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    Property profile & analytics

    1415 NE 61St Ave Hillsboro, OR 97124

    • Retail space
    • 13,400 SF
    • 0.25 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0748968
    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 1415 NE 61St Ave

    Lot size
    0.25 lot acres
    Property size
    13,400 SF
    Zone code
    SCR-V
    Property type
    Retail space
    APN
    1N227DC-70021
    APU
    1N227DC70021

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,625,000
      Market price range: $2.36M - $4.63M
      AI Estimate
      $4,625,000
      Market price range: $2.36M - $4.63M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,200,000
      Current use
      MEDICAL BUILDING
      $4,270,000
      Change: +34% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $4,260,000
      Change: +33% Conversion: Easy
      RESTAURANT
      $4,055,000
      Change: +27% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $2,985,000
      Change: -7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Hillsboro
    County
    Washington
    State
    Oregon
    Longitude
    -122.919
    Latitude
    45.5343
    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
    $52,468
    $0.00
    $0.00
    $3,114,300
    -
    $0.00
    $3,846,160
    $3,846,160

    Comparable in this City

    • Value Estimation
      $30,895,000
      175,720 SF

      7385 Imbrie Dr

      RETAIL STORES (PERSONAL SERVICES) • 175,720 SF
      7385 Imbrie Dr, Hillsboro, OR 97124-7595
      View Details
    • Value Estimation
      $4,750,000
      13,755 SF

      153 43rd Ave

      RETAIL STORES (PERSONAL SERVICES) • 13,755 SF
      153 43rd Ave, Hillsboro, OR 97124-7539
      View Details
    • Value Estimation by Request
      2,000 SF

      7800 Walker Rd, Unit 200

      RETAIL STORES (PERSONAL SERVICES) • 2,000 SF
      7800 Walker Rd, Hillsboro, OR 97124-7826
      View Details
    • Value Estimation
      $1,035,000
      3,740 SF

      1853 Cornell Rd Ste C

      RETAIL STORES (PERSONAL SERVICES) • 3,740 SF
      1853 Cornell Rd Ste C, Hillsboro, OR 97124-2861
      View Details
    • Value Estimation
      $805,000
      2,339 SF

      6221 Cornell Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,339 SF
      6221 Cornell Rd, Hillsboro, OR 97124-9074
      View Details
    • Value Estimation
      $2,050,000
      5,933 SF

      1341 Orenco Sta Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 5,933 SF
      1341 Orenco Sta Pkwy, Hillsboro, OR 97124-5409
      View Details

    Similar Nearby for Sale

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      3,197 SF

      Downtown Hillsboro Commercial Building For Sale

      3,197 SF commercial building in the heart of Hillsboro.
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    • $628,000
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      Prime Sunset Corridor Commercial Space

      Two-level commercial space in a dynamic, sought-after business hub.
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      388,958 SF

      Hillsboro Industrial Park Investment

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      Hillsboro Industrial/Office Buildings For Sale

      Three adjacent buildings with industrial, office, and residential space.
      341 NE Lincoln St, Hillsboro, OR 97124
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      Hillsboro Office Space Opportunity

      Clean, ready-to-use office space in a rapidly growing area.
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      View Details
    • New
      $995,000
      2.30 Acres

      Development Land in Old Orenco

      2.3-acre development site in a sought-after neighborhood.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,972 SF

      Retail Space in Orenco Station

      Retail space available in vibrant Orenco Station Town Center.
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      View Details
    • Contact for pricing
      928 SF

      Retail Space in Mixed-Use Building

      Retail/office space in Platform 14 mixed-use building.
      1030 NE Orenco Station Pkwy, Hillsboro, OR 97124
      View Details
    • Contact for pricing
      3,517 SF

      Hillsboro Retail Space For Rent

      Retail space available in Hillsboro, Oregon near Nike and Intel.
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      View Details
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      Retail Space in Tanasbourne Area

      Retail space with high visibility in a desirable economic corridor.
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      Retail Space Anchored by Whole Foods

      Retail space in a major retail hub with ample parking.
      9940 NE Cornell Rd, Hillsboro, OR 97124
      View Details
    • Contact for pricing
      2,734 SF

      Retail Space in Orenco Station

      Second generation retail space available in Nexus at Orenco Station.
      1299 NE Orenco Station Pkwy, Hillsboro, OR 97124
      View Details
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    Hillsboro, OR 97124
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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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