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    Property profile & analytics

    77 Grand Ave Portland, OR 97232

    • Apartment buildings
    • 137,519 SF
    • 0.58 lot acres
    For Lease
    View listing
    $28 SF/Yr
    Last Sale
    Aug 06, 2020
    $44,000,000
    Value Estimations
    $45,370,000
    Cap Rate Potential
    3.1%
    Apartment buildings
    Location Intelligence
    Property ID
    US71-0790738
    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

    • Slcc.lashes Portland / Eyelash Salon
    • Wild Roots Spirits / Distillery / Bar
    • Grupp & Rose Photography / Photography Service
    • Paul Grupp Photography / Photographer
    • Synchronized Style / Stylist

    Property Details for 77 Grand Ave

    Year built
    2016
    Lot size
    0.58 lot acres
    Property size
    137,519 SF
    Zone code
    EXD
    Property type
    Apartment buildings
    APN
    1N1E35CB 08900
    APU
    1N1E35CB08900

    Description

    Exceptional retail opportunity at Strauss on Burnside, located at 77 NE Grand Ave, Portland, OR 97232. This prime location sits at the intersection of NE Grand Avenue and E Burnside Street, in the vibrant Central Eastside submarket of Southeast Portland, Multnomah County. The property offers several flexible spaces ideal for a variety of service-oriented businesses. Suite 4, a 1,278 square foot space, is perfect for retail, service, wine tasting, or café uses and is available immediately at a lease rate of $28 per square foot plus NNN. Suite 5, measuring 1,227 square feet, is suited for tasting rooms, taprooms, or coffee/tea shops and will be available January 9, 2025, with a lease rate of $32 per square foot plus NNN. Two additional suites are also available immediately: Suite 6, a 710 square foot retail/service space, and Suite 7, a 654 square foot retail/service space, both leasing at $28 per square foot plus NNN. The property is zoned EX. Please note that the property is currently multi-tenant. Interested parties should inquire for further details.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      Off market

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $46,739,000
      Market price range: $21.9M - $54.3M
      AI Estimate
      $46,739,000
      Market price range: $21.9M - $54.3M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $36,565,000
      Current use
      RESTAURANT
      $47,095,000
      Change: +29% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $44,415,000
      Change: +21% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $41,990,000
      Change: +15% Conversion: Difficult
      MEDICAL BUILDING
      $41,540,000
      Change: +14% Conversion: Moderate
      RETAIL STORES
      $41,285,000
      Change: +13% Conversion: Difficult
      OFFICE BUILDING
      $39,745,000
      Change: +9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.661
    Latitude
    45.5233
    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
    $454,274
    $0.00
    $0.00
    $17,143,240
    -
    $5,031,400
    $36,833,310
    $41,864,710

    Comparable in this City

    • Value Estimation
      $5,160,000
      32,460 SF

      630 23rd Ave

      APARTMENT HOUSE (5+ UNITS) • 32,460 SF
      630 23rd Ave, Portland, OR 97232-2877
      View Details
    • Value Estimation
      $3,170,000
      15,120 SF

      1526 14th Ave

      APARTMENT HOUSE (5+ UNITS) • 15,120 SF
      1526 14th Ave, Portland, OR 97232-1401
      View Details
    • Value Estimation
      $24,570,000
      69,596 SF

      521 16th Ave

      APARTMENT HOUSE (5+ UNITS) • 69,596 SF
      521 16th Ave, Portland, OR 97232-3591
      View Details
    • Value Estimation
      $5,450,000
      22,820 SF

      2421 Irving St

      APARTMENT HOUSE (5+ UNITS) • 22,820 SF
      2421 Irving St, Portland, OR 97232-2378
      View Details
    • Value Estimation
      $14,770,000
      43,991 SF

      105 Multnomah St

      APARTMENT HOUSE (5+ UNITS) • 43,991 SF
      105 Multnomah St, Portland, OR 97232-2032
      View Details
    • Value Estimation
      $2,695,000
      12,794 SF

      2222 Wasco St, Unit 2250

      APARTMENT HOUSE (5+ UNITS) • 12,794 SF
      2222 Wasco St, Portland, OR 97232-1621
      View Details

    Similar Nearby for Sale

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      Craftsman Townhouse Condo with Garage

      End-unit townhouse condo with garage, close to amenities and transport.
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      Cascade Crest: Portland Multifamily

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      Unique Portland redevelopment site with highway visibility and flexible zoning.
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      Spacious condo with open floorplan, perfect for entertaining and gatherings.
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    Similar Nearby for Lease

    • Contact for pricing
      4,270 SF

      Merrick Building: Portland Retail Space

      Prime Portland retail, restaurant opportunity. Multiple suites available.
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      Lloyd 700 Office Tower: Portland

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    • $28 SF/Yr
      3,869 SF

      Strauss on Burnside Retail Spaces

      Portland retail spaces, multiple suites available.
      77 Grand Ave, Portland, OR 97232
      View Details
    • Contact for pricing
      2,911 SF

      NW Glisan Office Space

      Office space with hardwood floors and abundant natural light.
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      View Details
    • Contact for pricing
      100,000 SF

      Planned Development Project in Portland

      Multi-phased development opportunity for office, medical, or senior housing.
      2627 NE Oregon St, Portland, OR 97232
      View Details
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    77 Grand Ave
    Portland, OR 97232
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    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
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