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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3029 Water Ave Portland, OR 97201

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-1666571
    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

    • Commercial real estate

    Property Details for 3029 Water Ave

    Property type
    Commercial real estate

    Description

    This exceptional 7,500 square foot commercial land parcel, located at 3029 S Water Ave in Portland, Oregon, presents a unique investment opportunity. Situated in Multnomah County (APN R128809), this property boasts a CI-2 (Campus Industrial 2) zoning designation, offering flexibility comparable to CM3 zoning, with the added benefit of permitting educational uses. The site includes 5,000 square feet of existing paved and gated parking, providing ample space for vehicles or storage. An additional 2,500 square feet of unimproved land is also available, expanding development potential. Currently leased on a month-to-month basis, the property offers immediate occupancy potential. Its prime location in the heart of the Southwest Waterfront makes it ideal for businesses requiring substantial storage, parking, or retail space. The existing tenant's month-to-month lease allows for flexible occupancy timelines. This versatile property is ready for immediate use or future development, making it an attractive option for a variety of commercial ventures. The 97201 zip code ensures easy access to major transportation routes and amenities. This is a rare opportunity to acquire a well-located commercial lot with significant potential in a thriving Portland neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.67653036
    Latitude
    45.50085717

    Comparable in this City

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      6,466 SF

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      Second floor office space in downtown Portland with amenities.
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      3,220 SF

      Office Space with Private Courtyard

      Office space featuring large windows, courtyard, and high-visibility location.
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    • Contact for pricing
      18,715 SF

      Office Space with River Views

      18,715 RSF office space with river and mountain views.
      1500 SW 1St Ave, Portland, OR 97201
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    Similar Nearby for Lease

    • Contact for pricing
      37,943 SF

      Prime Portland Executive Office Space

      Class A Office Suites, 1,819-4,138 SF
      1818 4Th Ave, Portland, OR 97201
      View Details
    • $25 SF/Yr
      9,226 SF

      Downtown Portland Retail/Office Space

      Prime University District Location, 6,777 SF Available
      1900 5Th Ave, Portland, OR 97201
      View Details
    • Contact for pricing
      6,466 SF

      Prime Office Space Available

      Office space for rent in a convenient location.
      1300 SW 6Th Ave, Portland, OR 97201
      View Details
    • Contact for pricing
      6,180 SF

      Downtown Portland Office Space Available

      Second floor office space in downtown Portland with amenities.
      1455 SW Broadway, Portland, OR 97201
      View Details
    • $24 SF/Yr
      3,220 SF

      Office Space with Private Courtyard

      Office space featuring large windows, courtyard, and high-visibility location.
      1420 SW Broadway, Portland, OR 97201
      View Details
    • Contact for pricing
      18,715 SF

      Office Space with River Views

      18,715 RSF office space with river and mountain views.
      1500 SW 1St Ave, Portland, OR 97201
      View Details
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    3029 Water Ave
    Portland, OR 97201
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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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