Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2509-2511 37th Ave Portland, OR 97202

    Meet Realmo: The Largest Hub of Commercial Real Estate in the US

    Over 1 million active listings and over 150 million property profiles

    Property profile & analytics

    2509-2511 37th Ave Portland, OR 97202

    View on Map
    • Retail space
    • 5,904 SF
    • 0.08 lot acres
    Off-Market
    Property ID
    US71-0811934
    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
    $1,860,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 2509-2511 37th Ave

    Year built
    1924
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.08 lot acres
    Property size
    5,904 SF
    Zone code
    CS
    Property type
    Retail space
    APN
    1S1E12AB 00100
    APU
    1S1E12AB00100

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,859,000
      Market price range: $1.35M - $2.47M
      AI Estimate
      $1,859,000
      Market price range: $1.35M - $2.47M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,970,000
      Current use
      RESTAURANT
      $2,020,000
      Change: +3% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,805,000
      Change: -9% Conversion: Difficult
      MEDICAL BUILDING
      $1,785,000
      Change: -10% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,715,000
      Change: -13% Conversion: Easy
      OFFICE BUILDING
      $1,705,000
      Change: -13% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,700,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.625
    Latitude
    45.5046
    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
    $11,126
    $0.00
    $0.00
    $419,860
    -
    $242,760
    $1,265,440
    $1,508,200

    Comparable in this City

    • Value Estimation by Request
      0.03 Acres

      3454 Wi Se Powell Blvd

      RETAIL STORES (PERSONAL SERVICES) • 0.03 Acres
      3454 Wi Se Powell Blvd, Portland, OR 97202
      View Details
    • Value Estimation by Request
      0.17 Acres

      3519-3531 Wi Se Division St

      RETAIL STORES (PERSONAL SERVICES) • 0.17 Acres
      3519-3531 Wi Se Division St, Portland, OR 97202
      View Details
    • Value Estimation by Request
      0.06 Acres

      4100 Wi Se Division St

      RETAIL STORES (PERSONAL SERVICES) • 0.06 Acres
      4100 Wi Se Division St, Portland, OR 97202
      View Details
    • Value Estimation by Request
      0.11 Acres

      8112 Wi Se 13th Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.11 Acres
      8112 Wi Se 13th Ave, Portland, OR 97202
      View Details
    • Value Estimation by Request
      0.10 Acres

      3111-3131 Wi Se Milwaukie Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.10 Acres
      3111-3131 Wi Se Milwaukie Ave, Portland, OR 97202
      View Details
    • Value Estimation
      $1,450,000
      5,713 SF

      8027 13th Ave, Unit 8035

      RETAIL STORES (PERSONAL SERVICES) • 5,713 SF
      8027 13th Ave, Portland, OR 97202-6605
      View Details

    Similar Nearby for Sale

    • $2,500,000

      Retail Building in Woodstock Neighborhood

      Retail building for sale in a vibrant trade area.
      4109 SE Woodstock Blvd, Portland, OR 97202
      View Details
    • Contact for pricing
      5,933 SF

      Prime Retail/Office Space Available

      Highly visible retail or office space on Woodstock Blvd.
      4103-4119 SE Woodstock Blvd, Portland, OR 97202
      View Details
    • $920,000
      7,013 SF

      Sellwood Retail Building For Sale

      Adaptable 7,000+ SF building in Portland's desirable Sellwood neighborhood.
      8203-8209 SE 13Th Ave, Portland, OR 97202
      View Details
    • $815,000

      Retail Opportunity in Sellwood Neighborhood

      3,033 SF retail space in desirable SE Portland neighborhood.
      1405 Southeast Tacoma St, Portland, OR 97202
      View Details
    • Contact for pricing
      12,300 SF

      Retail Space on Powell Boulevard

      Retail property with warehouse and salon tenants, owner/operator opportunity.
      7330-7332 SE Powell Blvd, Portland, OR 97202
      View Details
    • Contact for pricing
      10,600 SF

      NNN Ground Lease Opportunity

      Ground lease retail property for sale in Southeast Portland.
      4455 SE 26Th Ave, Portland, OR 97202
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr
      1,600 SF

      Shell Condition Retail Sublease

      Sublease retail space with existing restaurant infrastructure.
      6543-6545 SE Milwaukie Ave, Portland, OR 97202
      View Details
    • Contact for pricing

      Retail Space in Sellwood

      End-cap retail space in a high-traffic location.
      6212 SE Milwaukie Ave, Portland, OR 97202
      View Details
    • Contact for pricing
      1,170 SF

      Creative Office and Retail Space

      Creative office and retail space for lease in Portland.
      2505 SE 11Th Ave, Portland, OR 97202
      View Details
    • Contact for pricing
      2,500 SF

      Retail Building with Parking Lot

      2,500 SF retail space with rare off-street parking.
      2105 SE Division St, Portland, OR 97202
      View Details
    • Contact for pricing
      31,954 SF

      Retail Space on Powell Blvd

      Retail space with parking on major east/west thoroughfare.
      3031 SE Powell Blvd, Portland, OR 97202
      View Details
    • Contact for pricing
      1,250 SF

      Retail Space in Sellwood Location

      Retail space for lease in the vibrant Sellwood neighborhood.
      8112 SE 13Th Ave, 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.
    2509-2511 37th Ave
    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

    Thank You for Inquiry
    2509-2511 37th Ave, Portland, OR, 97202
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!