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Property profile & analytics
OFF-MARKET
Estimated value
$2,130,000
Office Spaces
622-626 Alder St Portland, OR 97214
Entity Owned
16-yr Hold
~
Est. High Equity
Property ID
US71-0680727
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1908
Total area
10,000 SF
Lot
0.2 ac (8,800 SF)
Zoning code
EXD
APN
1S1E02BB 04300
UPID
US71-0680727
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
$2.13M
Blend (final)
Blend
$2.13M
Owner & transaction history
City Water Office LLC · 16 yrs held
City Water Office LLC
since 2009
6 recorded transactions
Zoning & alternative use
EXD · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.4M
+18.1%
Retail stores
$3.2M
+11.0%
Auto repair, garage
$3.1M
+5.3%
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
COMMERCIAL (GENERAL)
$2,900,000
Current use
RESTAURANT
$3,425,000
Change: +18% · Conversion: Difficult
RETAIL STORES
$3,215,000
Change: +11% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,055,000
Change: +5% · Conversion: Difficult
MEDICAL BUILDING
$3,020,000
Change: +4% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$2,960,000
Change: +2% · Conversion: Moderate
OFFICE BUILDING
$2,890,000
Change: 0% · Conversion: Easy
Blend value · Realmo final
$2.13M
Range $1.92M – $2.34M · ±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
$213 / 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
$15,956
Tax year 2023
Assessed value
$602,150
Assessed 2023
Previous assessed
$584,620
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$615,980
Improvement market value
$1,824,250
Total market value
$2,440,230
Applied tax rate
884.0000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1908
Heating
NONE
Stories
2
Total area
10,000 SF
Lot
0.2 ac (8,800 SF)
Zoning code
EXD
APN
1S1E02BB 04300
UPID
US71-0680727
Jurisdiction
MULTNOMAH
Zoning & alternative use
EXD · Portland, OR
Zoning EXD · permitted uses
EXD · 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
COMMERCIAL (GENERAL) Current
Est. value
$2.9M
RESTAURANT
Est. value
$3.4M
RETAIL STORES
Est. value
$3.2M
AUTO REPAIR, GARAGE
Est. value
$3.1M
MEDICAL BUILDING
Est. value
$3.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.0M
OFFICE BUILDING
Est. value
$2.9M
COMMERCIAL (GENERAL) Current
RESTAURANT
RETAIL STORES
AUTO REPAIR, GARAGE
MEDICAL BUILDING
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
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
1908
Heating
NONE
Stories
2
Lot
0.2 ac
Current owner
From public records · entity-resolved
City Water Office LLC
Entity
Mailing address
PO BOX 440, DRIGGS, ID 83422-0440
Ownership since
2009
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 29, 2018
—
City Water Office LLC
—
Deed
related
$1,425,000 · Wells Fargo Bk
Jul 31, 2009
$1,025,000
City Water Office LLC
Citizens Graphic Arts INC
Warranty Deed
$820,000 · Us Bank Trust Company NA
—
—
Citizens Graphic Arts INC
—
Deed Of Trust
related
$125,000 · Key Bank & Trust
—
—
City Water Office LLC
—
Loan Modification
related
—
—
—
City Water Office LLC
—
Deed Of Trust
related
$1,425,000 · Wells Fargo Bk
—
—
Citizens Graphic Arts INC
—
Deed Of Trust
related
$400,000 · Bank Of America
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.
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