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Property profile & analytics
OFF-MARKET
Estimated value
$785,000
Retail space
1822 21st Ave 102, Forest Grove, OR 97116-0818
Trust Owned
~
Est. High Equity
Property ID
US71-0099905
Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Total area
5,055 SF
Lot
0.36 ac (15,682 SF)
Zoning code
TCT
APN
1S306BB-03501
UPID
US71-0099905
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$661k
Blend (final)
Blend
$785k
Owner & transaction history
Michael N Ho Living Trust
Michael N Ho Living Trust
since 2026
Last sale
$907,625
7 recorded transactions
Zoning & alternative use
TCT · Forest Grove, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Forest Grove submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Forest Grove 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
RETAIL STORES
$1,130,000
Current use
APARTMENT HOUSE (5+ UNITS)
$1,125,000
Change: -1% · Conversion: Difficult
Blend value · Realmo final
$785k
Range $707k – $864k · ±10% · vs last sale $908k (Feb 6 2026)
Last sale anchor
$908k
Feb 6 2026
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
$155 / 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
$1,068
Tax year 2023
Assessed value
$56,890
Assessed 2023
Previous assessed
$613,270
-90.7% YoY
Effective rate
1.88%
On assessed value
Land market value
$246,650
Improvement market value
$848,710
Total market value
$1,095,360
Applied tax rate
15.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Heating
NONE
Total area
5,055 SF
Lot
0.36 ac (15,682 SF)
Zoning code
TCT
APN
1S306BB-03501
UPID
US71-0099905
Jurisdiction
WASHINGTON
Zoning & alternative use
TCT · Forest Grove, OR
Zoning TCT · permitted uses
TCT · Forest Grove, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Forest Grove. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.1M
RETAIL STORES Current
APARTMENT HOUSE (5+ UNITS)
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
Heating
NONE
Lot
0.36 ac
Current owner
From public records · entity-resolved
Michael N Ho Living Trust
Trust
Mailing address
PO BOX 365, FOREST GROVE, OR 97116-0365
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 6, 2026
$907,625
Michael N Ho Living Trust
Cmh Pg LLC
Warranty Deed
$600,000 · Onpoint Community Cu
Sep 18, 2020
—
Cmh P
Sky Holdings LLC
Warranty Deed
$453,000 · Perryman Pamela J0
Jan 9, 2020
—
Gregory J Henes
Gregory J Henes
Quitclaim Deed
related
—
Jun 5, 2019
—
Wapato Properties
Henes Jackson Properties
Deed
—
May 24, 2019
—
Greg J Henes
L Gratteri LLC
Warranty Deed
—
May 24, 2019
$1,250,000
Wapato Properties LLC
Henes,greg J
Warranty Deed
$850,000 · Henes-jackson Props LLC
Dec 8, 2017
$235,000
Sky Holdings LLC
Atlanta Postal Cu
Warranty Deed
—
Dec 22, 2015
$392,949
Atlanta Postal Cu
Bertolino Michelle M|backwards & In High Heels LLC
Trustees Deed
related
—
Nov 14, 2006
—
Backwards & In High Heels LLC
Gladyschild,karen J
Grant Deed
$498,000 · Atlanta Postal Cu
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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