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Property profile & analytics
FOR LEASE
Warehouses
621 SE 202Nd Ave, Portland, OR 97233
Entity Owned
Absentee Owner
Free & Clear
Property ID
US71-0813838
For Lease
1 / 2
$9 SF/Yr
621 SE 202Nd Ave, Portland, OR 97233
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1988
Total area
39,000 SF
Lot
0.93 ac (40,511 SF)
Zoning code
SC
APN
1S3E05AA 00800
UPID
US71-0813838
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
Current use
Occupant on record · Public records
-
Formations Inc Marketing & Advertising (Bike/Boat/Book/etc) Store
-
Every Deals Liquidators Distribution Center Distribution Center Logistics Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$7.25M
Blend (final)
Blend
$7.26M
Owner & transaction history
Srh Enterprises LLC
Srh Enterprises LLC
since 2025
7 recorded transactions
Zoning & alternative use
SC · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$11.9M
+49.6%
Medical building
$11.8M
+48.0%
Office building
$11.3M
+41.6%
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 Portland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Portland 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
$7,960,000
Current use
AUTO REPAIR, GARAGE
$11,910,000
Change: +50% · Conversion: Easy
MEDICAL BUILDING
$11,780,000
Change: +48% · Conversion: Difficult
OFFICE BUILDING
$11,270,000
Change: +42% · Conversion: Difficult
COMMERCIAL (GENERAL)
$10,205,000
Change: +28% · Conversion: Difficult
RETAIL STORES
$9,440,000
Change: +19% · Conversion: Moderate
Blend value · Realmo final
$7.26M
Range $6.53M – $7.98M · ±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
$186 / 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
$36,723
Tax year 2023
Assessed value
$2,106,870
Assessed 2023
Previous assessed
$2,045,510
+3.0% YoY
Effective rate
1.74%
On assessed value
Land market value
$604,520
Improvement market value
$2,604,130
Total market value
$3,208,650
Applied tax rate
901.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Year built
1988
Heating
NONE
Stories
1
Total area
39,000 SF
Lot
0.93 ac (40,511 SF)
Zoning code
SC
APN
1S3E05AA 00800
UPID
US71-0813838
Jurisdiction
MULTNOMAH
Zoning & alternative use
SC · Portland, OR
Zoning SC · permitted uses
SC · Portland, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Portland. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$8.0M
AUTO REPAIR, GARAGE
Est. value
$11.9M
MEDICAL BUILDING
Est. value
$11.8M
OFFICE BUILDING
Est. value
$11.3M
COMMERCIAL (GENERAL)
Est. value
$10.2M
RETAIL STORES
Est. value
$9.4M
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
COMMERCIAL (GENERAL)
RETAIL STORES
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
Year built
1988
Heating
NONE
Stories
1
Lot
0.93 ac
Current owner
From public records · entity-resolved
Srh Enterprises LLC
Entity
Free & Clear · 0 yrs held
Mailing address
10001 SE SUNNYSIDE RD STE #200, CLACKAMAS, OR 97015-9739
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 18, 2025
—
Srh Enterprises LLC
Steven R Harkless
Quitclaim Deed
related
—
Aug 16, 2005
$2,030,000
Ronald E Emmerson
Wrm Ents LLC
Grant Deed
$1,624,000 · Bank Of The Cascades
—
—
Harkless,steven R & Shelley R
—
Deed Of Trust
related
$661,091 · Us Bk
—
—
Harkless,steven R & Shelley R
—
Deed Of Trust
related
$372,395 · Us Bk
—
—
Steven R Harkless
—
Deed Of Trust
related
—
—
—
Steven R Harkless
—
Loan Modification
related
—
—
—
Steven R Harkless
—
Loan Modification
related
—
—
—
Steven R Harkless
—
Loan Modification
related
—
—
—
Steven R Harkless
—
Loan Modification
related
—
—
—
Steven R Harkless
—
Loan Modification
related
$985,176 · Us Bk
—
—
Steven R Harkless
—
Loan Modification
related
$598,023 · Us Bk
—
—
Wrm Enterprises
—
Deed Of Trust
related
$275,000 · Us National Bank Oregon
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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