Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2123 SE Division St Portland, OR 97202

    • Commercial real estate
    • 3,400 SF
    • 0.11 lot acres
    For Lease
    View listing
    $26 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0975504
    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

    • Nectar / (Bike/Boat/Book/etc) Store

    Property Details for 2123 SE Division St

    Year built
    1975
    Lot size
    0.11 lot acres
    Property size
    3,400 SF
    Zone code
    CS
    Property type
    Commercial real estate
    APN
    1S1E02DD 09100
    APU
    1S1E02DD09100

    Description

    This exceptional ±1,500 square foot retail space is ideally situated on Division Street in the heart of Portland, Oregon. Located at 2123 SE Division St, zip code 97214, this single-story building offers a versatile open floor plan, perfect for a variety of uses including retail, service-based businesses, or office space. The property is zoned CM - Commercial, allowing for flexibility in tenant operations. The building totals 3,400 square feet, with this particular space comprising approximately 1,500 square feet. A significant advantage is the inclusion of rare off-street parking, a highly desirable feature in this vibrant urban location. The property boasts a convenient single-tenancy setup, eliminating the complexities of shared spaces. There are no elevators in this single-story building. The lease rate is $32.00 per square foot, plus NNN charges. The space is available immediately, presenting a timely opportunity for businesses seeking a prime location in a thriving Portland neighborhood. This property offers a unique blend of accessibility, ample space, and desirable location, making it an exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $971,000
      Market price range: $552k - $1.36M
      AI Estimate
      $971,000
      Market price range: $552k - $1.36M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $990,000
      Current use
      RETAIL STORES
      $1,135,000
      Change: +15% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,040,000
      Change: +5% Conversion: Difficult
      MEDICAL BUILDING
      $1,025,000
      Change: +4% Conversion: Easy
      OFFICE BUILDING
      $985,000
      Change: -1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.644
    Latitude
    45.505
    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
    $7,504
    $0.00
    $0.00
    $283,170
    -
    $356,430
    $776,640
    $1,133,070

    Comparable in this City

    • Value Estimation by Request

      Levy Code

      COMMERCIAL CONDOMINUIM
      Levy Code, Portland, OR 97202
      View Details
    • Value Estimation by Request

      Portland, OR 97202

      COMMERCIAL CONDOMINUIM
      Portland, OR 97202
      View Details
    • Value Estimation by Request

      Portland, OR 97202

      COMMERCIAL CONDOMINUIM
      Portland, OR 97202
      View Details
    • Value Estimation by Request
      0.09 Acres

      3431 20th Ave

      COMMERCIAL (GENERAL) • 0.09 Acres
      3431 20th Ave, Portland, OR 97202-2902
      View Details
    • Value Estimation by Request

      Levy Code

      COMMERCIAL CONDOMINUIM
      Levy Code, Portland, OR 97202
      View Details
    • Value Estimation by Request
      0.08 Acres

      5035 24th Ave

      COMMERCIAL (GENERAL) • 0.08 Acres
      5035 24th Ave, Portland, OR 97202-4765
      View Details

    Similar Nearby for Sale

    • $859,000
      3,033 SF

      Sellwood Live/Work Retail Space

      Prime Sellwood location, 3,033 sq ft, $859,000
      1405 Tacoma St, Portland, OR 97202
      View Details
    • $3,000,000

      Sellwood Multifamily Development Opportunity

      Permit-ready, 38-unit potential, prime location.
      1269 Tenino St, Portland, OR 97202
      View Details
    • $203,720

      Portland Commercial Land Opportunity

      Prime 5,093 SF lot, $40/SF
      17th Ave At, Portland, OR 97202
      View Details
    • $339,900
      854 SF

      Charming Home Near Reed College

      Single-family home near Reed College, ideal for investment or student housing.
      5173 SE 28Th Ave, Portland, OR 97202
      View Details
    • $349,900
      939 SF

      Stylish Home in Sellwood-Moreland

      Thoughtfully designed home with high ceilings and private backyard.
      2067 SE Harold St, Portland, OR 97202
      View Details
    • $349,900

      Charming Duplex Near Reed College

      Duplex in Reed neighborhood, ideal for student housing or investment.
      5177 SE 28Th Ave, Portland, OR 97202
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr
      2,335 SF

      Portland Retail Spaces For Lease

      Prime Portland retail, two spaces available.
      1100 Division St, Portland, OR 97202
      View Details
    • $28 SF/Yr
      1,333 SF

      Prime Portland Office Space

      1333 sq ft Executive Office, Ample Parking
      4305-4307 Milwaukie Ave, Portland, OR 97202
      View Details
    • Contact for pricing

      Central Eastside Industrial Warehouse Space

      Warehouse in desirable Central Eastside District with easy access.
      3365 SE 20Th Ave, Portland, OR 97202
      View Details
    • Contact for pricing

      Creative Industrial Building with Office

      Remodeled creative industrial building with office and production space.
      1710 SE Brooklyn St, Portland, OR 97202
      View Details
    • Contact for pricing

      Modern Office Space in Sellwood

      Move-in ready office space with secure courtyard and parking.
      Portland, OR 97202
      View Details
    • Contact for pricing
      2,232 SF

      Creative Space in Studio Center

      Retail/creative space with visibility and private entrance.
      1235 SE Division St, Portland, OR 97202
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2123 SE Division St
    Portland, OR 97202
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.