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Property profile & analytics
FOR LEASE
Office Spaces
851 SW 6Th Ave, Portland, OR 97204
Entity Owned
20-yr Hold
~
Est. High Equity
Property ID
US71-0939994
For Lease
1 / 3
$32 SF/Yr
851 SW 6Th Ave, Portland, OR 97204
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1986
Total area
254,585 SF
Lot
0.46 ac (20,000 SF)
Zoning code
CXD
APN
1S1E03BB 02200
UPID
US71-0939994
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
-
Ricoh USA Marketing & Advertising (Bike/Boat/Book/etc) Store
-
Rossmiller David J Law Firm
-
Dunn Carney Allen Higgins LLP: Jodee K. Keegan Law Firm
-
Westside Specialists Real Estate Agency
-
Antell Kenneth S Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$75.16M
Blend (final)
Blend
$75.16M
Owner & transaction history
Harsch Inv Realty LLC Series E · 20 yrs held
Harsch Inv Realty LLC Series E
since 2005
3 recorded transactions
Zoning & alternative use
CXD · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$87.2M
+18.9%
Auto repair, garage
$77.7M
+6.0%
Medical building
$76.9M
+4.9%
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)
$73,320,000
Current use
RESTAURANT
$87,185,000
Change: +19% · Conversion: Difficult
AUTO REPAIR, GARAGE
$77,735,000
Change: +6% · Conversion: Difficult
MEDICAL BUILDING
$76,895,000
Change: +5% · Conversion: Easy
RETAIL STORES
$76,430,000
Change: +4% · Conversion: Easy
OFFICE BUILDING
$73,580,000
Change: +0% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$67,690,000
Change: -8% · Conversion: Moderate
Blend value · Realmo final
$75.16M
Range $67.64M – $82.68M · ±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
$295 / 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
$860,180
Tax year 2023
Assessed value
$32,491,880
Assessed 2023
Previous assessed
$33,442,540
-2.8% YoY
Effective rate
2.65%
On assessed value
Land market value
$8,500,000
Improvement market value
$53,176,000
Total market value
$61,676,000
Applied tax rate
885.0000
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
For Lease
Year built
1986
Heating
NONE
Stories
16
Total area
254,585 SF
Lot
0.46 ac (20,000 SF)
Zoning code
CXD
APN
1S1E03BB 02200
UPID
US71-0939994
Jurisdiction
MULTNOMAH
Zoning & alternative use
CXD · Portland, OR
Zoning CXD · permitted uses
CXD · 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
$73.3M
RESTAURANT
Est. value
$87.2M
AUTO REPAIR, GARAGE
Est. value
$77.7M
MEDICAL BUILDING
Est. value
$76.9M
RETAIL STORES
Est. value
$76.4M
OFFICE BUILDING
Est. value
$73.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$67.7M
COMMERCIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
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
1986
Heating
NONE
Stories
16
Lot
0.46 ac
Current owner
From public records · entity-resolved
Harsch Inv Realty LLC Series E
Entity
Mailing address
1121 SW SALMON ST, PORTLAND, OR 97205-2000
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 24, 2005
$39,825
Harsch Inv Realty LLC Series E
Prudential Ins Co Of America
Grant Deed
$27,800,000 · Bank Of America
—
—
Harsch Inv Realty LLC Series E
—
Deed Of Trust
related
$29,000,000 · Variable Annuity Life Ins Co
—
—
Harsch Inv Realty LLC E
—
Deed Of Trust
related
$40,000,000 · Miscellaneous Ins Co
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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