space available for single tenant occupancy.
      9555 NW Barnes Rd, Portland, OR 97229
      View Details
    • Contact for pricing
      2,304 SF

      Medical Office in Forest Heights

      Single-story medical office in NW Portland's Forest Heights Village.
      2029 NW Miller Rd, Portland, OR 97229
      View Details
    • Contact for pricing

      Office Space with Natural Light

      Office suite with private offices, open space, and break-room.
      1865 NW 169Th Pl, Portland, OR 97229
      View Details
    • Contact for pricing
      1,470 SF

      Retail Space in Bethany Village

      Retail space available in affluent Bethany Village Centre.
      4732-4768 NW Bethany Blvd, Portland, OR 97229
      View Details
    • Contact for pricing
      1,495 SF

      Retail Space Available For Rent

      Retail spaces available for lease in Portland, Oregon.
      18335 W Un Rd, Portland, OR 97229
      View Details
    View Listing
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    12923 NW Cornell Rd
    Portland, OR 97229
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    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
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