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    2900 SE Cornelius Pass Rd Hillsboro, OR 97123
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    Property profile & analytics

    2900 SE Cornelius Pass Rd, Hillsboro, OR 97123

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    • Warehouses
    • 95,960 SF
    • 5.31 lot acres
    For Lease
    $18 SF/Yr
    View Listing →
    Hillsboro Flex, Warehouse, and Office For Lease
    $18 SF/Yr

    Hillsboro Flex, Warehouse, and Office

    Functional storage, warehouse, and office spaces with flexible, short-term leases.

    2900 SE Cornelius Pass Rd, Hillsboro, OR 97123
    View Listing
    Property ID
    US71-0635214
    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

    • Warehouses

    Property Details for 2900 SE Cornelius Pass Rd

    Lot size
    5.31 lot acres
    Zone code
    I-P
    Property type
    Warehouses
    APN
    1S211BD-01900
    APU
    1S211BD01900

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 2, 2020 — Park 219 Business Park — Deed · related $600k · M&t Bk
    Mar 30, 2006 — Park 219 Business Park LLC — Deed Of Trust · related $5.8M · Ixis Real Estate Capital INC Ixis Real Estate Capital INC
    Feb 27, 1998 — Park 219 Business Park LLC Raber,barry Grant Deed · related —
    Jul 13, 1990 $365,000 219 Park Unknown Grant Deed —
    — — Barry Raber — Deed Of Trust · related $22k · O_brien Henry G
    — — Park 219 Business Park LLC — Deed Of Trust · related $5.7M · M & T R/e Trust (ct)
    — — Park 219 Business Park — Deed Of Trust · related $600k · M&t Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $16,986,000
      Market price range: $11.5M - $23.3M
      AI Estimate
      $16,986,000
      Market price range: $11.5M - $23.3M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $16,730,000
      Current use
      COMMERCIAL (GENERAL)
      $24,520,000
      Change: +47% Conversion: Difficult
      RETAIL STORES
      $21,465,000
      Change: +28% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $21,320,000
      Change: +27% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $15,585,000
      Change: -7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Cornelius
    County
    Washington
    State
    Oregon
    Longitude
    -122.901
    Latitude
    45.4991
    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
    $121,451
    $0.00
    $0.00
    $7,208,820
    -
    $1,882,810
    $13,228,340
    $15,111,150

    Comparable in this City

    • Value Estimation
      $2,825,000
      22,152 SF

      5880 Alexander St

      WAREHOUSE, STORAGE
      5880 Alexander St, Hillsboro, OR 97123-8572
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    • Value Estimation
      $1,010,000
      6,369 SF

      477 Bailey Ave

      WAREHOUSE, STORAGE
      477 Bailey Ave, Hillsboro, OR 97123-3910
      View Details
    • Value Estimation
      $10,310,000
      83,012 SF

      205 Spg St

      WAREHOUSE, STORAGE
      205 Spg St, Hillsboro, OR 97123-5636
      View Details
    • Value Estimation
      $3,200,000
      26,200 SF

      160 Main St Ext Ste, Unit 700

      WAREHOUSE, STORAGE
      160 Main St Ext Ste, Hillsboro, OR 97123-3741
      View Details
    • Value Estimation by Request
      2,840 SF

      180 Freeman Ave, Unit B

      WAREHOUSE, STORAGE
      180 Freeman Ave, Hillsboro, OR 97123-3806
      View Details
    • Value Estimation
      $555,000
      3,840 SF

      455 Bailey Ave, Unit B

      WAREHOUSE, STORAGE
      455 Bailey Ave, Hillsboro, OR 97123-3910
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Hillsboro Industrial Warehouse with Excess Land

      21,000 SF warehouse with office space and excess land.
      5455 SE Alexander St, Hillsboro, OR 97123
      View Details
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      5,655 SF

      Hillsboro Warehouse with Secure Parking

      Industrial warehouse with I-P zoning and convenient transit access.
      3431 SE River Rd, Hillsboro, OR 97123
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      Retail/Light Industrial Space Available

      Retail and light industrial space for sale or lease.
      235 Southwest Oak St, Hillsboro, OR 97123
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    • Contact for pricing

      Hillsboro Land For Sale

      35.67 acres of land available in Hillsboro, Oregon.
      16900 SW Mcfee Pl, Hillsboro, OR 97123
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    • Contact for pricing

      Hazelnut Farm with Updated Residence

      Turnkey 16-acre hazelnut farm with irrigation and updated residence.
      17720 SW Hillsboro Hwy, Hillsboro, OR 97123
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    • $349,999

      Vacant Lot with Mountain Views

      Stunning vacant lot with mountain and city views.
      22900 SW Holly Hill Rd, Hillsboro, OR 97123
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    Similar Nearby for Lease

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      Industrial Flex Campus with Yard

      Versatile warehouse and office space paired with excess yard for equipment staging or fleet parking.
      3144 Southeast Tualatin Valley Hwy, Hillsboro, OR 97123
      View Details
    • $4,200 /Mo

      Hillsboro Warehouse with Retail Options

      Downtown Hillsboro warehouse/industrial space with retail potential. Gated, fenced.
      197 SW Dennis Ave, Hillsboro, OR 97123
      View Details
    • Contact for pricing

      Hillsboro Shop and Storage Acreage

      Shop and storage acreage available for lease in Hillsboro.
      15755 SW Hillsboro Hwy, Hillsboro, OR 97123
      View Details
    • Contact for pricing
      39,660 SF

      Hillsboro Warehouse with Flexible Space

      Warehouse space in Hillsboro with on-site parking and storage.
      427 SW Wood St, Hillsboro, OR 97123
      View Details
    • Contact for pricing

      Hillsboro Commercial Services Property

      7-acre commercial property with retail, shop space, and improved yard.
      185 West Main Street Ext, Hillsboro, OR 97123
      View Details
    • Contact for pricing

      Hillsboro Flex, Warehouse, and Office

      Functional storage, warehouse, and office spaces with flexible, short-term leases.
      2900 SE Cornelius Pass Rd, Hillsboro, OR 97123
      View Details
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    Hillsboro, OR 97123
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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.

    More about this property
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    2900 SE Cornelius Pass Rd, Hillsboro, OR, 97123
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