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Property profile & analytics
FOR LEASE
Warehouses
2900 SE Cornelius Pass Rd Hillsboro, OR 97123
Entity Owned
28-yr Hold
Absentee Owner
Free & Clear
Property ID
US71-0635214
For Lease
1 / 2
Contact for pricing
2900 SE Cornelius Pass Rd, Hillsboro, OR 97123
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Total area
95,960 SF
Lot
5.31 ac (231,304 SF)
Zoning code
I-P
APN
1S211BD-01900
UPID
US71-0635214
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
$16.99M
Blend (final)
Blend
$16.99M
Owner & transaction history
Park 219 Business Park LLC · 28 yrs held
Park 219 Business Park LLC
since 1998
7 recorded transactions
Zoning & alternative use
I-P · Cornelius, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$24.5M
+46.6%
Retail stores
$21.5M
+28.3%
Apartment house (5+ units)
$21.3M
+27.5%
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 Hillsboro submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hillsboro 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
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
Blend value · Realmo final
$16.99M
Range $15.29M – $18.68M · ±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
$177 / 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
$121,451
Tax year 2023
Assessed value
$7,208,820
Assessed 2023
Previous assessed
$6,998,860
+3.0% YoY
Effective rate
1.68%
On assessed value
Land market value
$1,882,810
Improvement market value
$13,228,340
Total market value
$15,111,150
Applied tax rate
29.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Heating
NONE
Buildings
2
Total area
95,960 SF
Lot
5.31 ac (231,304 SF)
Zoning code
I-P
APN
1S211BD-01900
UPID
US71-0635214
Jurisdiction
WASHINGTON
Zoning & alternative use
I-P · Cornelius, ORZoning I-P · permitted uses
I-P · Cornelius, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$16.7M
COMMERCIAL (GENERAL)
Est. value
$24.5M
RETAIL STORES
Est. value
$21.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$21.3M
AUTO REPAIR, GARAGE
Est. value
$15.6M
WAREHOUSE, STORAGE Current
COMMERCIAL (GENERAL)
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
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
Buildings
2
Lot
5.31 ac
Current owner
From public records · entity-resolved
Park 219 Business Park LLC
Entity
Free & Clear · 28 yrs held
Mailing address
9500 SW BARBUR BLVD STE #300, PORTLAND, OR 97219-5436
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
1998
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 2, 2020
—
Park 219 Business Park
—
Deed
related
$600,000 · M&t Bk
Mar 30, 2006
—
Park 219 Business Park LLC
—
Deed Of Trust
related
$5,750,000 · 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
$21,750 · O_brien Henry G
—
—
Park 219 Business Park LLC
—
Deed Of Trust
related
$5,650,000 · M & T R/e Trust (ct)
—
—
Park 219 Business Park
—
Deed Of Trust
related
$600,000 · M&t Bk
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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