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

    636 21St Ave Portland, OR 97209

    • Retail space
    • 19,740 SF
    • 0.23 lot acres
    For Lease
    View listing
    $27 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0476250
    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

    • Kevin J Bonnington / Real Estate Agency
    • Coldwell Banker Bain / Real Estate Agency
    • Chris DeMellier Licensed Oregon Real Estate Broker / Real Estate Agency
    • Stoneleigh Wickland Coldwell Banker Bain / Real Estate Agency
    • Heather Parmley, Coldwell Banker Bain / Real Estate Agency

    Property Details for 636 21St Ave

    Year built
    1925
    Lot size
    0.23 lot acres
    Property size
    19,740 SF
    Zone code
    CS
    Property type
    Retail space
    APN
    1N1E33BD 05300
    APU
    1N1E33BD05300

    Description

    This exceptional 3,921 square foot commercial space, located at 636 NW 21st Ave in Portland, Oregon, 97209, presents a unique opportunity for businesses seeking a vibrant and convenient location. The property, classified as a Class B building, offers a flexible layout suitable for various uses, including traditional office, coworking, or medical office settings. The space is situated across from NW Irving St and is comprised of two floors: 2,395 square feet on the first floor and 1,526 square feet on the second floor. A significant advantage is the inclusion of 18 secure parking spaces, a rare commodity in this desirable area. The total building size is 19,740 square feet, with the available space ready for occupancy on March 1, 2025. The lease rate is $27.00 per square foot, plus NNN charges, with an additional $150 per month for each parking space. This property offers a blend of functionality and prime location, making it an ideal choice for businesses seeking a thriving Portland address. The building is a two-story structure. Please note that the current tenant should not be disturbed.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,840,000
      Market price range: $3.50M - $8.49M
      AI Estimate
      $4,840,000
      Market price range: $3.50M - $8.49M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $5,925,000
      Current use
      RESTAURANT
      $6,760,000
      Change: +14% Conversion: Easy
      COMMERCIAL (GENERAL)
      $6,565,000
      Change: +11% Conversion: Easy
      AUTO REPAIR, GARAGE
      $6,025,000
      Change: +2% Conversion: Difficult
      MEDICAL BUILDING
      $5,960,000
      Change: +1% Conversion: Difficult
      OFFICE BUILDING
      $5,705,000
      Change: -4% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $5,250,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.694
    Latitude
    45.5275
    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
    $37,622
    $0.00
    $0.00
    $1,421,110
    -
    $2,379,750
    $1,246,580
    $3,626,330

    Comparable in this City

    • Value Estimation
      $1,275,000
      7,174 SF

      2432 2nd Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,174 SF
      2432 2nd Ave, Portland, OR 97209
      View Details
    • Value Estimation
      $1,275,000
      4,400 SF

      1150 17th Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,400 SF
      1150 17th Ave, Portland, OR 97209-2403
      View Details
    • Value Estimation
      $725,000
      1,686 SF

      1130 Marshall St

      RETAIL STORES (PERSONAL SERVICES) • 1,686 SF
      1130 Marshall St, Portland, OR 97209-2862
      View Details
    • Value Estimation by Request
      887 SF

      1023 11th Ave

      RETAIL STORES (PERSONAL SERVICES) • 887 SF
      1023 11th Ave, Portland, OR 97209-3442
      View Details
    • Value Estimation by Request
      999 SF

      1030 12th Ave Ste 2b

      RETAIL STORES (PERSONAL SERVICES) • 999 SF
      1030 12th Ave Ste 2b, Portland, OR 97209-2838
      View Details
    • Value Estimation
      $2,600,000
      9,066 SF

      417-419 9th Ave

      RETAIL STORES (PERSONAL SERVICES) • 9,066 SF
      417-419 9th Ave, Portland, OR 97209
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Pearl District Retail Salon Space

      Fully built-out hair salon in the Pearl District.
      1238 NW Glisan St, Portland, OR 97209
      View Details
    • $11,500,000
      68,767 SF

      Renovated Mixed-Use Space in Portland

      Available mixed-use space in a highly walkable Portland neighborhood.
      1715 NW 17Th Ave, Portland, OR 97209
      View Details
    • Contact for pricing

      Pearl District Retail Investment

      Retail investment opportunity in Portland's vibrant Pearl District.
      921 NW Everett St, Portland, OR 97209
      View Details
    • $595,000
      1,634 SF

      North Park Retail/Office Space

      Retail or office space in North Park with mezzanine.
      725 NW Flanders St, Portland, OR 97209
      View Details
    • $370,000
      723 SF

      Retail Investment in Portland CBD

      723 SF retail building in Portland's Central Business District.
      327 NW 9Th Ave, Portland, OR 97209
      View Details
    • $2,300,000
      5,000 SF

      Pearl District Retail Opportunity

      Prime Portland storefront, vacant, high visibility.
      416 10Th Ave, Portland, OR 97209
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,052 SF

      Brewery Blocks Retail Opportunity

      Second generation restaurant/bar or retail space in historic building.
      10-90 NW 12Th Ave, Portland, OR 97209
      View Details
    • $19 SF/Yr
      2,299 SF

      Pearl District Retail/Medical Office Space

      Retail and medical office space in the Pearl District.
      1411-1417 NW Flanders St, Portland, OR 97209
      View Details
    • Contact for pricing
      4,000 SF

      Retail Space with Unique Features

      Retail space featuring skylights, mezzanine, and high traffic location.
      500-516 NW 14Th Ave, Portland, OR 97209
      View Details
    • Contact for pricing
      1,099 SF

      Retail Space on Burnside Street

      Retail space available for lease on West Burnside Street.
      1022 W Burnside St, Portland, OR 97209
      View Details
    • $30 SF/Yr
      868 SF

      Retail/Cafe Spaces in Plaza

      Retail and cafe spaces available in mixed-use building.
      931 Northwest 11Th Ave, Portland, OR 97209
      View Details
    • Contact for pricing
      28,850 SF

      Portland Retail Space - 14th Ave

      Prime Portland retail space, 12,872 sq ft available.
      930 14Th Ave, Portland, OR 97209
      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.
    636 21St Ave
    Portland, OR 97209
    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.