Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    510 28th Ave Portland, OR 97232-2403

    • Retail space
    • 5,612 SF
    • 0.12 lot acres
    OFF-MARKET
    Value Estimations
    $995,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0053476
    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

    • Mai Events (formerly Opal 28) / Hotel & Motel / Resort
    • ÄNIKS PDX / Restaurant

    Property Details for 510 28th Ave

    Year built
    1908
    Lot size
    0.12 lot acres
    Property size
    5,612 SF
    Zone code
    CS
    Property type
    Retail space
    APN
    1N1E36BC 05300
    APU
    1N1E36BC05300

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $996,000
      Market price range: $996k - $2.41M
      AI Estimate
      $996,000
      Market price range: $996k - $2.41M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,620,000
      APARTMENT HOUSE (5+ UNITS)
      $1,490,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.637
    Latitude
    45.5268
    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
    $5,016
    $0.00
    $0.00
    $189,280
    -
    $252,320
    $1,520,340
    $1,772,660

    Comparable in this City

    • Value Estimation by Request
      0.11 Acres

      2240 Wi Ne Sandy Blvd

      RETAIL STORES (PERSONAL SERVICES) • 0.11 Acres
      2240 Wi Ne Sandy Blvd, Portland, OR 97232
      View Details
    • Value Estimation by Request
      0.08 Acres

      3930 Wi Ne Sandy Blvd

      RETAIL STORES (PERSONAL SERVICES) • 0.08 Acres
      3930 Wi Ne Sandy Blvd, Portland, OR 97232
      View Details
    • Value Estimation
      $1,145,000
      4,820 SF

      2034 Sandy Blvd

      RETAIL STORES (PERSONAL SERVICES) • 4,820 SF
      2034 Sandy Blvd, Portland, OR 97232-3199
      View Details
    • Value Estimation
      $2,780,000
      6,468 SF

      3930 Sandy Blvd

      RETAIL STORES (PERSONAL SERVICES) • 6,468 SF
      3930 Sandy Blvd, Portland, OR 97232-1847
      View Details
    • Value Estimation
      $10,415,000
      38,776 SF

      1931 Sandy Blvd, Unit 1939

      RETAIL STORES (PERSONAL SERVICES) • 38,776 SF
      1931 Sandy Blvd, Portland, OR 97232-2894
      View Details
    • Value Estimation
      $625,000
      1,803 SF

      2006 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 1,803 SF
      2006 Broadway St, Portland, OR 97232-1511
      View Details

    Similar Nearby for Sale

    • $2,120,000
      20,513 SF

      Iconic Portland Retail/Office Building

      Historic commercial property with retail, office, and storage space.
      2975 NE Sandy Blvd, Portland, OR 97232
      View Details
    • Contact for pricing
      9,000 SF

      NE Broadway Retail Investment Property

      9,000 SF retail property in the NE Broadway corridor.
      2200-2310 NE Broadway St, Portland, OR 97232
      View Details
    • $589,000
      1,883 SF

      Remodeled Broadway Street Commercial Building

      Remodeled office/retail/live-work building with parking and high exposure.
      3033 NE Broadway St, Portland, OR 97232
      View Details
    • $795,000
      3,860 SF

      Kerns Retail Corner Property

      Prime retail space in Portland's vibrant Kerns neighborhood.
      2906 NE Glisan St, Portland, OR 97232
      View Details
    • Contact for pricing
      7,250 SF

      Turn-Key Retail Space Available

      Retail space with open floor plan and corner exposure.
      3301 NE Sandy Blvd, Portland, OR 97232
      View Details
    • $834,000
      3,338 SF

      Corner Retail Investment Opportunity

      Stabilized commercial property with long-term tenants on a busy corner.
      2931-2935 NE Broadway St, Portland, OR 97232
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr
      1,955 SF

      Retail Space in Lloyd District

      New mixed-use project with restaurant opportunities in growing Lloyd District.
      515-533 NE Holladay St, Portland, OR 97232
      View Details
    • Contact for pricing
      1,043 SF

      Mixed-Use Building Retail Space

      Retail space in a new mixed-use building.
      80 NE 14Th Ave, Portland, OR 97232
      View Details
    • $1,250 /Mo
      640 SF

      Retail Space Near Barbur Blvd

      Retail space with high traffic and easy I-5 access.
      8700 SW 26Th Ave, Portland, OR 97232
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space with Mezzanine Office

      Retail space featuring high ceilings, kitchen, and mezzanine office.
      1815 NE Broadway St, Portland, OR 97232
      View Details
    • Contact for pricing
      45,926 SF

      Retail Space with Secure Parking

      Retail space with excellent visibility and secure parking garage.
      4030 NE Halsey St, Portland, OR 97232
      View Details
    • Contact for pricing
      6,392 SF

      Retail Space with Secured Parking

      Retail space featuring high ceilings and abundant, secured parking.
      535 NE 28Th Ave, Portland, OR 97232
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    510 28th Ave
    Portland, OR 97232-2403
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.