721 21st Ave 727, Portland, OR 97209-1304

This exceptional 2,500 square foot restaurant and bar, located at 721 NW 21st Ave in Portland, Oregon's desirable Northwest district, presents a rare investment opportunity. Built in 1914, the property sits on a 5,000 square foot lot and is zoned C2. The asking price is $1,101,000, reflecting a price per square foot of $440.40 and a pro-forma cap rate of 6.13%. The property boasts a strong pro-forma net operating income (NOI) of $67,491. Situated between NW Lovejoy and NW Glisan, this location offers unparalleled exposure in a vibrant retail corridor known for its eclectic mix of shops, restaurants, and cafes, attracting both locals and tourists. The Northwest submarket has shown remarkable performance over the past three years, with average transaction cap rates at 5.2%, and limited availability (only 13 sales since January 1, 2022, with just one in the past year) makes this a highly desirable off-market opportunity. Favorable economic conditions, including a strong labor market and gradually declining inflation, further enhance the investment potential. This property offers a unique blend of established business and prime real estate in a thriving Portland neighborhood.