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Property profile & analytics
OFF-MARKET
Estimated value
$3,410,000
Warehouses
13328 Airport Way Portland, OR 97230-1039
Entity Owned
19-yr Hold
Free & Clear
Property ID
US71-0640181
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1999
Total area
11,050 SF
Lot
3.02 ac (131,551 SF)
Zoning code
IG2X
APN
1N2E23AB 00500
UPID
US71-0640181
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
-
Royal Honey Shop Food Market Farmer's Market
-
Royal Mini Storage Storage Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.41M
Blend (final)
Blend
$3.41M
Owner & transaction history
Royal World Properties LLC · 19 yrs held
Royal World Properties LLC
since 2006
2 recorded transactions
Zoning & alternative use
IG2X · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.8M
+67.8%
Auto repair, garage
$3.4M
+49.6%
Medical building
$3.3M
+48.0%
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
WAREHOUSE, STORAGE
$2,255,000
Current use
RESTAURANT
$3,785,000
Change: +68% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,375,000
Change: +50% · Conversion: Easy
MEDICAL BUILDING
$3,340,000
Change: +48% · Conversion: Difficult
RETAIL STORES
$3,315,000
Change: +47% · Conversion: Moderate
OFFICE BUILDING
$3,195,000
Change: +42% · Conversion: Difficult
COMMERCIAL (GENERAL)
$3,180,000
Change: +41% · Conversion: Difficult
Blend value · Realmo final
$3.41M
Range $3.07M – $3.75M · ±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
$309 / 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
$67,649
Tax year 2023
Assessed value
$2,881,880
Assessed 2023
Previous assessed
$2,797,950
+3.0% YoY
Effective rate
2.35%
On assessed value
Land market value
$2,418,830
Improvement market value
$5,288,830
Total market value
$7,707,660
Applied tax rate
6.0000
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
1999
Heating
NONE
Buildings
7
Stories
1
Total area
11,050 SF
Lot
3.02 ac (131,551 SF)
Zoning code
IG2X
APN
1N2E23AB 00500
UPID
US71-0640181
Jurisdiction
MULTNOMAH
Zoning & alternative use
IG2X · Portland, OR
Zoning IG2X · permitted uses
IG2X · 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
WAREHOUSE, STORAGE Current
Est. value
$2.3M
RESTAURANT
Est. value
$3.8M
AUTO REPAIR, GARAGE
Est. value
$3.4M
MEDICAL BUILDING
Est. value
$3.3M
RETAIL STORES
Est. value
$3.3M
OFFICE BUILDING
Est. value
$3.2M
COMMERCIAL (GENERAL)
Est. value
$3.2M
WAREHOUSE, STORAGE Current
RESTAURANT
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
1999
Heating
NONE
Stories
1
Buildings
7
Lot
3.02 ac
Current owner
From public records · entity-resolved
Royal World Properties LLC
Entity
Free & Clear · 19 yrs held
Mailing address
PO BOX 702, FAIRVIEW, OR 97024-0702
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 21, 2006
—
Royal World Properties LLC
Irajpanah,abbas
Grant Deed
related
—
Jun 1, 1990
$526,174
Silver Eagle Industries INC
Unknown
Grant Deed
—
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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