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Property profile & analytics
OFF-MARKET
Estimated value
$17,635,000
Automotive properties
2521 Water Ave Portland, OR 97201-5115
Entity Owned
21-yr Hold
Free & Clear
Property ID
US71-1782750
Property profile
Verified
Property type
Automotive properties
Use group
VEHICLE SALES, RENTALS
Year built
1931
Total area
57,750 SF
Lot
1.57 ac (68,520 SF)
Zoning code
C02
APN
1S1E10BA 05000
UPID
US71-1782750
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
$17.63M
Blend (final)
Blend
$17.64M
Owner & transaction history
Portland General Electric Co · 21 yrs held
Portland General Electric Co
since 2005
2 recorded transactions
Zoning & alternative use
C02 · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$19.8M
+12.2%
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 Portland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Portland 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
AUTO REPAIR, GARAGE
$17,635,000
Current use
RESTAURANT
$19,775,000
Change: +12% · Conversion: Difficult
MEDICAL BUILDING
$17,445,000
Change: -1% · Conversion: Difficult
RETAIL STORES
$17,340,000
Change: -2% · Conversion: Difficult
OFFICE BUILDING
$16,690,000
Change: -5% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$15,355,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$17.64M
Range $15.87M – $19.40M · ±10%
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
$305 / 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
Applied tax rate
709.0000
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
Automotive properties
Use group
VEHICLE SALES, RENTALS
Status
Off-Market
Year built
1931
Heating
NONE
Stories
2
Total area
57,750 SF
Lot
1.57 ac (68,520 SF)
Zoning code
C02
APN
1S1E10BA 05000
UPID
US71-1782750
Jurisdiction
MULTNOMAH
Zoning & alternative use
C02 · Portland, OR
Zoning C02 · permitted uses
C02 · Portland, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Portland. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE Current
Est. value
$17.6M
RESTAURANT
Est. value
$19.8M
MEDICAL BUILDING
Est. value
$17.4M
RETAIL STORES
Est. value
$17.3M
OFFICE BUILDING
Est. value
$16.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$15.4M
AUTO REPAIR, GARAGE Current
RESTAURANT
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
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
Year built
1931
Heating
NONE
Stories
2
Lot
1.57 ac
Current owner
From public records · entity-resolved
Portland General Electric Co
Entity
Free & Clear · 21 yrs held
Mailing address
121 SW SALMON ST1WTC0401, PORTLAND, OR 97204-2908
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 28, 2005
$3,100,000
Portland General Electric Co
Gordon,jeff A
Warranty Deed
—
Oct 9, 1996
$50,000
Myers Trust
Gordon,jeff
Grant Deed
—
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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