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    1822 21St Ave Forest Grove, OR 97116
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    1822 21St Ave Forest Grove, OR 97116

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    • Retail space
    • 5,055 SF
    • 0.36 lot acres
    For Sale
    $1,050,000
    View Listing →
    Established Restaurant Space for Sale For Sale
    $1,050,000
    5,055 SF

    Established Restaurant Space for Sale

    Profitable restaurant space with long-term tenant and NNN lease.

    1822 21st Ave, Forest Grove, OR 97116
    View Listing
    Property ID
    US71-0099905
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 1822 21St Ave

    Lot size
    0.36 lot acres
    Property size
    5,055 SF
    Zone code
    TCT
    Property type
    Retail space
    APN
    1S306BB-03501
    APU
    1S306BB03501

    Description

    This exceptional 5,055 square foot storefront, located in the heart of Downtown Forest Grove, Oregon, presents a compelling investment opportunity. Currently 100% occupied by a credit-rated government agency under a NNN lease with 3 years remaining on a 5-year term, this property boasts a strong income stream. Built in 1994 and extensively remodeled in 2019, the building features a new roof, HVAC systems (including kitchen HVAC), plumbing, electrical, and a cold room addition. The 2019 remodel was a complete gut renovation down to the studs. Ten designated parking spaces and a loading dock are located at the rear of the building. The property offers a 6.38% cap rate and low annual property taxes of $1,106. The ample parking (8 spaces per 1,000 sq ft) and prime location near Pacific University make this a truly turnkey investment. The lease includes rent bumps. This is a rare opportunity to acquire a well-maintained, high-performing retail property in a thriving Oregon community. Serious inquiries only. Please do not disturb the tenant. Located at 1822 21st Ave, Forest Grove, OR 97116.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $660,000
      Market price range: $661k - $1.68M
      AI Estimate
      $660,000
      Market price range: $661k - $1.68M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,130,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $1,125,000
      Change: -1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Forest Grove
    County
    Washington
    State
    Oregon
    Longitude
    -123.115
    Latitude
    45.5206
    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
    $1,068
    $0.00
    $0.00
    $56,890
    -
    $246,650
    $848,710
    $1,095,360

    Comparable in this City

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      1,372 SF

      2248 Main St

      RETAIL STORES (PERSONAL SERVICES) • 1,372 SF
      2248 Main St, Forest Grove, OR 97116-1659
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    • Value Estimation by Request
      3,529 SF

      1932 Pacific Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,529 SF
      1932 Pacific Ave, Forest Grove, OR 97116-2326
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    • Value Estimation
      $2,025,000
      8,750 SF

      2109 Yew St

      RETAIL STORES (PERSONAL SERVICES) • 8,750 SF
      2109 Yew St, Forest Grove, OR 97116-2251
      View Details
    • Value Estimation
      $1,055,000
      7,155 SF

      2036 Main St

      RETAIL STORES (PERSONAL SERVICES) • 7,155 SF
      2036 Main St, Forest Grove, OR 97116-2374
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    • Value Estimation
      $980,000
      7,500 SF

      1918 Main St

      RETAIL STORES (PERSONAL SERVICES) • 7,500 SF
      1918 Main St, Forest Grove, OR 97116-4304
      View Details
    • Value Estimation by Request
      0.46 Acres

      4150 Pacific Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.46 Acres
      4150 Pacific Ave, Forest Grove, OR 97116-2276
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,936 SF

      Retail Space Near Pacific University

      Retail property with high visibility near Pacific University.
      1904 Elm St, Forest Grove, OR 97116
      View Details
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      5,055 SF

      Established Restaurant Space for Sale

      Profitable restaurant space with long-term tenant and NNN lease.
      1822 21St Ave, Forest Grove, OR 97116
      View Details
    • $2,500,000

      Downtown Forest Grove Leased Retail

      Fully leased retail property in downtown Forest Grove near Pacific University.
      1923-2104 Main St, Forest Grove, OR 97116
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      35,774 SF

      Fitness-Anchored Retail Center for Sale

      Fully leased retail center with mark-to-market upside.
      2333 Pacific Ave, Forest Grove, OR 97116
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      10,268 SF

      Downtown Forest Grove Leased Building

      Restaurant, bar, stage, dance floor, and arcade included.
      1927 21St Ave, Forest Grove, OR 97116
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      12,000 SF

      Historic Building in Downtown

      Three-story building in downtown Forest Grove, across from Pacific University.
      2038 Pacific Ave, Forest Grove, OR 97116
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    Similar Nearby for Lease

    • $1,100 /Mo
      7,850 SF

      Retail Space Near Forest Grove

      Retail space available near Forest Grove and Cornelius.
      39675 NW Verboort Rd, Forest Grove, OR 97116
      View Details
    • Contact for pricing
      5,600 SF

      Safeway Anchored Retail Space

      Retail space in Forest Grove's central shopping hub.
      3018 Pacific Ave, Forest Grove, OR 97116
      View Details
    • $950 /Mo

      Fenced Yard Space For Lease

      Secure fenced yard space available for lease near Forest Grove.
      39675 NW Verboort Rd, Forest Grove, OR 97116
      View Details
    • Contact for pricing

      New Class A Industrial Development

      New Class A industrial development project breaking ground mid-2025.
      600 Elm St, Forest Grove, OR 97116
      View Details
    • Contact for pricing

      New Class A Industrial Development

      Speculative industrial development project breaking ground mid-2025 in Forest Grove.
      600 Elm St, Forest Grove, OR 97116
      View Details
    • Contact for pricing
      13,000 SF

      High Visibility Land For Lease

      Highly visible commercial land available for ground lease.
      3322 Pacific Ave, Forest Grove, OR 97116
      View Details
    View Listing
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    1822 21St Ave
    Forest Grove, OR 97116
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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.

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    1822 21St Ave, Forest Grove, OR, 97116
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