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    Property profile & analytics

    2928 Hawthorne Blvd Portland, OR 97214

    • Investment properties
    • 5,145 SF
    • 0.17 lot acres
    For Sale
    View listing
    $1,300,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0451526
    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

    • Embody / Massage Therapist / Health
    • Celedon Electrolysis / Electrolysis Hair Removal Service
    • Silkface Skin & Body / Facial Spa / Skin Care Clinic
    • Molly Doll / Counselor / Psychologist
    • Heather Wilson / Midwife

    Property Details for 2928 Hawthorne Blvd

    Year built
    1901
    Lot size
    0.17 lot acres
    Property size
    5,145 SF
    Zone code
    R1
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    1S1E01CA 06200
    APU
    1S1E01CA06200

    Description

    Abbey House, located at 2928 SE Hawthorne Blvd in Portland, Oregon's vibrant Hawthorne District, presents a compelling investment opportunity. This 5,145 square foot mixed-use building, constructed in 1901 and zoned CM2 (Commercial Mixed Use 2), offers a blend of medical office, storefront, and traditional office spaces. Currently operating at 100% occupancy with twelve units, the property boasts a strong historical leasing performance and recent building upgrades. The asking price is $1,300,000, translating to $252.67 per square foot and $108,333.33 per unit. The current Net Operating Income (NOI) is $82,254, yielding a 6.33% capitalization rate (Cap Rate). The property features gross leases with a remaining term of one year on the current multi-tenant occupancy, providing a value-add opportunity for the new owner. This freestanding building offers an ideal scenario for an owner-user or an investor seeking a property with significant upside potential in a highly desirable Portland location. The property's strong NOI and current occupancy make it an attractive investment with a projected pro-forma cap rate of 6.33% and pro-forma NOI of $82,254.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,297,000
      Market price range: $1.10M - $2.13M
      AI Estimate
      $1,297,000
      Market price range: $1.10M - $2.13M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,490,000
      Current use
      RESTAURANT
      $1,760,000
      Change: +18% Conversion: Difficult
      RETAIL STORES
      $1,655,000
      Change: +11% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,570,000
      Change: +5% Conversion: Difficult
      MEDICAL BUILDING
      $1,555,000
      Change: +4% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,525,000
      Change: +2% Conversion: Moderate
      OFFICE BUILDING
      $1,485,000
      Change: -0% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.635
    Latitude
    45.5118
    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
    $13,909
    $0.00
    $0.00
    $524,900
    -
    $800,400
    $884,600
    $1,685,000

    Comparable in this City

    • Value Estimation by Request
      0.10 Acres

      2304 Wi E Burnside St

      OFFICE/RESIDENTIAL (MIXED USE) • 0.10 Acres
      2304 Wi E Burnside St, Portland, OR 97214
      View Details
    • Value Estimation
      $1,160,000
      5,442 SF

      1831 7th Ave, Unit 1839

      OFFICE/RESIDENTIAL (MIXED USE) • 5,442 SF
      1831 7th Ave, Portland, OR 97214-3578
      View Details
    • Value Estimation
      $1,270,000
      5,172 SF

      2304 Burnside St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,172 SF
      2304 Burnside St, Portland, OR 97214-1677
      View Details
    • Value Estimation by Request
      1,546 SF

      3337 Hawthorne Blvd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,546 SF
      3337 Hawthorne Blvd, Portland, OR 97214-5046
      View Details
    • Value Estimation by Request
      1,552 SF

      1210 Oak St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,552 SF
      1210 Oak St, Portland, OR 97214-1427
      View Details
    • Value Estimation
      $890,000
      3,618 SF

      2937 Burnside St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,618 SF
      2937 Burnside St, Portland, OR 97214-1831
      View Details

    Similar Nearby for Sale

    • $1,300,000
      5,145 SF

      Abbey House: Hawthorne District Gem

      Mixed-use building, strong NOI, value-add potential.
      2928 Hawthorne Blvd, Portland, OR 97214
      View Details
    • $5,000,000
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      Permit Ready Development Opportunity

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      Mixed-Use Corner Opportunity

      Value-add mixed-use property on a prominent corner.
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    • $1,490,000
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      Hawthorne Blvd Commercial Land Available

      Prime land for mixed-use, multi-family, or commercial development.
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      View Details
    • $3,000,000
      10,000 SF

      Portland Industrial Building: $3M

      10,000 SF Manufacturing Space, Vacant
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    • $4,300,000
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      Portland Restaurant - Net Lease

      Established restaurant, strong NOI, prime location.
      930 Sandy Blvd, Portland, OR 97214
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    Similar Nearby for Lease

    • Contact for pricing
      870 SF

      Retail Space in Mixed-Use Building

      Ground floor retail space in a mixed-use building available now.
      685 SE Belmont St, Portland, OR 97214
      View Details
    • Contact for pricing
      1,000 SF

      Mixed-Use Building Retail Space

      Four-story mixed-use building with retail space in inner SE Portland.
      1485 SE Hawthorne Blvd, Portland, OR 97214
      View Details
    • Contact for pricing
      3,850 SF

      Retail Space in Goose Hollow

      Retail space in mixed-use building near Providence Park.
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    • Contact for pricing
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      Portland Mixed-Use Retail Space

      Two prime retail spaces available in vibrant Portland.
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      View Details
    • Contact for pricing
      3,345 SF

      Hawthorne Retail Space For Rent

      Retail space in a new mixed-use development on Hawthorne.
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      View Details
    • $8 SF/Yr
      133,804 SF

      Olympic Mills: Portland Office Space

      Historic Portland building, flexible office suites.
      107 Washington St, Portland, OR 97214
      View Details
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    2928 Hawthorne Blvd
    Portland, OR 97214
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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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