721 21St AvePortland, OR 97209

Property Details for 721 21St Ave

Year built

1914

Lot size

0.11 AC

Property size (Sq ft)

2,500 SF

Zone code

CS

Property type

Turn key restaurants

APN

1N1E33BD 10100

APU

1N1E33BD10100

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,009,376

  6.5%

  $931,731

  7%

  $865,179

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,213,254

  Geo Method

  $1,213,254

• Alternative Use

  Use

  Valuation

  Residential

  $785,950

  Hospitality

  $719,926

  Educational

  $598,970

  Medical

  $619,570

  Retail

  $931,731

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.5281

Longitude

-122.695

CBSA code

38900

CBSA name

PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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